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

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

Question # 2

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

Question # 3

Indifference curve is alwyas.

Question # 4

"Treating an individual as typical of a group" in the definition of.

Question # 5

When there is a surplus in a market

Question # 6

"Principles of economics" is the book of

Question # 7

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

Question # 8

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 9

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

Question # 10

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 11

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 12

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 13

In an industry with a falling long term supply curve, which of the following is true.

Question # 14

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 15

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 16

A typical demand curve cannot be

Question # 17

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

Question # 18

A firm's long run average total cost lineis

Question # 19

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

Question # 20

In price discrimination, which section of the market is charged the higher price.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another
2 The downward kinked demand curve facing the individual oligopolistic implies that
A. He face price certainlty
B. Competitors have a tendency to follow price decreases but not price increase
C. Total revenue remains same if a firm increases price
D. None of these
3 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
4 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
5 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
6 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
7 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
8 A long-run total cost curve can be constructed from
A. An income consumption curve
B. A price consumption curve
C. Isoquant is cost expansion path diagram
D. An Engel curve
9 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
10 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising

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