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

Skills that embodied in a person are called.

Question # 2

The competitive firm maximizes its profit by operating where

Question # 3

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 # 4

If there is no price surprise, total output is.

Question # 5

An oligopolistic industry can be characterized by all of the following except

Question # 6

The are price elasticity of demand is approximately

Question # 7

An increase in price causes an increase in total revenue when.

Question # 8

A profit maximizing monopolist in two separate markets will

Question # 9

A demand curve shows that relation between price and demand.

Question # 10

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

Question # 11

What is the production level for public good W, if the government uses full cost pricing.

Question # 12

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

Question # 13

The income elasticity of inferior goods is

Question # 14

The demand for labor will be more elastic if

Question # 15

Which of the following is correct with respect to the Paasche index.

Question # 16

Micro economics studies such topics as

Question # 17

In monopoly the firm can

Question # 18

Which of the following does not apply to pareto efficiency.

Question # 19

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 20

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
2 A monopolist will discontinue production if
A. Marginal revenue is less than marginal cost
B. Marginal revenue is less than average total cost
C. Marginal revenue is less the average fixed cost
D. Price is less than average variable cost
3 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
4 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
5 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
6 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
7 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
8 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
9 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes
10 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these

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