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

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 2

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.

Question # 3

In an industry with a falling long term supply curve, which of the following is true.

Question # 4

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 5

In perfect competition a firm is.

Question # 6

When there is a surplus in a market

Question # 7

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

Question # 8

Law of variable proportion is also called.

Question # 9

In perfect competition the industry will be in equilibrium.

Question # 10

Law of demand is not applicable on

Question # 11

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

Question # 12

A demand curve shows that relation between price and demand.

Question # 13

When the demand curve is vertical its shows that the demand is.

Question # 14

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 15

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 16

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

Question # 17

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 18

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

Question # 19

Law of variable proportion sis applicable in.

Question # 20

Firm A's margin of safety is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
2 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
3 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
4 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
5 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
6 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
7 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
8 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
9 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
10 In an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined

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