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

Law of variable proportion is also called.

Question # 2

A demand curve that is an equilateral hyperbola is.

Question # 3

Finance minister tax a commodity

Question # 4

Under perfect competition, the price system automatically result in efficient output selection when

Question # 5

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 6

The supply curve of a perfectly competitive firm

Question # 7

The ABC corporation.

Question # 8

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 9

A long-run total cost curve can be constructed from

Question # 10

A linear homogenous production function would reveal.

Question # 11

Skills that embodied in a person are called.

Question # 12

In perfect competition a firm is.

Question # 13

Which of the following is a characteristic of monopolistic competition.

Question # 14

Firms in monopolistic competition compete on

Question # 15

The key feature of oligopoly is.

Question # 16

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

Question # 17

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 18

Elasticity of demand of luxurious goods is always more elastic

Question # 19

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 20

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
2 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
3 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
4 When due to change in price of commodity x demand of commodity y is charged it is called.
A. Income elasticity
B. Price elasticity
C. More elastic
D. Cross elasticity
5 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
6 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
7 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
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 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
10 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another

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