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

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

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 # 2

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 3

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 4

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 5

In Production of goods and services tradeoffs exist becasue.

Question # 6

In the long run a profit maximizing monopoly produces an output volume that

Question # 7

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

Question # 8

In perfect competition a firm is.

Question # 9

A monopsony is

Question # 10

A demand curve that is an equilateral hyperbola is.

Question # 11

The are price elasticity of demand is approximately

Question # 12

A monopolist will maximize profit.

Question # 13

The income elasticity of demand

Question # 14

A demand curve is not related to

Question # 15

Which of the following is a function of money

Question # 16

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 17

If there is no price surprise, total output is.

Question # 18

The method most commonly used to test the overall significance of a regression is.

Question # 19

A monopolist will discontinue production if

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the price of both goods increase by the same percent , the budget line will.
A. shift parallel to the left
B. Shift parallel to the right
C. Pivot about the x axis
D. Pivot about the Y axis
2 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
3 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
4 Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.
A. A necessity
B. An independent good
C. An inferior good
D. A luxury good
5 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
6 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
7 In price discrimination, which section of the market is charged the higher price.
A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand
8 If Supply and demand both decrease simultaneously. Which of the following will happen.
A. Price will rise
B. Quantity sold will rise
C. Price will fall
D. Quantity sold will decrease
9 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
10 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.

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