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 firms average variable cost of the 150th unit is.

Question # 2

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 3

Law of variable proportion is also called.

Question # 4

A monopolist will maximize profit.

Question # 5

If a good has a lot of substitutes, then its demand is.

Question # 6

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

Question # 7

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 8

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

Question # 9

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 10

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 11

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

Question # 12

A firm A's break even quantity is.

Question # 13

Which of the following is a characteristics of monopolistic competition.

Question # 14

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

Question # 15

change in quantity demanded

Question # 16

An exceptional demand curve is.

Question # 17

The most important determinant of price elasticity is.

Question # 18

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 19

If the price of an apple increases.

Question # 20

If leisure is an inferior good the individuals supply curve for labor is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
3 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
4 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
5 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
6 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
7 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
8 Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.
A. 1.14
B. 1.65
C. 1.37
D. 1.47
9 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
10 Oligopoly is a market structure in which
A. Many firms each produce a slightly differentiated product
B. One firm produces as unique product
C. A small number of firms compete
D. Many firms produce an identical product

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