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 there is a surplus in a market

Question # 2

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

Question # 3

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 # 4

Which of the following is correct for the demand and supply schedules given above.

Question # 5

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

Question # 6

The key feature of oligopoly is.

Question # 7

The "Law of demand" most directly means that consumers buy

Question # 8

The Lorenz curve shows that

Question # 9

the ouput where diminishing return to production begin is also the ouput where

Question # 10

A firm's long run average total cost lineis

Question # 11

A production function for a firm which produces a product with two or more inputs.

Question # 12

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 13

In monopoly the firm can

Question # 14

In monopoly there is.

Question # 15

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 16

If the demand curve for a good is downward sloping then the good must be.

Question # 17

The demand for labor slopes down and to the right because of.

Question # 18

As long as all prices remain constant an increase in money income results in.

Question # 19

Firm A's annual profit is.

Question # 20

If a good is normal then the demand curve for that good must be.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells
2 When due to change in price of commodity x demand of commodity y is charged it is called.
A. Income elasticity
B. Price elasticity
C. More elastic
D. Cross elasticity
3 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
4 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
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 consumer is said to be in equilibrium when the marginla utility and price of a commodity
A. More
B. Less
C. Irrelevant
D. Equal
7 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
8 Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.
A. Positive
B. Negative
C. Zero
D. Cannot tell without more information
9 The ABC corporation.
A. Is earning a pure economic profit
B. Should produce zero units of output
C. Is sustaining an economic loss
D. Is breaking even
10 A firm that is a price taker faces a perfectly
A. Elastic supply curve
B. Inelastic demand curve
C. Elastic demand curve
D. In elastic supply curve

Test Questions