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

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 2

The marginal rate of substitution for two goods can be obtained from

Question # 3

In price discrimination, which section of the market is charged the higher price.

Question # 4

In the short run a competitive firm's supply curve is.

Question # 5

Price discrimination is possible

Question # 6

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 7

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 8

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 9

The income elasticity of demand

Question # 10

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

Question # 11

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 12

In the short run no firm operates with a loss unless

Question # 13

A demand curve that is an equilateral hyperbola is.

Question # 14

An income demanded curve of an inferior good is.

Question # 15

Oligopoly is a market structure in which

Question # 16

The firms average variable cost of the 150th unit is.

Question # 17

One of the following has more elastic demand.

Question # 18

Under perfect competition, the price system automatically result in efficient output selection when

Question # 19

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

Question # 20

Holding all other things constant a higher price for ski lift tickets would.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
2 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
3 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
4 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
5 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
6 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units
7 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
8 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
9 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
10 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex

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