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

In monopoly there is.

Question # 2

The total utility of the third unit of product x is.

Question # 3

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

Question # 4

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

Question # 5

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 6

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 7

In an industry with a falling long term supply curve, which of the following is true.

Question # 8

Elasticity of demand of luxurious goods is always more elastic

Question # 9

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

Question # 10

Indifference curve has following characteristics except.

Question # 11

In order to constitute an oligopolistic market structure.

Question # 12

A profit maximizing monopolist in two separate markets will

Question # 13

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 14

Labour has the following characteristics accept one.

Question # 15

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 16

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

Question # 17

In pure monopoly there is.

Question # 18

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 19

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

Question # 20

Foundation of law of demand is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
2 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
3 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
4 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
5 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
6 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
7 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
8 If the income elasticity of demand is +4
A. The good is an inferior good
B. The good is an inelastic normal good
C. The good is an elastic normal good
D. the good is an elastic inferior good
9 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
10 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue

Test Questions