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

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

Question # 2

In monopoly there is.

Question # 3

In perfect competition, a seller by increasing price.

Question # 4

The income elasticity of inferior goods is

Question # 5

A firm A's break even quantity is.

Question # 6

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

Question # 7

A monopsony is

Question # 8

When the quantity demanded is changed on the same price

Question # 9

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 10

Indifference curve is alwyas.

Question # 11

In monopolistic competition firm sell

Question # 12

If the prices of both goods increase by the same percent the budget line will

Question # 13

The classical are of the view that utility can be.

Question # 14

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 15

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 16

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 17

In perfect competition price is settled by

Question # 18

Economic growth is shown on the production possibility frontier as.

Question # 19

If leisure is an inferior good the individuals supply curve for labor is.

Question # 20

In Production of goods and services tradeoffs exist becasue.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
3 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
4 The arc elasticity formula is used to estimate elasticity when
A. The product is thought to be inelastic
B. The product is thought to be elastic
C. The demand function is known
D. There are two observations of price and quantity
5 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
6 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
7 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
8 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
9 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
10 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller

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