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

Question # 2

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 3

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 4

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 5

Disposable income is equal to.

Question # 6

An exceptional demand curve is.

Question # 7

Extension and contraction of demand mean

Question # 8

The law of diminishing marginal returns to a factor of production is.

Question # 9

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 10

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

Question # 11

A price cross elasticity of 0.81 between X and Y shows that.

Question # 12

A monopsony is

Question # 13

A typical demand curve cannot be

Question # 14

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 # 15

The are price elasticity of demand is approximately

Question # 16

The income elasticity of inferior goods is

Question # 17

Price discrimination occurs when

Question # 18

Along the long run supply curve all of the following can vary except.

Question # 19

The most important determinant of price elasticity is.

Question # 20

Labour has the following characteristics accept one.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
2 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
3 The downward kinked demand curve facing the individual oligopolistic implies that
A. He face price certainlty
B. Competitors have a tendency to follow price decreases but not price increase
C. Total revenue remains same if a firm increases price
D. None of these
4 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
5 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
6 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
7 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
8 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
9 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
10 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve

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