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

Allocative efficiency is achieved under which of the following market structures.

Question # 2

Duopoly is a market situation when there is

Question # 3

Law of variable proportion sis applicable in.

Question # 4

In pure monopoly there is.

Question # 5

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

Question # 6

The competitive firm maximizes its profit by operating where

Question # 7

In the short run, the supply of farm commodities is.

Question # 8

In order to constitute an oligopolistic market structure.

Question # 9

Law of demand is not applicable on

Question # 10

Indifference curve is alwyas.

Question # 11

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 # 12

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 13

Elasticity of demand of luxurious goods is always more elastic

Question # 14

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

Question # 15

Disposable income is equal to.

Question # 16

In perfect competition there is.

Question # 17

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

Question # 18

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 19

The largest source of tax revenue for the federal government is

Question # 20

The tax is question 52 is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
2 A negatively sloped isoquant implies
A. Products with negative marginal utilities
B. Products with positive marginal utilities
C. Inputs with negative marginal products
D. Inputs with positive marginal products
3 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
4 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
5 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
6 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
7 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
8 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
9 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.
A. 70
B. 95
C. 700
D. 800
10 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these

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