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

00:00
Question # 1

In price discrimination, which section of the market is charged the higher price.

Question # 2

A monolithically competitive market is characterized by all of the following except.

Question # 3

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 # 4

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

Question # 5

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 6

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

Question # 7

In long run equilibrium a monopolistically competitive firm will find.

Question # 8

A profit maximizing monopolist in two separate markets will

Question # 9

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

Question # 10

A price cross elasticity of 0.81 between X and Y shows that.

Question # 11

If the price of an apple increases.

Question # 12

When there is a surplus in a market

Question # 13

In Production of goods and services tradeoffs exist becasue.

Question # 14

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 15

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

Question # 16

Which of the following is not a basic assumption of perfect competition.

Question # 17

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

Question # 18

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

Question # 19

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

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.
2 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
3 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
4 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
5 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
6 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
7 As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.
A. .6
B. .8
C. .4
D. .2
8 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
9 A long-run total cost curve can be constructed from
A. An income consumption curve
B. A price consumption curve
C. Isoquant is cost expansion path diagram
D. An Engel curve
10 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation

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