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

In monopolistic competition firm sell

Question # 2

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 3

The demand for labor slopes down and to the right because of.

Question # 4

The ABC corporation.

Question # 5

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

Question # 6

Which of the following groups is most hurt by unexpected inflation.

Question # 7

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 8

When goods are compliments the cross demand curve

Question # 9

A monopsony is

Question # 10

When economists say that a per son is economizing they mean that the person is.

Question # 11

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

Question # 12

Cardinal approach theory was presented by

Question # 13

The supply curve of a monopolist is always.

Question # 14

In capitalistic economy price is determined by

Question # 15

The demand for labor will be more elastic if

Question # 16

The long run is a time period that is.

Question # 17

The supply curve of a perfectly competitive firm

Question # 18

A monopolist who is charging high price operates on.

Question # 19

Which of the following taxes is regressive

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
2 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
3 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units
4 A negatively sloped isoquant implies
A. Products with negative marginal utilities
B. Products with positive marginal utilities
C. Inputs with negative marginal products
D. Inputs with positive marginal products
5 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
6 A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.
A. Inferior goods
B. Substitutes
C. Complements
D. Normal goods
7 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
8 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
9 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
10 Firm A's margin of safety is.
A. 0.10
B. 0.40
C. 0.20
D. 0.30

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