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 demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 2

In Production of goods and services tradeoffs exist becasue.

Question # 3

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

Question # 4

Economists tend to disagree primarily about.

Question # 5

For a competitive firm the demand curve

Question # 6

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

Question # 7

In monopsony there is

Question # 8

In pure monopoly there is.

Question # 9

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 10

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 11

"Principles of economics" is the book of

Question # 12

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 13

The supply curve of a perfectly competitive firm

Question # 14

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 # 15

Holding all other things constant a higher price for ski lift tickets would.

Question # 16

In the short run a competitive firm's supply curve is.

Question # 17

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

Question # 18

When goods are compliments the cross demand curve

Question # 19

A monopsony is

Question # 20

A demand curve shows that relation between price and demand.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 change in quantity demanded
A. Downward shift of demand curve
B. Movement on the same demand curve
C. Downward shift
D. None of these
2 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
3 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
4 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
5 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand
6 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
7 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
8 "Treating an individual as typical of a group" in the definition of.
A. Pure discrimination human capital
B. Statistical discrimination
C. Human capital
D. Specific skills
9 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
10 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price

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