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

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

Question # 2

Goods which can be consume directly are

Question # 3

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 4

In the short run a competitive firm's supply curve is.

Question # 5

An oligopolistic industry can be characterized by all of the following except

Question # 6

Price elasticity at a given price is not affected by.

Question # 7

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 8

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 9

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 10

A profit maximizing monopolist in two separate markets will

Question # 11

To maximize revenue, an excise tax should be imposed on a product

Question # 12

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 13

Oligopoly is a market structure in which

Question # 14

The supply curve of a monopolist is always.

Question # 15

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

Question # 16

A firm's long run average total cost lineis

Question # 17

Price discrimination occurs when

Question # 18

In the short run the competitive firm will produce if.

Question # 19

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

Question # 20

A long-run total cost curve can be constructed from

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the demand curve for a good is downward sloping then the good must be.
A. Normal
B. Inferior
C. Giffen
D. Either a or b
2 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes
3 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
4 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
5 Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.
A. 1.14
B. 1.65
C. 1.37
D. 1.47
6 For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
7 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
8 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
9 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
10 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue

Test Questions