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 market demand for a product is found by

Question # 2

A firm's long run average total cost lineis

Question # 3

When the quantity demanded is changed on the same price

Question # 4

Price discrimination occurs when

Question # 5

The demand for labor will be more elastic if

Question # 6

The short run supply curve for a competitive industry is derived by.

Question # 7

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 8

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

Question # 9

In monopolistic competition firm sell

Question # 10

The are price elasticity of demand is approximately

Question # 11

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

Question # 12

If a monopolist faces a downward sloping market demand curve its.

Question # 13

Indifference curve approach is also called.

Question # 14

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

Question # 15

The demand for labor is the same as the

Question # 16

Labour has the following characteristics accept one.

Question # 17

A monopolist will discontinue production if

Question # 18

In substitution effect a consumer

Question # 19

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 20

When there is a surplus in a market

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
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 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these
5 A monopolist will maximize profit.
A. Where total revenue is maximized
B. Where the slope of the total revenue function equals the slope of the total cost function
C. Where average cost is at a minimum
D. Where all the above are ture
6 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
7 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
8 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
9 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
10 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising

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