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

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

Question # 2

Price elasticity at a given price is not affected by.

Question # 3

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 4

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

Question # 5

Firms entering a perfectly competitive market will cause the price of the product to

Question # 6

The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.

Question # 7

In Production of goods and services tradeoffs exist becasue.

Question # 8

In monopoly there is.

Question # 9

A profit maximizing monopolist in two separate markets will

Question # 10

If there is no price surprise, total output is.

Question # 11

A demand curve is not related to

Question # 12

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

Question # 13

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 14

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 15

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

Question # 16

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

Question # 17

A monolithically competitive market is characterized by all of the following except.

Question # 18

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

Question # 19

In an industry with a falling long term supply curve, which of the following is true.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15
2 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.
A. Rs. 8,000
B. Rs. 5,000
C. Rs.6,000
D. Rs.7500
3 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
4 The average total cost when 20 units of output are produced is
A. Rs. 2,900
B. Rs.195
C. Rs. 20
D. Rs.900
5 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
6 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
7 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
8 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
9 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
10 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship

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