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 tax is question 52 is

Question # 2

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

Question # 3

Extension and contraction of demand mean

Question # 4

The classical are of the view that utility can be.

Question # 5

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 6

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 7

Indifference curve has following characteristics except.

Question # 8

An exceptional demand curve is.

Question # 9

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

Question # 10

A typical demand curve cannot be

Question # 11

Price elasticity at a given price is not affected by.

Question # 12

The demand curve of unitary elastic commodity is.

Question # 13

A monopolist will discontinue production if

Question # 14

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

Question # 15

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

Question # 16

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 17

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 18

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

Question # 19

In perfect competition the transpiration cost

Question # 20

Which of the following is correct for the demand and supply schedules given above.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption
2 If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.
A. Hire more of A and less of B
B. Hire more of B and less of A
C. Start paying factor A more
D. Try to use factor B more productively
3 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
4 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
5 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
6 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
7 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
8 If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.
A. 50%
B. 2%
C. 8%
D. 100%
9 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
10 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c

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