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

Which of the following is an automatic stabilizer.

Question # 2

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

Question # 3

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 4

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

Question # 5

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

Question # 6

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

Question # 7

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 8

The most important determinant of price elasticity is.

Question # 9

The demand for labor will be more elastic if

Question # 10

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

Question # 11

Foundation of law of demand is.

Question # 12

A monopolist who is charging high price operates on.

Question # 13

Which of the following is a characteristic of monopolistic competition.

Question # 14

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 15

Which skills are most likely to be paid for by the employer.

Question # 16

A normal good can be defined as one which consumers purchase more of as.

Question # 17

If a firm which polluted the water of area had to pay all social cost would have

Question # 18

The short run supply curve for a competitive industry is derived by.

Question # 19

In monopoly the firm can

Question # 20

Along the long run supply curve all of the following can vary except.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
3 In a perfectly competitive market if firms are earning an economic profit the economic profit.
A. Attracts entry by more firms, which lowers the market price
B. Can be earned both in the short run and long run
C. Is less than the normal profit
D. Leads to a decreases in market demand
4 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
5 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
6 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
7 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
8 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
9 An -increase the expected future price of a good.
A. Increases its demand
B. Decreases its demand
C. Increases its supply
D. Has no effect on either its demand or its supply.
10 MC = MR= AR=AC = Price shows the longs run
A. Monopolist firm
B. Oligopolistic firm
C. Competitive firm
D. Both a and b

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