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

In long run equilibrium a monopolistically competitive firm will find.

Question # 2

Which of the following does not represent a barrier to entry into a market.

Question # 3

Finance minister tax a commodity

Question # 4

The law of diminishing marginal returns to a factor of production is.

Question # 5

In Production of goods and services tradeoffs exist becasue.

Question # 6

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 7

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 # 8

In monopolistic competition firm sell

Question # 9

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

Question # 10

In monopoly the firm can

Question # 11

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

Question # 12

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

Question # 13

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 14

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 15

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

Question # 16

Economists tend to disagree primarily about.

Question # 17

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 # 18

The short run supply curve for a competitive industry is derived by.

Question # 19

If a firm triples all inputs and output triples as well the firm is subject to

Question # 20

A linear homogenous production function would reveal.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.
A. Positive
B. Negative
C. Zero
D. Cannot tell without more information
2 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above
3 When there is a surplus in a market
A. There is downward pressure on price
B. There is upward pressure on price
C. The market could still be in equilibrium
D. There are too many buyers chasing too few goods.
4 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
5 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
6 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
7 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
8 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
9 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
10 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve

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