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

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 2

A monopolist will maximize profit.

Question # 3

Firm A's margin of safety is.

Question # 4

change in quantity demanded

Question # 5

Price discrimination is possible

Question # 6

A price decrease and an increase in income are similar in that

Question # 7

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

Question # 8

Under perfect competition, the price system automatically result in efficient output selection when

Question # 9

Oligopoly is a market structure in which

Question # 10

Economic growth is shown on the production possibility frontier as.

Question # 11

In perfect competition there is.

Question # 12

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

Question # 13

In the short run, the supply of farm commodities is.

Question # 14

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

Question # 15

If a good is normal then the demand curve for that good must be.

Question # 16

In perfect competition the transpiration cost

Question # 17

The elasticity of demand for cigarettes by a non smoker is.

Question # 18

Price discrimination occurs when

Question # 19

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 # 20

In price discrimination, which section of the market is charged the higher price.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
2 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
3 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
4 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
5 A market demand curve can be derived by adding all the individual demand curves
A. Vertically
B. Horizontally
C. In parallel
D. Any of the above as long as it is consistent
6 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
7 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
8 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
9 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
10 Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these

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