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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 2

The conditions necessary for a firm to be able to price discriminate include.

Question # 3

If the prices of both goods increase by the same percent the budget line will

Question # 4

A combination labour and capital where the cost of an output is minimized is called.

Question # 5

Firm A's margin of safety is.

Question # 6

"Principles of economics" is the book of

Question # 7

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

Question # 8

Micro economics is the study of.

Question # 9

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

Question # 10

Economists tend to disagree primarily about.

Question # 11

Marginal cost is the change is cost the result from a one unit increase in.

Question # 12

An -increase the expected future price of a good.

Question # 13

If a good is normal then the demand curve for that good must be.

Question # 14

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

Question # 15

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 16

A long-run total cost curve can be constructed from

Question # 17

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 18

A monopoly there is

Question # 19

Labour has the following characteristics accept one.

Question # 20

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will
A. Earn positive economic profits
B. Earn zero economic profits
C. Incur a loss equal to its variable costs
D. Incur a loss equal to its fixed costs
3 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
4 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
5 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
6 Which of the following is a characteristics 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's quality price and marketing.
D. When firms are free to enter and exit the market
7 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
8 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.
9 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
10 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong

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