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 supply curve of a perfectly competitive firm

Question # 2

An -increase the expected future price of a good.

Question # 3

In an industry with a falling long term supply curve, which of the following is true.

Question # 4

If the income elasticity of demand is +4

Question # 5

Price discrimination occurs when

Question # 6

In substitution effect a consumer

Question # 7

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 8

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

Question # 9

A profit maximizing monopolist in two separate markets will

Question # 10

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 11

A combination labour and capital where the cost of an output is minimized is called.

Question # 12

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 13

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 # 14

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

Question # 15

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 16

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

Question # 17

Indifference curve approach is also called.

Question # 18

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 19

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

Question # 20

An economy that falls to realize all of its p9otential gains from specialization is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 "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
2 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
3 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
4 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
5 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
6 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
7 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
8 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
9 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
10 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall

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