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

When goods are compliments the cross demand curve

Question # 2

Which skills are most likely to be paid for by the employer.

Question # 3

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

Question # 4

Which of the following correct about firms in an oligopoly.

Question # 5

What is the production level for public good W, if the government uses full cost pricing.

Question # 6

Average fixed cost

Question # 7

In price discrimination, which section of the market is charged the higher price.

Question # 8

The marginal rate of substitution for two goods can be obtained from

Question # 9

In the short run a competitive firm's supply curve is.

Question # 10

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

Question # 11

Duopoly is a market situation when there is

Question # 12

When the quantity demanded is changed on the same price

Question # 13

When the demand curve is vertical its shows that the demand is.

Question # 14

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 15

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 16

A combination labour and capital where the cost of an output is minimized is called.

Question # 17

In monopsony there is

Question # 18

A negatively sloped isoquant implies

Question # 19

A monopolist will discontinue production if

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
2 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
3 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
4 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
5 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these
6 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
7 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
8 If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will
A. Earn positive economic profits
B. Earn zero economic profits
C. Incur a loss equal to its variable costs
D. Incur a loss equal to its fixed costs
9 An increase in price causes an increase in total revenue when.
A. Demand is elastic
B. Demand is inelastic
C. Demand is unit elastic
D. All of the above are possible
10 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these

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