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

Which of the following is a function of money

Question # 2

In the short run no firm operates with a loss unless

Question # 3

Foundation of law of demand is.

Question # 4

In a typical cartel agreement the cartel maximizes profit when it.

Question # 5

The Lorenz curve shows that

Question # 6

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 7

In the short run the competitive firm will produce if.

Question # 8

The market demand for a product is found by

Question # 9

Oligopoly is a market structure in which

Question # 10

Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.

Question # 11

In contract to perfectly competitive markets monopolists

Question # 12

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 13

In the long run a profit maximizing firm will choose to exit a market when

Question # 14

A typical demand curve cannot be

Question # 15

In Production of goods and services tradeoffs exist becasue.

Question # 16

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 # 17

In the long run a profit maximizing monopoly produces an output volume that

Question # 18

A monopolist will discontinue production if

Question # 19

The key feature of oligopoly is.

Question # 20

When due to change in price of commodity x demand of commodity y is charged it is called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above
2 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price
3 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
4 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
5 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
6 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
7 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
8 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
9 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
10 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles

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