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

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 2

In the short run if price falls the firm will respond by

Question # 3

The monopolization of the competitive market results in a deadweight loss to society of

Question # 4

If the price of both goods increase by the same percent , the budget line will.

Question # 5

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 6

The expected profit from the profit distribution above is.

Question # 7

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 8

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

Question # 9

If the price of product X falls and this change increases the demand for product Y then.

Question # 10

Price discrimination is possible

Question # 11

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 12

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

Question # 13

In monopolistic competition firm sell

Question # 14

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

Question # 15

The short run supply curve for a competitive industry is derived by.

Question # 16

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 17

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 18

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

Question # 19

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

Question # 20

The long run is a time period that is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
2 if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
3 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
4 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
5 A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.
A. Inferior goods
B. Substitutes
C. Complements
D. Normal goods
6 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
7 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.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
8 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.
9 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
10 When due to change in price of commodity x demand of commodity y is charged it is called.
A. Income elasticity
B. Price elasticity
C. More elastic
D. Cross elasticity

Test Questions