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

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 2

A profit maximizing monopolist in two separate markets will

Question # 3

Which of the following is correct with respect to the Paasche index.

Question # 4

A long-run total cost curve can be constructed from

Question # 5

A demand curve shows that relation between price and demand.

Question # 6

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 7

The classical are of the view that utility can be.

Question # 8

A negatively sloped isoquant implies

Question # 9

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

Question # 10

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 11

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 12

The tax is question 52 is

Question # 13

If a firm triples all inputs and output triples as well the firm is subject to

Question # 14

A monopolist will maximize profit.

Question # 15

The monopolization of the competitive market results in a deadweight loss to society of

Question # 16

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

Question # 17

Indifference curve is alwyas.

Question # 18

Which of the following taxes is regressive

Question # 19

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 20

The method most commonly used to test the overall significance of a regression is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
2 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
3 Cross -elasticity following commodities is very high
A. Compliments
B. Normal
C. Goods substitutes
D. Good compliments
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 A price decrease and an increase in income are similar in that
A. Both force the consumer to achieve a lower level of well being
B. Both force the consumer to reach a lower indifference curve
C. Both move the budget line outward
D. They are not similar at all
6 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
7 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases
8 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
9 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
10 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these

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