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

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 2

In a typical cartel agreement the cartel maximizes profit when it.

Question # 3

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

Question # 4

If a monopoly is unable to cover its short run variable costs, if should.

Question # 5

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 6

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

Question # 7

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 8

Which of the following is a characteristics of monopolistic competition.

Question # 9

If a good has a lot of substitutes, then its demand is.

Question # 10

In perfect competition price is settled by

Question # 11

A profit maximizing monopolist in two separate markets will

Question # 12

The demand curve of unitary elastic commodity is.

Question # 13

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 14

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 15

In long run equilibrium a monopolistically competitive firm will find.

Question # 16

If the price of an apple increases.

Question # 17

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

Question # 18

Skills that embodied in a person are called.

Question # 19

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

Question # 20

If the price of both goods increase by the same percent , the budget line will.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
2 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
3 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
4 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
5 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
6 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
7 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
8 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price
9 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
10 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost

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