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

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 2

In Production of goods and services tradeoffs exist becasue.

Question # 3

The short run supply curve for a competitive industry is derived by.

Question # 4

Which of the following does not represent a barrier to entry into a market.

Question # 5

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 6

Cardinal approach theory was presented by

Question # 7

The long run is a time period that is.

Question # 8

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 9

A market demand curve can be derived by adding all the individual demand curves

Question # 10

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 11

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 12

The average total cost when 20 units of output are produced is

Question # 13

In capitalistic economy price is determined by

Question # 14

The ABC corporation.

Question # 15

According to Keynes, when the great depression started the government should be.

Question # 16

The demand curve of unitary elastic commodity is.

Question # 17

Perfect competition implies

Question # 18

If the income elasticity of demand is +4

Question # 19

The law of diminishing marginal returns to a factor of production is.

Question # 20

The fundamental reason people must choose which goods to buy and consume is because of.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
2 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
3 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
4 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
D. None of these
5 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
6 As long as the principle of diminishing marginal utility is operating any increased consumption of good.
A. Lowers total utility
B. Produces negative total utility
C. Lower marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
7 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
8 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
9 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
10 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic

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