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

Economists tend to disagree primarily about.

Question # 2

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

Question # 3

A profit maximizing monopolist in two separate markets will

Question # 4

In an industry with a falling long term supply curve, which of the following is true.

Question # 5

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 # 6

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 7

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

Question # 8

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 9

If the price of an apple increases.

Question # 10

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

Question # 11

In long run equilibrium a monopolistically competitive firm will find.

Question # 12

Oligopoly is a market structure in which

Question # 13

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 14

The same graph shows that the firm order to maximize profits , should produce.

Question # 15

The key feature of oligopoly is.

Question # 16

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 17

A long-run total cost curve can be constructed from

Question # 18

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

Question # 19

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 20

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
2 Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.
A. Money income
B. The tastes of the consumer
C. The price of good X
D. The price of good Y
3 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
4 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
5 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
6 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
7 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
8 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
9 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
10 The conditions necessary for a firm to be able to price discriminate include.
A. Segment able markets
B. Difference in price elasticity of demand among the segments
C. The inability of customers to transfer products
D. All of the above

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