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

The same graph shows that the firm order to maximize profits , should produce.

Question # 2

"Principles of economics" is the book of

Question # 3

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 4

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

Question # 5

Perfect competition implies

Question # 6

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

Question # 7

In price discrimination, which section of the market is charged the higher price.

Question # 8

The long run is a time period that is.

Question # 9

A profit maximizing monopolist in two separate markets will

Question # 10

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

Question # 11

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

Question # 12

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 13

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

Question # 14

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 # 15

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 16

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 17

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

Question # 18

A production possibilities curve indicates that when resources are being used efficiently

Question # 19

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

Question # 20

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
2 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
3 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these
4 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
5 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
6 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes
7 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex
8 A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.
A. Inferior goods
B. Substitutes
C. Complements
D. Normal goods
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 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000

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