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

change in quantity demanded

Question # 2

In contract to perfectly competitive markets monopolists

Question # 3

In a typical cartel agreement the cartel maximizes profit when it.

Question # 4

Foundation of law of demand is.

Question # 5

The expected profit from the profit distribution above is.

Question # 6

A monopolist who is charging high price operates on.

Question # 7

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

Question # 8

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 9

If a good is normal then the demand curve for that good must be.

Question # 10

When there is a surplus in a market

Question # 11

In perfect competition a firm is.

Question # 12

Which of the following does not characterize monopolistic competition.

Question # 13

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 # 14

In an industry with a falling long term supply curve, which of the following is true.

Question # 15

In capitalistic economy price is determined by

Question # 16

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 17

In perfect competition, a seller by increasing price.

Question # 18

When the demand curve is vertical its shows that the demand is.

Question # 19

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

Question # 20

Law of variable proportion is also called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
2 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.
A. Money income
B. The tastes of the consumer
C. The price of good X
D. The price of good Y
3 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
4 If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.
A. Increase in demand
B. Decrease in demand
C. Increase in total revenue
D. Decrease in total revenue
5 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
6 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200
7 Which of the following will not be a determinant of the price elasticity of demand for a commodity.
A. The absence of substitute for the good.
B. The presence of substitutes for the good.
C. The importance of the commodity in consumers budgets
D. The cost of producing the commodity
8 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve
9 If the income elasticity of demand is +4
A. The good is an inferior good
B. The good is an inelastic normal good
C. The good is an elastic normal good
D. the good is an elastic inferior good
10 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37

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