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

Question # 2

Law of variable proportion sis applicable in.

Question # 3

In monopoly there is.

Question # 4

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 5

A firm A's break even quantity is.

Question # 6

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 7

The average total cost when 20 units of output are produced is

Question # 8

A monopoly there is

Question # 9

The supply curve of a monopolist is always.

Question # 10

The total utility of the third unit of product x is.

Question # 11

The exit of firms out of a competitive market causes the supply curve to.

Question # 12

Under perfect competition, the price system automatically result in efficient output selection when

Question # 13

The law of diminishing marginal returns to a factor of production is.

Question # 14

A firm's long run average total cost lineis

Question # 15

Duopoly is a market situation when there is

Question # 16

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 17

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

Question # 18

Which of the following is an automatic stabilizer.

Question # 19

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 # 20

In the short run no firm operates with a loss unless

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
2 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
3 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
4 The average total cost when 20 units of output are produced is
A. Rs. 2,900
B. Rs.195
C. Rs. 20
D. Rs.900
5 "The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.
A. Allen
B. Marshall
C. Adam smith
D. Robert griffin
6 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
7 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450
8 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
9 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
10 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37

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