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 supply curve of a monopolist is always.

Question # 2

The largest source of tax revenue for the federal government is

Question # 3

The market demand for a product is found by

Question # 4

A profit maximizing monopolist in two separate markets will

Question # 5

A firm's long run average total cost lineis

Question # 6

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

Question # 7

The arc elasticity formula is used to estimate elasticity when

Question # 8

change in quantity demanded

Question # 9

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 10

The law of diminishing marginal returns to a factor of production is.

Question # 11

Indifference curve is alwyas.

Question # 12

When goods are compliments the cross demand curve

Question # 13

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.

Question # 14

The are price elasticity of demand is approximately

Question # 15

The firms average variable cost of the 150th unit is.

Question # 16

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 17

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 18

Which of the following groups is most hurt by unexpected inflation.

Question # 19

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

Question # 20

Which of the following does not represent a barrier to entry into a market.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
2 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
3 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
4 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
5 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
6 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
7 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.
8 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.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
9 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
10 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

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