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

The monopolization of the competitive market results in a deadweight loss to society of

Question # 2

The income effect of a price change

Question # 3

Perfect competition implies

Question # 4

Skills that can be transferred to other employers are called.

Question # 5

When goods are compliments the cross demand curve

Question # 6

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 7

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 8

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

Question # 9

Which of the following is a characteristic of monopolistic competition.

Question # 10

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 11

Extension and contraction of demand mean

Question # 12

The arc income elasticity of demand is approximately

Question # 13

Indifference curve approach is also called.

Question # 14

The firms average variable cost of the 150th unit is.

Question # 15

Law of variable proportion sis applicable in.

Question # 16

Elasticity of demand of luxurious goods is always more elastic

Question # 17

"Principles of economics" is the book of

Question # 18

Which of the following is a characteristics of monopolistic competition.

Question # 19

In perfect competition the industry will be in equilibrium.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
2 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
3 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
4 In price discrimination, which section of the market is charged the higher price.
A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand
5 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
6 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C
7 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these
8 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.
A. Positive
B. Negative
C. Zero
D. Cannot tell without more information
9 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
10 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units

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