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 price of product X falls and this change increases the demand for product Y then.

Question # 2

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 3

In perfect competition, a seller by increasing price.

Question # 4

In perfect competition the transpiration cost

Question # 5

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

Question # 6

"Principles of economics" is the book of

Question # 7

When the demand curve is vertical its shows that the demand is.

Question # 8

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 9

The expected profit from the profit distribution above is.

Question # 10

A combination labour and capital where the cost of an output is minimized is called.

Question # 11

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 12

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.

Question # 13

Duopoly is a market situation when there is

Question # 14

When a tax is levied on a good.

Question # 15

Extension and contraction of demand mean

Question # 16

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 17

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 18

In monopoly the firm can

Question # 19

Micro economics studies such topics as

Question # 20

In long run equilibrium a monopolistically competitive firm will find.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases
2 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
3 Which of the following is correct with respect to the Paasche index.
A. The consumer Price index is an example of the Paasche index.
B. The Paasche index is biased upward
C. The Passche index always exceeds 1
D. The Paasche index uses given period quantities
4 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
5 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
6 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
7 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
8 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
9 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
10 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles

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