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

A long-run total cost curve can be constructed from

Question # 2

In the short run if price falls the firm will respond by

Question # 3

The arc elasticity formula is used to estimate elasticity when

Question # 4

Which of the following shifts the demand curve for hot dogs leftward.

Question # 5

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 6

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 7

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

Question # 8

The ABC corporation.

Question # 9

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

Question # 10

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

Question # 11

The supply curve of a perfectly competitive firm

Question # 12

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 13

Marginal cost is the change is cost the result from a one unit increase in.

Question # 14

For a competitive firm the demand curve

Question # 15

Disposable income is equal to.

Question # 16

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

Question # 17

Micro economics studies such topics as

Question # 18

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 19

Law of demand is not applicable on

Question # 20

An exceptional demand curve is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In a perfectly competitive market if firms are earning an economic profit the economic profit.
A. Attracts entry by more firms, which lowers the market price
B. Can be earned both in the short run and long run
C. Is less than the normal profit
D. Leads to a decreases in market demand
2 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
3 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
4 Short run is a time frame where a firm can change its.,
A. Total cost
B. Total production
C. Plant size
D. None of these
5 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
6 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
7 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
8 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
9 An -increase the expected future price of a good.
A. Increases its demand
B. Decreases its demand
C. Increases its supply
D. Has no effect on either its demand or its supply.
10 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

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