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

What is the production level for public good W, if the government uses full cost pricing.

Question # 2

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 3

Perfect competition implies

Question # 4

The demand for labor is the same as the

Question # 5

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 6

A production possibilities curve indicates that when resources are being used efficiently

Question # 7

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 8

MC = MR= AR=AC = Price shows the longs run

Question # 9

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 10

The largest source of tax revenue for the federal government is

Question # 11

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

Question # 12

In monopoly there is.

Question # 13

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 14

Economic growth is shown on the production possibility frontier as.

Question # 15

Which of the following explains why demand curves slope downward.

Question # 16

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 # 17

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 18

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

Question # 19

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 20

Which of the following is not a basic assumption of perfect competition.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
2 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
3 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC
4 If the price of both goods increase by the same percent , the budget line will.
A. shift parallel to the left
B. Shift parallel to the right
C. Pivot about the x axis
D. Pivot about the Y axis
5 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
6 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450
7 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
8 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200
9 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
10 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36

Test Questions