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

The most important determinant of price elasticity is.

Question # 2

A monopoly market.

Question # 3

Foundation of law of demand is.

Question # 4

In contract to perfectly competitive markets monopolists

Question # 5

If the income elasticity of demand is +4

Question # 6

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 7

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

Question # 8

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 9

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 10

If the price of product X falls and this change increases the demand for product Y then.

Question # 11

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 12

A firm that is a price taker faces a perfectly

Question # 13

Micro economics is the study of.

Question # 14

When the demand curve is vertical its shows that the demand is.

Question # 15

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

Question # 16

In the long run a profit maximizing monopoly produces an output volume that

Question # 17

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.

Question # 18

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

Question # 19

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 20

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
2 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
3 An -increase the expected future price of a good.
A. Increases its demand
B. Decreases its demand
C. Increases its supply
D. Has no effect on either its demand or its supply.
4 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
5 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
6 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
7 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
8 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
9 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
10 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c

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