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

Perfect competition implies

Question # 2

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 3

Labour has the following characteristics accept one.

Question # 4

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 5

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

Question # 6

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

Question # 7

Goods which can be consume directly are

Question # 8

In perfect competition there is.

Question # 9

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 10

A normal good can be defined as one which consumers purchase more of as.

Question # 11

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 12

Skills that can be transferred to other employers are called.

Question # 13

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

Question # 14

A monopolist will discontinue production if

Question # 15

In perfect competition the transpiration cost

Question # 16

An elasticity coefficient of -1 means that

Question # 17

A production function for a firm which produces a product with two or more inputs.

Question # 18

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 19

In perfect competition the industry will be in equilibrium.

Question # 20

The ABC corporation.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
2 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
3 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
4 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
5 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
6 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
7 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
8 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.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
9 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.
10 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

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