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 an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 2

Foundation of law of demand is.

Question # 3

Elasticity of demand of luxurious goods is always more elastic

Question # 4

In an industry with a falling long term supply curve, which of the following is true.

Question # 5

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 6

change in quantity demanded

Question # 7

Along the long run supply curve all of the following can vary except.

Question # 8

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 9

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 10

the ouput where diminishing return to production begin is also the ouput where

Question # 11

A profit maximizing monopolist in two separate markets will

Question # 12

If the price of an apple increases.

Question # 13

Which of the following explains why demand curves slope downward.

Question # 14

The competitive firm maximizes its profit by operating where

Question # 15

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 16

The marginal rate of substitution of two goods can be obtain from

Question # 17

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.

Question # 18

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 19

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

Question # 20

In perfect competition the industry will be in equilibrium.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
2 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
3 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
4 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.
5 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
6 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
7 If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale
8 In the short run if price falls the firm will respond by
A. Shutting down
B. Equating average variable cost to marginal revenue
C. Reducing output along its marginal cost curve as long as marginal revenue exceed average variable cost
D. None of the above
9 Which of the following is a characteristics of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product's quality price and marketing.
D. When firms are free to enter and exit the market
10 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted

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