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 perfect competition there is.

Question # 2

Which of the following does not apply to pareto efficiency.

Question # 3

Firms entering a perfectly competitive market will cause the price of the product to

Question # 4

Micro economics studies such topics as

Question # 5

In monopsony there is

Question # 6

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 7

The demand for labor will be more elastic if

Question # 8

In pure monopoly there is.

Question # 9

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 10

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

Question # 11

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 12

Which of the following does not represent a barrier to entry into a market.

Question # 13

The "compensated" demand curve is the demand curve that.

Question # 14

Indifference curve is alwyas.

Question # 15

Which of the following is a characteristics of monopolistic competition.

Question # 16

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

Question # 17

The supply curve of a monopolist is always.

Question # 18

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 # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
2 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
3 change in quantity demanded
A. Downward shift of demand curve
B. Movement on the same demand curve
C. Downward shift
D. None of these
4 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
5 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
6 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
7 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
8 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
9 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
10 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output

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