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

Price discrimination is possible

Question # 2

The same graph shows that the firm order to maximize profits , should produce.

Question # 3

Economists tend to disagree primarily about.

Question # 4

The demand for labor slopes down and to the right because of.

Question # 5

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 6

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 7

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 8

Elasticity of demand of luxurious goods is always more elastic

Question # 9

An oligopolistic industry can be characterized by all of the following except

Question # 10

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 11

Economic growth is shown on the production possibility frontier as.

Question # 12

In long run equilibrium a monopolistically competitive firm will find.

Question # 13

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

Question # 14

If the demand curve for a good is downward sloping then the good must be.

Question # 15

If average variable cos tis less then marginal cost then certainly.

Question # 16

A linear homogenous production function would reveal.

Question # 17

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 18

Which skills are most likely to be paid for by the employer.

Question # 19

A long-run total cost curve can be constructed from

Question # 20

An indifference curve shows various combinations to goods Which gives the consumer.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
2 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
3 One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
4 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
5 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
6 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
7 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand
8 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
9 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
10 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum

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