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

In the short run the competitive firm will produce if.

Question # 2

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

Question # 3

The supply curve of a monopolist is always.

Question # 4

An increase in price causes an increase in total revenue when.

Question # 5

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

Question # 6

Average fixed cost

Question # 7

A firm that is a price taker faces a perfectly

Question # 8

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 # 9

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 10

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

Question # 11

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 12

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 13

Micro economics is the study of.

Question # 14

An elasticity coefficient of -1 means that

Question # 15

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 16

If the price of an apple increases.

Question # 17

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 18

At level of income and output of 100 in the diagram above

Question # 19

A monopolist who is charging high price operates on.

Question # 20

The fundamental reason people must choose which goods to buy and consume is because of.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
2 If the income elasticity of demand is +4
A. The good is an inferior good
B. The good is an inelastic normal good
C. The good is an elastic normal good
D. the good is an elastic inferior good
3 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
4 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
5 The exit of firms out of a competitive market causes the supply curve to.
A. Shift leftward
B. shift rights ward
C. None of the above for the exit of firms supply curve
D. shift either left or right depending on the number of firms leaving the market
6 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
7 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
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 negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
10 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5

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