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

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 2

The demand for labor will be more elastic if

Question # 3

Micro economics is the study of.

Question # 4

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

Question # 5

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 6

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

Question # 7

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.

Question # 8

A monopoly there is

Question # 9

Skills that embodied in a person are called.

Question # 10

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.

Question # 11

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

Question # 12

Firms entering a perfectly competitive market will cause the price of the product to

Question # 13

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 14

If leisure is an inferior good the individuals supply curve for labor is.

Question # 15

The arc elasticity formula is used to estimate elasticity when

Question # 16

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 17

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 18

Which skills are most likely to be paid for by the employer.

Question # 19

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 20

In monopsony there is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
2 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units
3 Short run is a time frame where a firm can change its.,
A. Total cost
B. Total production
C. Plant size
D. None of these
4 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
5 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
6 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
7 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
8 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
9 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
10 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these

Test Questions