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 a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 2

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 3

A profit maximizing monopolist in two separate markets will

Question # 4

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 5

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

Question # 6

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

Question # 7

If a firm which polluted the water of area had to pay all social cost would have

Question # 8

A negatively sloped isoquant implies

Question # 9

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

Question # 10

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 11

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 12

The short run supply curve for a competitive industry is derived by.

Question # 13

Cardinal approach theory was presented by

Question # 14

Law of variable proportion sis applicable in.

Question # 15

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

Question # 16

Which of the following does not characterize monopolistic competition.

Question # 17

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 18

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 19

Firm A's annual profit is.

Question # 20

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
2 In a perfectly competitive market if firms are earning an economic profit the economic profit.
A. Attracts entry by more firms, which lowers the market price
B. Can be earned both in the short run and long run
C. Is less than the normal profit
D. Leads to a decreases in market demand
3 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
4 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
5 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
6 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
7 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
8 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
9 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
10 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks

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