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 long run a profit maximizing firm will choose to exit a market when

Question # 2

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

Question # 3

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 4

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 5

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

Question # 6

Skills that embodied in a person are called.

Question # 7

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 8

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

Question # 9

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 10

Firms in monopolistic competition compete on

Question # 11

In order to constitute an oligopolistic market structure.

Question # 12

A firm's long run average total cost lineis

Question # 13

The demand for labor will be more elastic if

Question # 14

When there is a surplus in a market

Question # 15

In pure monopoly there is.

Question # 16

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

Question # 17

A monopolist will discontinue production if

Question # 18

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

Question # 19

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 20

The expected profit from the profit distribution above is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
2 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
3 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption
4 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
5 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
6 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
7 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
8 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
9 In the short run if price falls the firm will respond by
A. Shutting down
B. Equating average variable cost to marginal revenue
C. Reducing output along its marginal cost curve as long as marginal revenue exceed average variable cost
D. None of the above
10 "Treating an individual as typical of a group" in the definition of.
A. Pure discrimination human capital
B. Statistical discrimination
C. Human capital
D. Specific skills

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