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

The price elasticity of demand is teh same thing as the negative of the

Question # 2

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

Question # 3

A monopoly there is

Question # 4

In long run equilibrium a monopolistically competitive firm will find.

Question # 5

The expected profit from the profit distribution above is.

Question # 6

A monopolist will maximize profit.

Question # 7

Marginal cost is the change is cost the result from a one unit increase in.

Question # 8

The average total cost when 20 units of output are produced is

Question # 9

In substitution effect a consumer

Question # 10

The conditions necessary for a firm to be able to price discriminate include.

Question # 11

The tax is question 52 is

Question # 12

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

Question # 13

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 14

In pure monopoly there is.

Question # 15

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 16

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 17

In the short run a competitive firm's supply curve is.

Question # 18

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.

Question # 19

The demand for labor is the same as the

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
2 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.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
3 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
4 if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
5 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus
6 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competition
7 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
8 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
9 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
10 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method

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