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

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

Question # 2

In perfect competition the industry will be in equilibrium.

Question # 3

The epigram "time is money" expresses , in part, the concept of.

Question # 4

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 5

Price discrimination occurs when

Question # 6

Price discrimination is possible

Question # 7

In perfect competition a firm is.

Question # 8

Firm A's annual profit is.

Question # 9

A typical demand curve cannot be

Question # 10

When goods are compliments the cross demand curve

Question # 11

One of the following has more elastic demand.

Question # 12

A firm A's break even quantity is.

Question # 13

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 14

A normal good can be defined as one which consumers purchase more of as.

Question # 15

Indifference curve has following characteristics except.

Question # 16

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 17

A profit maximizing monopolist in two separate markets will

Question # 18

Which of the following does not characterize monopolistic competition.

Question # 19

Law of variable proportion sis applicable in.

Question # 20

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
3 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
4 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
5 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
6 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
7 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC
8 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
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 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these

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