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

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 2

In the short run a competitive firm's supply curve is.

Question # 3

A profit maximizing monopolist in two separate markets will

Question # 4

Elasticity of demand of luxurious goods is always more elastic

Question # 5

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 6

MC = MR= AR=AC = Price shows the longs run

Question # 7

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

Question # 8

The income effect of a price change

Question # 9

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

Question # 10

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 11

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

Question # 12

The market demand for a product is found by

Question # 13

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

Question # 14

The short run supply curve for a competitive industry is derived by.

Question # 15

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

Question # 16

In perfect competition the industry will be in equilibrium.

Question # 17

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 18

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 19

Price elasticity at a given price is not affected by.

Question # 20

Which of the following is correct with respect to the Paasche index.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.
A. 50%
B. 2%
C. 8%
D. 100%
2 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
3 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
4 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
5 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
6 When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
7 if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
8 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
9 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
10 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.

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