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

Question # 2

The elasticity of demand for cigarettes by a non smoker is.

Question # 3

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 # 4

The are price elasticity of demand is approximately

Question # 5

If a monopolist faces a downward sloping market demand curve its.

Question # 6

The income elasticity of demand

Question # 7

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%

Question # 8

Firms in monopolistic competition compete on

Question # 9

A profit maximizing monopolist in two separate markets will

Question # 10

Goods which can be consume directly are

Question # 11

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 12

Which of the following is not a basic assumption of perfect competition.

Question # 13

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 # 14

Cardinal approach theory was presented by

Question # 15

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

Question # 16

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 17

The demand for labor slopes down and to the right because of.

Question # 18

The monopolization of the competitive market results in a deadweight loss to society of

Question # 19

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
3 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competiton
4 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
5 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
6 For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
7 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
8 Skills that can be transferred to other employers are called.
A. General skills
B. Specific skills
C. Non pecuniary skills
D. All of the above
9 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
10 Under perfect competition, the price system automatically result in efficient output selection when
A. MC = MR
B. MC = MU
C. P = ATC
D. P > AVC

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