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

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 2

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 3

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

Question # 4

The classical are of the view that utility can be.

Question # 5

The income elasticity of inferior goods is

Question # 6

Labour has the following characteristics accept one.

Question # 7

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

Question # 8

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

Question # 9

In the short run a competitive firm's supply curve is.

Question # 10

The demand for labor will be more elastic if

Question # 11

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 12

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 13

Which of the following shifts the demand curve for hot dogs leftward.

Question # 14

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

Question # 15

If the demand curve for a good is downward sloping then the good must be.

Question # 16

Which of the following correct about firms in an oligopoly.

Question # 17

Law of variable proportion sis applicable in.

Question # 18

As long as all prices remain constant an increase in money income results in.

Question # 19

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 20

Which of the following statements abut the relationship between marginal cost and average cost is correct.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. 0
B. 1
C. Infinite
D. 15
2 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
3 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
4 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
5 If Supply and demand both decrease simultaneously. Which of the following will happen.
A. Price will rise
B. Quantity sold will rise
C. Price will fall
D. Quantity sold will decrease
6 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
7 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
8 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
9 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
10 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.

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