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

Duopoly is a market situation when there is

Question # 2

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

Question # 3

If a good is normal then the demand curve for that good must be.

Question # 4

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 5

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

Question # 6

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 7

When economists say that a per son is economizing they mean that the person is.

Question # 8

Firms entering a perfectly competitive market will cause the price of the product to

Question # 9

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 # 10

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 11

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 12

Which of the following is a characteristics of monopolistic competition.

Question # 13

A monopolist will discontinue production if

Question # 14

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

Question # 15

In the short run, the supply of farm commodities is.

Question # 16

Price discrimination is possible

Question # 17

A firm that is a price taker faces a perfectly

Question # 18

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

Question # 19

In an industry with a falling long term supply curve, which of the following is true.

Question # 20

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these
2 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
3 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
4 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
5 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
6 One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
7 The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.
A. 6%
B. 8%
C. 10%
D. 9%
8 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
9 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
10 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these

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