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

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 # 2

In pure monopoly there is.

Question # 3

A monolithically competitive market is characterized by all of the following except.

Question # 4

Which of the following does not characterize monopolistic competition.

Question # 5

A combination labour and capital where the cost of an output is minimized is called.

Question # 6

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

Question # 7

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 # 8

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

Question # 9

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 10

Skills that embodied in a person are called.

Question # 11

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 12

Law of variable proportion is also called.

Question # 13

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

Question # 14

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

Question # 15

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 16

If a good has a lot of substitutes, then its demand is.

Question # 17

If the demand curve for a good is downward sloping then the good must be.

Question # 18

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

Question # 19

Foundation of law of demand is.

Question # 20

The ABC corporation.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The average total cost when 20 units of output are produced is
A. Rs. 2,900
B. Rs.195
C. Rs. 20
D. Rs.900
2 In Production of goods and services tradeoffs exist becasue.
A. Buyers and sellers often negotiate prices
B. Society has only a limited amount of productive resources
C. Not all production is efficient
D. Human wants and needs are limited at a particular point in time
3 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
4 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
5 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
6 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
7 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
8 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
9 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
10 Which of the following is a characteristics of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product's quality price and marketing.
D. When firms are free to enter and exit the market

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