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

00:00
Question # 1

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 2

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

Question # 3

In an industry with a falling long term supply curve, which of the following is true.

Question # 4

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 5

A monopoly there is

Question # 6

Goods which can be consume directly are

Question # 7

In perfect competition the industry will be in equilibrium.

Question # 8

Which of the following is NOT an example of non price competition the auto industry.

Question # 9

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 10

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

Question # 11

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 12

Which of the following explains why demand curves slope downward.

Question # 13

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

Question # 14

If a firm which polluted the water of area had to pay all social cost would have

Question # 15

A typical demand curve cannot be

Question # 16

The demand for labor will be more elastic if

Question # 17

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 18

Under perfect competition, the price system automatically result in efficient output selection when

Question # 19

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
2 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
3 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
4 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
5 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
6 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
7 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
8 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
9 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
10 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competition

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