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

Elasticity of demand of luxurious goods is always more elastic

Question # 2

An exceptional demand curve is.

Question # 3

Micro economics is the study of.

Question # 4

A firm that is a price taker faces a perfectly

Question # 5

In pure monopoly there is.

Question # 6

An -increase the expected future price of a good.

Question # 7

A long-run total cost curve can be constructed from

Question # 8

In perfect competition price is settled by

Question # 9

In the long run a profit maximizing firm will choose to exit a market when

Question # 10

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 11

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

Question # 12

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 13

What is the production level for public good W, if the government uses full cost pricing.

Question # 14

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

Question # 15

In order to constitute an oligopolistic market structure.

Question # 16

In perfect competition there is.

Question # 17

A monopoly market.

Question # 18

Indifference curve approach is also called.

Question # 19

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.

Question # 20

the ouput where diminishing return to production begin is also the ouput where

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
2 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
3 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
4 In substitution effect a consumer
A. Shifts away from the commodity which price has risen
B. shifts in favor of commodity which price has risen
C. shifts away from the commodity which price has fallen
D. None of these
5 The "compensated" demand curve is the demand curve that.
A. Shows only the income effect
B. Shows only the substitution effect
C. Shows both the income and substitution effects
D. Shows the Geffen good demand curve
6 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.
7 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
8 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
9 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
10 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above

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