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

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

Question # 2

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

Question # 3

A monopoly there is

Question # 4

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 5

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

Question # 6

If a firm triples all inputs and output triples as well the firm is subject to

Question # 7

The method most commonly used to test the overall significance of a regression is.

Question # 8

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

Question # 9

The supply curve of a monopolist is always.

Question # 10

The elasticity of demand for cigarettes by a non smoker is.

Question # 11

Allocative efficiency is achieved under which of the following market structures.

Question # 12

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 13

Price elasticity at a given price is not affected by.

Question # 14

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

Question # 15

Which skills are most likely to be paid for by the employer.

Question # 16

Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.

Question # 17

Which of the following is a characteristic of monopolistic competition.

Question # 18

If a good is normal then the demand curve for that good must be.

Question # 19

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 20

when there is huge change in demand following method is used to measure elasticity of demand.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
2 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competition
3 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
4 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
5 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
6 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
7 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
8 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
9 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
10 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450

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