PPSC Economics Topic 2 MCQS Test Preparation

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MCQ's Test For PPSC Economics Topic 2 Micro Economics

Try The MCQ's Test For PPSC Economics Topic 2 Micro Economics

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

The arc elasticity formula is used to estimate elasticity when

Question # 2

"Principles of economics" is the book of

Question # 3

In perfect competition price is settled by

Question # 4

Economic growth is shown on the production possibility frontier as.

Question # 5

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 6

When the demand curve is vertical its shows that the demand is.

Question # 7

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 8

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 9

A normal good can be defined as one which consumers purchase more of as.

Question # 10

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 11

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 12

When a tax is levied on a good.

Question # 13

The long run is a time period that is.

Question # 14

An -increase the expected future price of a good.

Question # 15

The "compensated" demand curve is the demand curve that.

Question # 16

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 17

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 18

In capitalistic economy price is determined by

Question # 19

In long run equilibrium a monopolistically competitive firm will find.

Question # 20

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.
A. An increase an increase
B. An increase, a decrease
C. A decrease, an increase
D. A decrease, a decrease
2 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
3 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
4 A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300
5 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
6 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
7 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
8 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
9 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
10 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38

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