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 order to practice price discrimination which of the following is needed.

Question # 2

If there is no price surprise, total output is.

Question # 3

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

Question # 4

Which of the following is correct with respect to the Paasche index.

Question # 5

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 6

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

Question # 7

Oligopoly is a market structure in which

Question # 8

A monolithically competitive market is characterized by all of the following except.

Question # 9

Skills that can be transferred to other employers are called.

Question # 10

The income effect of a price change

Question # 11

In the short run, the supply of farm commodities is.

Question # 12

A market demand curve can be derived by adding all the individual demand curves

Question # 13

One of the following has more elastic demand.

Question # 14

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 15

The long run is a time period that is.

Question # 16

The supply curve of a perfectly competitive firm

Question # 17

The conditions necessary for a firm to be able to price discriminate include.

Question # 18

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

Question # 19

An -increase the expected future price of a good.

Question # 20

Micro economics is the study of.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
2 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
3 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
4 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
5 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
6 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
7 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
8 "Treating an individual as typical of a group" in the definition of.
A. Pure discrimination human capital
B. Statistical discrimination
C. Human capital
D. Specific skills
9 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
10 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

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