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

"Principles of economics" is the book of

Question # 2

If a good is normal then the demand curve for that good must be.

Question # 3

Law of variable proportion is also called.

Question # 4

Which of the following does not characterize monopolistic competition.

Question # 5

Which of the following is a characteristic of monopolistic competition.

Question # 6

A monopsony is

Question # 7

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 8

When there is a surplus in a market

Question # 9

Skills that can be transferred to other employers are called.

Question # 10

Which of the following is NOT an example of non price competition the auto industry.

Question # 11

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 12

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

Question # 13

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

Question # 14

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

Question # 15

In the short run no firm operates with a loss unless

Question # 16

The long run is a time period that is.

Question # 17

A demand curve that is an equilateral hyperbola is.

Question # 18

In perfect competition the transpiration cost

Question # 19

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

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 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
2 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
3 A consumer is said to be in equilibrium when the marginla utility and price of a commodity
A. More
B. Less
C. Irrelevant
D. Equal
4 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
5 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
6 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
7 Micro economics studies such topics as
A. The factors that determine inflation
B. The forces that influence the price of shoes
C. The determinants of total output
D. Whether the unemployment rate will rise or fall
8 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
9 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
10 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog

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