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 Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 2

The expected profit from the profit distribution above is.

Question # 3

In a typical cartel agreement the cartel maximizes profit when it.

Question # 4

A firm that is a price taker faces a perfectly

Question # 5

A monopoly market.

Question # 6

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

Question # 7

If the price of product X falls and this change increases the demand for product Y then.

Question # 8

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 9

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

Question # 10

The long run is a time period that is.

Question # 11

The demand for labor will be more elastic if

Question # 12

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

Question # 13

MC = MR= AR=AC = Price shows the longs run

Question # 14

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

Question # 15

In perfect competition the transpiration cost

Question # 16

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 17

In the short run the competitive firm will produce if.

Question # 18

A negatively sloped isoquant implies

Question # 19

Which of the following does not apply to pareto efficiency.

Question # 20

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
2 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
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 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
5 Which of the following is a characteristics of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product's quality price and marketing.
D. When firms are free to enter and exit the market
6 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex
7 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
8 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
9 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
10 The fundamental reason people must choose which goods to buy and consume is because of.
A. Scarcity
B. Specialization
C. People engaging in exchange
D. The fact there are many different economic agents

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