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

Skills that embodied in a person are called.

Question # 2

Firm A's margin of safety is.

Question # 3

The expected profit from the profit distribution above is.

Question # 4

In the short run no firm operates with a loss unless

Question # 5

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 6

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 # 7

A production function for a firm which produces a product with two or more inputs.

Question # 8

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 # 9

The are price elasticity of demand is approximately

Question # 10

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 11

A firm's long run average total cost lineis

Question # 12

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 13

The competitive firm maximizes its profit by operating where

Question # 14

Price discrimination occurs when

Question # 15

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 16

In monopolistic competition firm sell

Question # 17

A price cross elasticity of 0.81 between X and Y shows that.

Question # 18

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 19

A negatively sloped isoquant implies

Question # 20

Short run is a time frame where a firm can change its.,

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
2 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
3 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
4 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
5 A firm that is a price taker faces a perfectly
A. Elastic supply curve
B. Inelastic demand curve
C. Elastic demand curve
D. In elastic supply curve
6 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
7 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
8 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
9 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.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
10 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly

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