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

An -increase the expected future price of a good.

Question # 2

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 3

The demand curve of unitary elastic commodity is.

Question # 4

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

Question # 5

Extension and contraction of demand mean

Question # 6

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

Question # 7

A price decrease and an increase in income are similar in that

Question # 8

Firm A's annual profit is.

Question # 9

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 10

If the income elasticity of demand is +4

Question # 11

Which of the following groups is most hurt by unexpected inflation.

Question # 12

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

Question # 13

The firms average variable cost of the 150th unit is.

Question # 14

Allocative efficiency is achieved under which of the following market structures.

Question # 15

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 16

Disposable income is equal to.

Question # 17

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 18

A demand curve shows that relation between price and demand.

Question # 19

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

Question # 20

Foundation of law of demand is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
2 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
3 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
4 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
5 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
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
6 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
7 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.
8 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
9 The Lorenz curve shows that
A. unemployment does not affect social group
B. People with low income spend more
C. People with low income spend less
D. the degree of income equality in the economy
10 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply

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