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 the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 2

Price discrimination is possible

Question # 3

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 4

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 5

A monopolist who is charging high price operates on.

Question # 6

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 7

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

Question # 8

Skills that can be transferred to other employers are called.

Question # 9

Finance minister tax a commodity

Question # 10

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

Question # 11

Law of demand is not applicable on

Question # 12

When a tax is levied on a good.

Question # 13

A firm A's break even quantity is.

Question # 14

The income elasticity of inferior goods is

Question # 15

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

Question # 16

The epigram "time is money" expresses , in part, the concept of.

Question # 17

The supply curve of a perfectly competitive firm

Question # 18

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 19

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

Question # 20

The demand for labor will be more elastic if

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
2 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
3 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
4 In a perfectly competitive market if firms are earning an economic profit the economic profit.
A. Attracts entry by more firms, which lowers the market price
B. Can be earned both in the short run and long run
C. Is less than the normal profit
D. Leads to a decreases in market demand
5 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
6 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
7 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
8 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
9 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
10 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes

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