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 order to constitute an oligopolistic market structure.

Question # 2

The marginal rate of substitution of two goods can be obtain from

Question # 3

The "Law of demand" most directly means that consumers buy

Question # 4

A monopoly there is

Question # 5

Firm A's margin of safety is.

Question # 6

The price elasticity of demand is teh same thing as the negative of the

Question # 7

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

Question # 8

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 # 9

If a firm which polluted the water of area had to pay all social cost would have

Question # 10

Law of variable proportion is also called.

Question # 11

Economists tend to disagree primarily about.

Question # 12

The income effect of a price change

Question # 13

Disposable income is equal to.

Question # 14

A demand curve shows that relation between price and demand.

Question # 15

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

Question # 16

In monopoly there is.

Question # 17

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 18

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

Question # 19

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 20

If a monopoly is unable to cover its short run variable costs, if should.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
2 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
3 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
4 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both
5 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
6 In a perfectly competitive market if firms are earning an economic profit the economic profit.
A. Attracts entry by more firms, which lowers the market price
B. Can be earned both in the short run and long run
C. Is less than the normal profit
D. Leads to a decreases in market demand
7 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
8 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
9 The conditions necessary for a firm to be able to price discriminate include.
A. Segment able markets
B. Difference in price elasticity of demand among the segments
C. The inability of customers to transfer products
D. All of the above
10 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these

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