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

When goods are compliments the cross demand curve

Question # 2

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

Question # 3

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 4

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

Question # 5

If leisure is an inferior good the individuals supply curve for labor is.

Question # 6

Which of the following is correct for the demand and supply schedules given above.

Question # 7

As long as all prices remain constant an increase in money income results in.

Question # 8

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 # 9

The ABC corporation.

Question # 10

The market demand for a product is found by

Question # 11

If average variable cos tis less then marginal cost then certainly.

Question # 12

Which of the following is an automatic stabilizer.

Question # 13

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

Question # 14

The firms average variable cost of the 150th unit is.

Question # 15

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 16

In a typical cartel agreement the cartel maximizes profit when it.

Question # 17

The conditions necessary for a firm to be able to price discriminate include.

Question # 18

Perfect competition implies

Question # 19

When a tax is levied on a good.

Question # 20

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
2 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
3 If the income elasticity of demand is +4
A. The good is an inferior good
B. The good is an inelastic normal good
C. The good is an elastic normal good
D. the good is an elastic inferior good
4 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
5 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC
6 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
7 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
8 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
9 A Market situation where the number of buyers is very large and the number of sellers are very small is called.
A. Perfect competition
B. Duopoly
C. Oligopoly
D. In perfect competition
10 If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.
A. 50%
B. 2%
C. 8%
D. 100%

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