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

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 2

Indifference curve approach is also called.

Question # 3

Foundation of law of demand is.

Question # 4

The long run is a time period that is.

Question # 5

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

Question # 6

Firm A's margin of safety is.

Question # 7

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 8

The competitive firm maximizes its profit by operating where

Question # 9

Economists tend to disagree primarily about.

Question # 10

In perfect competition the industry will be in equilibrium.

Question # 11

One of the following has more elastic demand.

Question # 12

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 13

A monopolist will discontinue production if

Question # 14

The demand for labor will be more elastic if

Question # 15

When the demand curve is vertical its shows that the demand is.

Question # 16

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

Question # 17

In perfect competition the transpiration cost

Question # 18

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 19

Which of the following is not a basic assumption of perfect competition.

Question # 20

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
2 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
3 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
4 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
5 When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
6 In Production of goods and services tradeoffs exist becasue.
A. Buyers and sellers often negotiate prices
B. Society has only a limited amount of productive resources
C. Not all production is efficient
D. Human wants and needs are limited at a particular point in time
7 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
8 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve
9 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
10 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units

Test Questions