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

Foundation of law of demand is.

Question # 2

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 3

the ouput where diminishing return to production begin is also the ouput where

Question # 4

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

Question # 5

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 6

Which of the following does not characterize monopolistic competition.

Question # 7

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

Question # 8

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 9

Which of the following is a function of money

Question # 10

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

Question # 11

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

Question # 12

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

Question # 13

Firms in monopolistic competition compete on

Question # 14

Which of the following would cause the demand curve for an input to shift.

Question # 15

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

Question # 16

In the short run, the supply of farm commodities is.

Question # 17

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

Question # 18

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

Question # 19

The market demand for a product is found by

Question # 20

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
2 Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.
A. Total revenue
B. Marginal physical product
C. Marginal revenues product
D. Marginal revenue
3 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
4 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
5 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
6 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
7 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
8 change in quantity demanded
A. Downward shift of demand curve
B. Movement on the same demand curve
C. Downward shift
D. None of these
9 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
10 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production

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