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

00:00
Question # 1

For a competitive firm the demand curve

Question # 2

In perfect competition, a seller by increasing price.

Question # 3

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

Question # 4

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

Question # 5

The classical are of the view that utility can be.

Question # 6

The same graph shows that the firm order to maximize profits , should produce.

Question # 7

In perfect competition there is.

Question # 8

When the quantity demanded is changed on the same price

Question # 9

The conditions necessary for a firm to be able to price discriminate include.

Question # 10

Firm A's annual profit is.

Question # 11

In monopoly the firm can

Question # 12

In pure monopoly there is.

Question # 13

If there is no price surprise, total output is.

Question # 14

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.

Question # 15

If average variable cos tis less then marginal cost then certainly.

Question # 16

Indifference curve has following characteristics except.

Question # 17

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 18

The income elasticity of inferior goods is

Question # 19

The price elasticity of demand is teh same thing as the negative of the

Question # 20

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
2 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
3 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
4 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
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
5 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
6 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
7 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
8 The ABC corporation.
A. Is earning a pure economic profit
B. Should produce zero units of output
C. Is sustaining an economic loss
D. Is breaking even
9 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
10 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff

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