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

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

Question # 2

The are price elasticity of demand is approximately

Question # 3

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 4

In perfect competition a firm is.

Question # 5

An oligopolistic industry can be characterized by all of the following except

Question # 6

Which of the following correct about firms in an oligopoly.

Question # 7

A typical demand curve cannot be

Question # 8

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 9

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 10

Extension and contraction of demand mean

Question # 11

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 12

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

Question # 13

Which of the following shifts the demand curve for hot dogs leftward.

Question # 14

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 15

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 16

What is the production level for public good W, if the government uses full cost pricing.

Question # 17

In contract to perfectly competitive markets monopolists

Question # 18

Price discrimination is possible

Question # 19

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Oligopoly is a market structure in which
A. Many firms each produce a slightly differentiated product
B. One firm produces as unique product
C. A small number of firms compete
D. Many firms produce an identical product
2 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
3 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
4 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
5 If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale
6 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
7 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
8 In order to practice price discrimination which of the following is needed.
A. Some degree of monopoly power
B. An ability to separate the market
C. An ability to prevent reselling
D. All of the above
9 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
10 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined

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