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

A monopoly market.

Question # 2

The arc income elasticity of demand is approximately

Question # 3

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

Question # 4

Indifference curve has following characteristics except.

Question # 5

Which of the following is a characteristics of monopolistic competition.

Question # 6

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 7

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 8

Price discrimination is possible

Question # 9

The price elasticity of demand is teh same thing as the negative of the

Question # 10

Firm A's annual profit is.

Question # 11

A typical demand curve cannot be

Question # 12

A demand curve is not related to

Question # 13

Economists tend to disagree primarily about.

Question # 14

The market demand for a product is found by

Question # 15

For a competitive firm the demand curve

Question # 16

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

Question # 17

The key feature of oligopoly is.

Question # 18

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

Question # 19

Oligopoly is a market structure in which

Question # 20

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
2 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
3 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
4 Which of the following will not be a determinant of the price elasticity of demand for a commodity.
A. The absence of substitute for the good.
B. The presence of substitutes for the good.
C. The importance of the commodity in consumers budgets
D. The cost of producing the commodity
5 As long as the principle of diminishing marginal utility is operating any increased consumption of good.
A. Lowers total utility
B. Produces negative total utility
C. Lower marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
6 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
7 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another
8 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
9 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
10 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage

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