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

A long-run total cost curve can be constructed from

Question # 2

Indifference curve has following characteristics except.

Question # 3

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

Question # 4

In the short run the competitive firm will produce if.

Question # 5

In substitution effect a consumer

Question # 6

If a firm triples all inputs and output triples as well the firm is subject to

Question # 7

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 8

The expected profit from the profit distribution above is.

Question # 9

A monopolist will maximize profit.

Question # 10

An -increase the expected future price of a good.

Question # 11

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

Question # 12

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 13

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 14

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

Question # 15

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

Question # 16

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

Question # 17

A production function for a firm which produces a product with two or more inputs.

Question # 18

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 19

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 20

The classical are of the view that utility can be.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
2 A monopolist will discontinue production if
A. Marginal revenue is less than marginal cost
B. Marginal revenue is less than average total cost
C. Marginal revenue is less the average fixed cost
D. Price is less than average variable cost
3 A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300
4 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
5 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
6 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
7 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
8 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
9 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
10 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above

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