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 long run equilibrium a monopolistically competitive firm will find.

Question # 2

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 3

Which of the following is correct for the demand and supply schedules given above.

Question # 4

Firm A's annual profit is.

Question # 5

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

Question # 6

A demand curve shows that relation between price and demand.

Question # 7

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 8

Perfect competition implies

Question # 9

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 # 10

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 11

If there is no price surprise, total output is.

Question # 12

In monopolistic competition firm sell

Question # 13

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

Question # 14

If a monopoly is unable to cover its short run variable costs, if should.

Question # 15

If average variable cos tis less then marginal cost then certainly.

Question # 16

The income effect of a price change

Question # 17

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

Question # 18

Which of the following is an automatic stabilizer.

Question # 19

Price discrimination occurs when

Question # 20

A monopolist will maximize profit.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 "The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.
A. Allen
B. Marshall
C. Adam smith
D. Robert griffin
2 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand
3 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
4 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
5 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
6 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200
7 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price
8 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
9 Which of the following is correct with respect to the Paasche index.
A. The consumer Price index is an example of the Paasche index.
B. The Paasche index is biased upward
C. The Passche index always exceeds 1
D. The Paasche index uses given period quantities
10 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these

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