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

Indifference curve is alwyas.

Question # 2

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

Question # 3

In contract to perfectly competitive markets monopolists

Question # 4

Extension and contraction of demand mean

Question # 5

In monopsony there is

Question # 6

When economists say that a per son is economizing they mean that the person is.

Question # 7

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

Question # 8

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 9

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 10

Cross -elasticity following commodities is very high

Question # 11

The key feature of oligopoly is.

Question # 12

A monopolist who is charging high price operates on.

Question # 13

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 14

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

Question # 15

A production function for a firm which produces a product with two or more inputs.

Question # 16

Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.

Question # 17

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 18

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 # 19

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 20

In case of complimentary goods, if the price of one commodity falls there will be.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
2 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
3 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
4 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
5 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
6 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
7 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption
8 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
9 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
10 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus

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