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

Economic growth is shown on the production possibility frontier as.

Question # 2

In contract to perfectly competitive markets monopolists

Question # 3

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 4

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 5

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 6

The epigram "time is money" expresses , in part, the concept of.

Question # 7

Short run is a time frame where a firm can change its.,

Question # 8

In perfect competition the industry will be in equilibrium.

Question # 9

In perfect competition the transpiration cost

Question # 10

Foundation of law of demand is.

Question # 11

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

Question # 12

Which of the following does not characterize monopolistic competition.

Question # 13

Marginal cost is the change is cost the result from a one unit increase in.

Question # 14

A demand curve that is an equilateral hyperbola is.

Question # 15

According to Keynes, when the great depression started the government should be.

Question # 16

In the short run if price falls the firm will respond by

Question # 17

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

Question # 18

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

Question # 19

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 20

In perfect competition a firm is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 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
3 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
4 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
5 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200
6 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
7 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
8 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
9 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
10 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods

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