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

A linear homogenous production function would reveal.

Question # 2

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 3

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 4

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

Question # 5

A demand curve shows that relation between price and demand.

Question # 6

The supply curve of a monopolist is always.

Question # 7

At level of income and output of 100 in the diagram above

Question # 8

A monopolist who is charging high price operates on.

Question # 9

The income elasticity of inferior goods is

Question # 10

Economists tend to disagree primarily about.

Question # 11

Price elasticity at a given price is not affected by.

Question # 12

Economic growth is shown on the production possibility frontier as.

Question # 13

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

Question # 14

In Production of goods and services tradeoffs exist becasue.

Question # 15

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

Question # 16

An oligopolistic industry can be characterized by all of the following except

Question # 17

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 18

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 19

When a tax is levied on a good.

Question # 20

The supply curve of a perfectly competitive firm

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.
A. Money income
B. The tastes of the consumer
C. The price of good X
D. The price of good Y
2 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
3 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
4 In order to practice price discrimination which of the following is needed.
A. Some degree of monopoly power
B. An ability to separate the market
C. An ability to prevent reselling
D. All of the above
5 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
6 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
7 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
8 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
9 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
10 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.

Test Questions