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

Which of the following correct about firms in an oligopoly.

Question # 2

Immediately after a through we would expect to have al

Question # 3

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

Question # 4

In monopolistic competition firm sell

Question # 5

A demand curve is not related to

Question # 6

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

Question # 7

The monopolization of the competitive market results in a deadweight loss to society of

Question # 8

A monopolist who is charging high price operates on.

Question # 9

One of the following has more elastic demand.

Question # 10

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 11

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 12

In the short run no firm operates with a loss unless

Question # 13

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

Question # 14

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 15

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 16

Which of the following does not apply to pareto efficiency.

Question # 17

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 18

In Production of goods and services tradeoffs exist becasue.

Question # 19

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex
2 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
3 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
4 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
5 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
6 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
7 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
8 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
9 An increase in price causes an increase in total revenue when.
A. Demand is elastic
B. Demand is inelastic
C. Demand is unit elastic
D. All of the above are possible
10 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen

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