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

The demand for labor is the same as the

Question # 2

A price decrease and an increase in income are similar in that

Question # 3

Elasticity of demand of luxurious goods is always more elastic

Question # 4

The arc elasticity formula is used to estimate elasticity when

Question # 5

In perfect competition a firm is.

Question # 6

In order to practice price discrimination which of the following is needed.

Question # 7

The market demand for a product is found by

Question # 8

If there is no price surprise, total output is.

Question # 9

A monopsony is

Question # 10

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

Question # 11

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 12

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

Question # 13

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 # 14

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 15

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 # 16

If a good is normal then the demand curve for that good must be.

Question # 17

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 18

When the quantity demanded is changed on the same price

Question # 19

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 20

If a firm which polluted the water of area had to pay all social cost would have

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
2 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
3 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
4 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
5 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450
6 Which of the following will not be a determinant of the price elasticity of demand for a commodity.
A. The absence of substitute for the good.
B. The presence of substitutes for the good.
C. The importance of the commodity in consumers budgets
D. The cost of producing the commodity
7 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
8 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
9 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
10 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15

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