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

00:00
Question # 1

In order to practice price discrimination which of the following is needed.

Question # 2

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

Question # 3

In Production of goods and services tradeoffs exist becasue.

Question # 4

In perfect competition the transpiration cost

Question # 5

If a good is normal then the demand curve for that good must be.

Question # 6

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 7

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

Question # 8

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 9

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

Question # 10

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

Question # 11

Extension and contraction of demand mean

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

A monopsony is

Question # 14

Which of the following shifts the demand curve for hot dogs leftward.

Question # 15

Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.

Question # 16

A firm A's break even quantity is.

Question # 17

Average fixed cost

Question # 18

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

Question # 19

Firms entering a perfectly competitive market will cause the price of the product to

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
2 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
3 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
4 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases
5 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
6 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
7 Firms in monopolistic competition compete on
A. Price
B. Quality
C. Advertising
D. All of the above are correct
8 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
9 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
10 When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.
A. An increase an increase
B. An increase, a decrease
C. A decrease, an increase
D. A decrease, a decrease

Test Questions