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

The arc elasticity formula is used to estimate elasticity when

Question # 3

In order to constitute an oligopolistic market structure.

Question # 4

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

Question # 5

Immediately after a through we would expect to have al

Question # 6

If the demand curve for a good is downward sloping then the good must be.

Question # 7

In substitution effect a consumer

Question # 8

One of the following has more elastic demand.

Question # 9

"Principles of economics" is the book of

Question # 10

When there is a surplus in a market

Question # 11

If the price of product X falls and this change increases the demand for product Y then.

Question # 12

Which of the following correct about firms in an oligopoly.

Question # 13

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 # 14

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 15

When the demand curve is vertical its shows that the demand is.

Question # 16

Cardinal approach theory was presented by

Question # 17

In monopoly there is.

Question # 18

Law of variable proportion sis applicable in.

Question # 19

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 20

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
2 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
3 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
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 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
6 If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.
A. Rs. 8,000
B. Rs. 5,000
C. Rs.6,000
D. Rs.7500
7 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
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 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
10 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve

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