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

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

Question # 2

The monopolization of the competitive market results in a deadweight loss to society of

Question # 3

The income elasticity of demand

Question # 4

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 5

When goods are compliments the cross demand curve

Question # 6

The method most commonly used to test the overall significance of a regression is.

Question # 7

A normal good can be defined as one which consumers purchase more of as.

Question # 8

Which of the following is a characteristics of monopolistic competition.

Question # 9

Which of the following is NOT an example of non price competition the auto industry.

Question # 10

Price elasticity at a given price is not affected by.

Question # 11

Skills that embodied in a person are called.

Question # 12

The key feature of oligopoly is.

Question # 13

An exceptional demand curve is.

Question # 14

Which skills are most likely to be paid for by the employer.

Question # 15

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 16

Perfect competition implies

Question # 17

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

Question # 18

Extension and contraction of demand mean

Question # 19

A typical demand curve cannot be

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
2 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
3 When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
4 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells
5 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
6 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
7 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
8 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
9 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
10 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation

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