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

If the price of an apple increases.

Question # 2

If leisure is an inferior good the individuals supply curve for labor is.

Question # 3

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 4

In order to practice price discrimination which of the following is needed.

Question # 5

Perfect competition implies

Question # 6

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.

Question # 7

The conditions necessary for a firm to be able to price discriminate include.

Question # 8

If a good is normal then the demand curve for that good must be.

Question # 9

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

Question # 10

In the short run, the supply of farm commodities is.

Question # 11

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 12

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

Question # 13

Firm A's annual profit is.

Question # 14

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 15

When goods are compliments the cross demand curve

Question # 16

The competitive firm maximizes its profit by operating where

Question # 17

Micro economics studies such topics as

Question # 18

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

Question # 19

If average variable cos tis less then marginal cost then certainly.

Question # 20

"Principles of economics" is the book of

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
2 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
3 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.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
4 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
5 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
6 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
7 Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.
A. Positive
B. Negative
C. Zero
D. Cannot tell without more information
8 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
9 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
10 The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.
A. 6%
B. 8%
C. 10%
D. 9%

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