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

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

Question # 2

Which of the following is a function of money

Question # 3

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

Question # 4

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

Question # 5

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 6

The demand for labor is the same as the

Question # 7

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

Question # 8

Law of variable proportion is also called.

Question # 9

The supply curve of a monopolist is always.

Question # 10

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 11

In the short run if price falls the firm will respond by

Question # 12

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 13

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

Question # 14

If there is no price surprise, total output is.

Question # 15

A firm A's break even quantity is.

Question # 16

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

Question # 17

The "Law of demand" most directly means that consumers buy

Question # 18

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 19

If the price of an apple increases.

Question # 20

In perfect competition a firm is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
3 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
4 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
5 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
6 The "compensated" demand curve is the demand curve that.
A. Shows only the income effect
B. Shows only the substitution effect
C. Shows both the income and substitution effects
D. Shows the Geffen good demand curve
7 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
8 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
9 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
10 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these

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