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

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 2

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 3

At level of income and output of 100 in the diagram above

Question # 4

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 # 5

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

Question # 6

In the long run a profit maximizing firm will choose to exit a market when

Question # 7

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

Question # 8

In the short run a competitive firm's supply curve is.

Question # 9

The competitive firm maximizes its profit by operating where

Question # 10

To maximize revenue, an excise tax should be imposed on a product

Question # 11

In perfect competition the transpiration cost

Question # 12

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

Question # 13

In substitution effect a consumer

Question # 14

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 15

A demand curve is not related to

Question # 16

MC = MR= AR=AC = Price shows the longs run

Question # 17

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

Question # 18

A demand curve shows that relation between price and demand.

Question # 19

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 20

A price decrease and an increase in income are similar in that

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
2 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
3 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
4 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
5 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
6 When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
7 The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.
A. 6%
B. 8%
C. 10%
D. 9%
8 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
9 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
10 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus

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