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

In monopolistic competition firm sell

Question # 2

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

Question # 3

Elasticity of demand of luxurious goods is always more elastic

Question # 4

Micro economics is the study of.

Question # 5

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 6

In the short run a competitive firm's supply curve is.

Question # 7

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.

Question # 8

A monopoly market.

Question # 9

The marginal rate of substitution of two goods can be obtain from

Question # 10

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 11

Price discrimination occurs when

Question # 12

Labour has the following characteristics accept one.

Question # 13

Which of the following is correct with respect to the Paasche index.

Question # 14

Which of the following is correct for the demand and supply schedules given above.

Question # 15

A typical demand curve cannot be

Question # 16

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 17

Marginal cost is the change is cost the result from a one unit increase in.

Question # 18

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

Question # 19

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 20

Immediately after a through we would expect to have al

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
2 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above
3 In substitution effect a consumer
A. Shifts away from the commodity which price has risen
B. shifts in favor of commodity which price has risen
C. shifts away from the commodity which price has fallen
D. None of these
4 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
5 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
6 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
7 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
8 MC = MR= AR=AC = Price shows the longs run
A. Monopolist firm
B. Oligopolistic firm
C. Competitive firm
D. Both a and b
9 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
10 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competiton

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