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

Immediately after a through we would expect to have al

Question # 2

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 3

If average variable cos tis less then marginal cost then certainly.

Question # 4

The arc income elasticity of demand is approximately

Question # 5

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 6

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

Question # 7

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

Question # 8

A demand curve shows that relation between price and demand.

Question # 9

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

Question # 10

In the short run the competitive firm will produce if.

Question # 11

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 12

Which of the following does not apply to pareto efficiency.

Question # 13

In perfect competition the transpiration cost

Question # 14

A typical demand curve cannot be

Question # 15

Oligopoly is a market structure in which

Question # 16

Extension and contraction of demand mean

Question # 17

If the demand curve for a good is downward sloping then the good must be.

Question # 18

The expected profit from the profit distribution above is.

Question # 19

If there is no price surprise, total output is.

Question # 20

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
2 The Lorenz curve shows that
A. unemployment does not affect social group
B. People with low income spend more
C. People with low income spend less
D. the degree of income equality in the economy
3 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
4 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
5 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
6 Under perfect competition, the price system automatically result in efficient output selection when
A. MC = MR
B. MC = MU
C. P = ATC
D. P > AVC
7 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
8 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells
9 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
10 The "compensated" demand curve is the demand curve that.
A. Shows only the income effect
B. Shows only the substitution effect
C. Shows both the income and substitution effects
D. Shows the Geffen good demand curve

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