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

In order to constitute an oligopolistic market structure.

Question # 2

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 3

The supply curve of a monopolist is always.

Question # 4

A monopolist who is charging high price operates on.

Question # 5

A monopsony is

Question # 6

The market demand for a product is found by

Question # 7

If the income elasticity of demand is +4

Question # 8

Allocative efficiency is achieved under which of the following market structures.

Question # 9

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 10

Which of the following is correct for the demand and supply schedules given above.

Question # 11

The marginal rate of substitution for two goods can be obtained from

Question # 12

An increase in price causes an increase in total revenue when.

Question # 13

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

Question # 14

The income elasticity of demand

Question # 15

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

Question # 16

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 17

When the demand curve is vertical its shows that the demand is.

Question # 18

A firm that is a price taker faces a perfectly

Question # 19

The marginal rate of substitution of two goods can be obtain from

Question # 20

A monopoly market.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
3 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
4 A long-run total cost curve can be constructed from
A. An income consumption curve
B. A price consumption curve
C. Isoquant is cost expansion path diagram
D. An Engel curve
5 The exit of firms out of a competitive market causes the supply curve to.
A. Shift leftward
B. shift rights ward
C. None of the above for the exit of firms supply curve
D. shift either left or right depending on the number of firms leaving the market
6 If Supply and demand both decrease simultaneously. Which of the following will happen.
A. Price will rise
B. Quantity sold will rise
C. Price will fall
D. Quantity sold will decrease
7 If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will
A. Earn positive economic profits
B. Earn zero economic profits
C. Incur a loss equal to its variable costs
D. Incur a loss equal to its fixed costs
8 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve
9 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
10 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C

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