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

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Question # 1

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 2

Disposable income is equal to.

Question # 3

A firm that is a price taker faces a perfectly

Question # 4

The marginal rate of substitution of two goods can be obtain from

Question # 5

In perfect competition price is settled by

Question # 6

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 7

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 8

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 9

If the price of an apple increases.

Question # 10

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 11

In contract to perfectly competitive markets monopolists

Question # 12

A monolithically competitive market is characterized by all of the following except.

Question # 13

In the long run a profit maximizing firm will choose to exit a market when

Question # 14

Perfect competition implies

Question # 15

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 16

"Principles of economics" is the book of

Question # 17

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 18

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 19

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 20

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.
A. Total revenue
B. Marginal physical product
C. Marginal revenues product
D. Marginal revenue
2 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
3 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
4 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
5 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
6 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
7 As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.
A. .6
B. .8
C. .4
D. .2
8 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
9 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
10 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer

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