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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

Which of the following is a function of money

Question # 2

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 3

In Production of goods and services tradeoffs exist becasue.

Question # 4

In pure monopoly there is.

Question # 5

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 6

Indifference curve has following characteristics except.

Question # 7

Short run is a time frame where a firm can change its.,

Question # 8

Price discrimination is possible

Question # 9

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 10

Which of the following is not a basic assumption of perfect competition.

Question # 11

Which of the following does not represent a barrier to entry into a market.

Question # 12

The ABC corporation.

Question # 13

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 14

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 15

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 16

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 17

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 18

The are price elasticity of demand is approximately

Question # 19

Skills that can be transferred to other employers are called.

Question # 20

In the short run the competitive firm will produce if.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
3 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
4 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
5 Micro economics studies such topics as
A. The factors that determine inflation
B. The forces that influence the price of shoes
C. The determinants of total output
D. Whether the unemployment rate will rise or fall
6 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
7 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
8 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
9 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
10 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b

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