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

In the short run if price falls the firm will respond by

Question # 2

A monopolist will maximize profit.

Question # 3

change in quantity demanded

Question # 4

Price elasticity at a given price is not affected by.

Question # 5

Law of demand is not applicable on

Question # 6

According to Keynes, when the great depression started the government should be.

Question # 7

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 8

Firms in monopolistic competition compete on

Question # 9

Cross -elasticity following commodities is very high

Question # 10

MC = MR= AR=AC = Price shows the longs run

Question # 11

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 12

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 13

Skills that embodied in a person are called.

Question # 14

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

Question # 15

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 16

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 17

Holding all other things constant a higher price for ski lift tickets would.

Question # 18

Short run is a time frame where a firm can change its.,

Question # 19

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
2 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
3 Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these
4 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
5 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
6 Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.
A. A necessity
B. An independent good
C. An inferior good
D. A luxury good
7 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
8 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
9 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
10 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary

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