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

Law of variable proportion is also called.

Question # 2

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

Question # 3

The firms average variable cost of the 150th unit is.

Question # 4

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

Question # 5

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 6

Foundation of law of demand is.

Question # 7

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

Question # 8

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

Question # 9

If leisure is an inferior good the individuals supply curve for labor is.

Question # 10

The demand for labor will be more elastic if

Question # 11

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

Question # 12

Which of the following correct about firms in an oligopoly.

Question # 13

A monopsony is

Question # 14

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 15

The supply curve of a monopolist is always.

Question # 16

The market demand for a product is found by

Question # 17

One of the following has more elastic demand.

Question # 18

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 19

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 20

The most important determinant of price elasticity 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 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
3 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
4 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
5 In the short run if price falls the firm will respond by
A. Shutting down
B. Equating average variable cost to marginal revenue
C. Reducing output along its marginal cost curve as long as marginal revenue exceed average variable cost
D. None of the above
6 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
7 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
8 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above
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 Oligopoly is a market structure in which
A. Many firms each produce a slightly differentiated product
B. One firm produces as unique product
C. A small number of firms compete
D. Many firms produce an identical product

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