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 elasticity of demand for cigarettes by a non smoker is.

Question # 2

The expected profit from the profit distribution above is.

Question # 3

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 4

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 5

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 6

The supply curve of a perfectly competitive firm

Question # 7

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

Question # 8

Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.

Question # 9

An increase in price causes an increase in total revenue when.

Question # 10

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 11

Economists tend to disagree primarily about.

Question # 12

Which of the following correct about firms in an oligopoly.

Question # 13

Which of the following is an automatic stabilizer.

Question # 14

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

Question # 15

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 16

If a good has a lot of substitutes, then its demand is.

Question # 17

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 18

The key feature of oligopoly is.

Question # 19

Duopoly is a market situation when there is

Question # 20

The law of diminishing marginal returns to a factor of production is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
2 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
3 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
4 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
5 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
6 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
7 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
8 If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
9 As long as the principle of diminishing marginal utility is operating any increased consumption of good.
A. Lowers total utility
B. Produces negative total utility
C. Lower marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
10 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand

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