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

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

Disposable income is equal to.

Question # 2

The demand for labor slopes down and to the right because of.

Question # 3

In the short run, the supply of farm commodities is.

Question # 4

Which of the following explains why demand curves slope downward.

Question # 5

The most important determinant of price elasticity is.

Question # 6

Which of the following is NOT an example of non price competition the auto industry.

Question # 7

Finance minister tax a commodity

Question # 8

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 9

In the short run the competitive firm will produce if.

Question # 10

The key feature of oligopoly is.

Question # 11

A production possibilities curve indicates that when resources are being used efficiently

Question # 12

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 13

The price elasticity of demand is teh same thing as the negative of the

Question # 14

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

Question # 15

A firm's long run average total cost lineis

Question # 16

If the prices of both goods increase by the same percent the budget line will

Question # 17

Price discrimination occurs when

Question # 18

The marginal rate of substitution for two goods can be obtained from

Question # 19

The elasticity of demand for cigarettes by a non smoker is.

Question # 20

An entrepreneur who collects profits in the short run for a new invention is collecting.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
2 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
3 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.
4 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.
5 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
6 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
7 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
8 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
9 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
10 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic

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