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

If a monopoly is unable to cover its short run variable costs, if should.

Question # 2

The expected profit from the profit distribution above is.

Question # 3

The same graph shows that the firm order to maximize profits , should produce.

Question # 4

Micro economics is the study of.

Question # 5

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 6

Which of the following correct about firms in an oligopoly.

Question # 7

The ABC corporation.

Question # 8

A demand curve is not related to

Question # 9

A linear homogenous production function would reveal.

Question # 10

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

Question # 11

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

Question # 12

The are price elasticity of demand is approximately

Question # 13

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 14

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.

Question # 15

An oligopolistic industry can be characterized by all of the following except

Question # 16

If the price of an apple increases.

Question # 17

If the price of product X falls and this change increases the demand for product Y then.

Question # 18

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 19

The exit of firms out of a competitive market causes the supply curve to.

Question # 20

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

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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 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
3 In a perfectly competitive market if firms are earning an economic profit the economic profit.
A. Attracts entry by more firms, which lowers the market price
B. Can be earned both in the short run and long run
C. Is less than the normal profit
D. Leads to a decreases in market demand
4 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
5 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
6 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
7 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
8 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
9 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
10 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods

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