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

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 # 2

Firms entering a perfectly competitive market will cause the price of the product to

Question # 3

Price discrimination is possible

Question # 4

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 5

Firm A's margin of safety is.

Question # 6

In perfect competition there is.

Question # 7

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

Question # 8

Which of the following explains why demand curves slope downward.

Question # 9

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 10

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 11

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 12

Foundation of law of demand is.

Question # 13

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

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

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 16

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 17

Firm A's annual profit is.

Question # 18

Under perfect competition, the price system automatically result in efficient output selection when

Question # 19

Finance minister tax a commodity

Question # 20

A demand curve is not related to

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
2 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
3 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
4 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
5 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
6 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
7 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
8 How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%
A. Rs.1654.29
B. Rs.100.00
C. Rs.94.00
D. Rs.68.00
9 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
10 Short run is a time frame where a firm can change its.,
A. Total cost
B. Total production
C. Plant size
D. None of these

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