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

Question # 2

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 3

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 4

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 5

Economic growth is shown on the production possibility frontier as.

Question # 6

If the price of an apple increases.

Question # 7

The conditions necessary for a firm to be able to price discriminate include.

Question # 8

Marginal cost is the change is cost the result from a one unit increase in.

Question # 9

Goods which can be consume directly are

Question # 10

The demand for labor will be more elastic if

Question # 11

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 12

Foundation of law of demand is.

Question # 13

A monopolist who is charging high price operates on.

Question # 14

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

Question # 15

Which of the following does not characterize monopolistic competition.

Question # 16

Price discrimination is possible

Question # 17

In long run equilibrium a monopolistically competitive firm will find.

Question # 18

If there is no price surprise, total output is.

Question # 19

Finance minister tax a commodity

Question # 20

A monopsony is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
2 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
3 Which of the following is NOT an example of non price competition the auto industry.
A. End of the year discounts
B. Zero percent auto loans
C. Television advertising
D. Establishing market niches
4 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
5 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
6 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
7 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC
8 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.
9 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve
10 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these

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