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

Question # 2

If a firm which polluted the water of area had to pay all social cost would have

Question # 3

Which of the following shifts the demand curve for hot dogs leftward.

Question # 4

Short run is a time frame where a firm can change its.,

Question # 5

When goods are compliments the cross demand curve

Question # 6

The supply curve of a perfectly competitive firm

Question # 7

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

Question # 8

In monopolistic competition firm sell

Question # 9

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

Question # 10

The Lorenz curve shows that

Question # 11

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

Question # 12

If the price of product X falls and this change increases the demand for product Y then.

Question # 13

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

Question # 14

The "compensated" demand curve is the demand curve that.

Question # 15

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 16

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 17

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

Question # 18

In order to practice price discrimination which of the following is needed.

Question # 19

In perfect competition the industry will be in equilibrium.

Question # 20

Which of the following is a characteristic of monopolistic competition.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
2 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450
3 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
4 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
5 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
6 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
7 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
8 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
9 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
10 Skills that can be transferred to other employers are called.
A. General skills
B. Specific skills
C. Non pecuniary skills
D. All of the above

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