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

The key feature of oligopoly is.

Question # 2

In order to practice price discrimination which of the following is needed.

Question # 3

In a typical cartel agreement the cartel maximizes profit when it.

Question # 4

In capitalistic economy price is determined by

Question # 5

Price discrimination occurs when

Question # 6

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 7

Foundation of law of demand is.

Question # 8

Micro economics studies such topics as

Question # 9

For a competitive firm the demand curve

Question # 10

In the short run the competitive firm will produce if.

Question # 11

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 12

Which of the following correct about firms in an oligopoly.

Question # 13

In perfect competition price is settled by

Question # 14

The short run supply curve for a competitive industry is derived by.

Question # 15

When goods are compliments the cross demand curve

Question # 16

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

Question # 17

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

Question # 18

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 19

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

Question # 20

A monopolist will discontinue production if

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
2 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
3 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
4 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
5 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another
6 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
7 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
8 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
9 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
10 The average total cost when 20 units of output are produced is
A. Rs. 2,900
B. Rs.195
C. Rs. 20
D. Rs.900

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