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

A linear homogenous production function would reveal.

Question # 2

A typical demand curve cannot be

Question # 3

Cross -elasticity following commodities is very high

Question # 4

If a monopolist faces a downward sloping market demand curve its.

Question # 5

In contract to perfectly competitive markets monopolists

Question # 6

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 7

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 # 8

The income elasticity of demand

Question # 9

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 10

The demand for labor is the same as the

Question # 11

In the long run a profit maximizing monopoly produces an output volume that

Question # 12

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 13

An -increase the expected future price of a good.

Question # 14

Which of the following is a characteristics of monopolistic competition.

Question # 15

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 16

A price decrease and an increase in income are similar in that

Question # 17

Micro economics studies such topics as

Question # 18

In perfect competition the transpiration cost

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
2 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
3 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
4 Labour has the following characteristics accept one.
A. It cannot be separated form labourer
B. It cannot be stored
C. Its supply cannot be increase at once
D. Bargaining power of laborer is very strong
5 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
6 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
7 If leisure is an inferior good the individuals supply curve for labor is.
A. Back ward bending
B. Completely inelastic
C. Upward sloping
D. Perfectly elastic
8 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
9 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
10 A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.
A. Inferior goods
B. Substitutes
C. Complements
D. Normal goods

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