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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

Indifference curve is alwyas.

Question # 2

In pure monopoly there is.

Question # 3

In order to constitute an oligopolistic market structure.

Question # 4

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.

Question # 5

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

Question # 6

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

Question # 7

If a monopoly is unable to cover its short run variable costs, if should.

Question # 8

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

Question # 9

If the prices of both goods increase by the same percent the budget line will

Question # 10

In the short run if price falls the firm will respond by

Question # 11

The "compensated" demand curve is the demand curve that.

Question # 12

One of the following has more elastic demand.

Question # 13

In the short run the competitive firm will produce if.

Question # 14

Cardinal approach theory was presented by

Question # 15

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 16

An oligopolistic industry can be characterized by all of the following except

Question # 17

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 18

If the demand curve for a good is downward sloping then the good must be.

Question # 19

The total utility of the third unit of product x is.

Question # 20

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
2 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price
3 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
4 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
5 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
6 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
7 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
8 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
9 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
10 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation

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