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

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 2

A long-run total cost curve can be constructed from

Question # 3

Price discrimination occurs when

Question # 4

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

Question # 5

Firm A's margin of safety is.

Question # 6

According to Keynes, when the great depression started the government should be.

Question # 7

In the short run no firm operates with a loss unless

Question # 8

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 9

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 10

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 11

A utility contour shows all the alternative combinations of two consumption goods that.

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

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

Question # 14

When economists say that a per son is economizing they mean that the person is.

Question # 15

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 16

The most important determinant of price elasticity is.

Question # 17

An elasticity coefficient of -1 means that

Question # 18

Law of variable proportion is also called.

Question # 19

The average total cost when 20 units of output are produced is

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
2 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
3 Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.
A. Total revenue
B. Marginal physical product
C. Marginal revenues product
D. Marginal revenue
4 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
5 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price
6 Firms in monopolistic competition compete on
A. Price
B. Quality
C. Advertising
D. All of the above are correct
7 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
8 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
9 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
D. None of these
10 A Market situation where the number of buyers is very large and the number of sellers are very small is called.
A. Perfect competition
B. Duopoly
C. Oligopoly
D. In perfect competition

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