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 the long run a profit maximizing firm will choose to exit a market when

Question # 2

The are price elasticity of demand is approximately

Question # 3

Firm A's margin of safety is.

Question # 4

An -increase the expected future price of a good.

Question # 5

The supply curve of a monopolist is always.

Question # 6

The arc elasticity formula is used to estimate elasticity when

Question # 7

In the short run the competitive firm will produce if.

Question # 8

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 9

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 10

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 11

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 12

The income elasticity of demand

Question # 13

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 14

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

Question # 15

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.

Question # 16

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

Question # 17

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 18

An elasticity coefficient of -1 means that

Question # 19

Cardinal approach theory was presented by

Question # 20

When goods are compliments the cross demand curve

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When there is a surplus in a market
A. There is downward pressure on price
B. There is upward pressure on price
C. The market could still be in equilibrium
D. There are too many buyers chasing too few goods.
2 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
3 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
4 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
5 The largest source of tax revenue for the federal government is
A. The prerenal income tax
B. The social security tax
C. the property tax
D. The sales tax
6 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
7 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
8 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
9 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
10 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

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