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 the demand curve for a good is downward sloping then the good must be.

Question # 2

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 3

The firms average variable cost of the 150th unit is.

Question # 4

In order to constitute an oligopolistic market structure.

Question # 5

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 6

Price discrimination occurs when

Question # 7

If a firm which polluted the water of area had to pay all social cost would have

Question # 8

In monopoly the firm can

Question # 9

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 10

Disposable income is equal to.

Question # 11

The same graph shows that the firm order to maximize profits , should produce.

Question # 12

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

Question # 13

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 14

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.

Question # 15

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 16

Elasticity of demand of luxurious goods is always more elastic

Question # 17

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 18

To maximize revenue, an excise tax should be imposed on a product

Question # 19

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 20

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
2 In an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined
3 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
4 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
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 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
7 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
8 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
9 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
10 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %

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