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

Economic growth is shown on the production possibility frontier as.

Question # 2

A production function for a firm which produces a product with two or more inputs.

Question # 3

Law of variable proportion is also called.

Question # 4

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

Question # 5

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 6

For a competitive firm the demand curve

Question # 7

The "compensated" demand curve is the demand curve that.

Question # 8

The most important determinant of price elasticity is.

Question # 9

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 10

A combination labour and capital where the cost of an output is minimized is called.

Question # 11

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 # 12

The supply curve of a monopolist is always.

Question # 13

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

Question # 14

The competitive firm maximizes its profit by operating where

Question # 15

Immediately after a through we would expect to have al

Question # 16

In perfect competition price is settled by

Question # 17

A typical demand curve cannot be

Question # 18

Labour has the following characteristics accept one.

Question # 19

Which of the following is a characteristic of monopolistic competition.

Question # 20

Which of the following explains why demand curves slope downward.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 "The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.
A. Allen
B. Marshall
C. Adam smith
D. Robert griffin
2 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
3 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
4 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
5 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
6 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
7 A monopolist will maximize profit.
A. Where total revenue is maximized
B. Where the slope of the total revenue function equals the slope of the total cost function
C. Where average cost is at a minimum
D. Where all the above are ture
8 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
9 If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.
A. Increase in demand
B. Decrease in demand
C. Increase in total revenue
D. Decrease in total revenue
10 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c

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