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 both goods increase by the same percent , the budget line will.

Question # 2

Finance minister tax a commodity

Question # 3

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 4

Law of demand is not applicable on

Question # 5

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 6

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 7

In the short run the competitive firm will produce if.

Question # 8

To maximize revenue, an excise tax should be imposed on a product

Question # 9

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 10

Price discrimination occurs when

Question # 11

"Principles of economics" is the book of

Question # 12

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 13

Economists tend to disagree primarily about.

Question # 14

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

Question # 15

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 # 16

The epigram "time is money" expresses , in part, the concept of.

Question # 17

Economic growth is shown on the production possibility frontier as.

Question # 18

At level of income and output of 100 in the diagram above

Question # 19

The monopolization of the competitive market results in a deadweight loss to society of

Question # 20

A monopolist will discontinue production if

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
2 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
3 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
4 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
5 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
6 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
7 Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
8 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C
9 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
10 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these

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