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

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

Question # 2

A demand curve that is an equilateral hyperbola is.

Question # 3

A firm that is a price taker faces a perfectly

Question # 4

Micro economics is the study of.

Question # 5

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 6

The price elasticity of demand is teh same thing as the negative of the

Question # 7

Holding all other things constant a higher price for ski lift tickets would.

Question # 8

An income demanded curve of an inferior good is.

Question # 9

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 10

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 11

Extension and contraction of demand mean

Question # 12

Which of the following taxes is regressive

Question # 13

The largest source of tax revenue for the federal government is

Question # 14

A combination labour and capital where the cost of an output is minimized is called.

Question # 15

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 16

"Treating an individual as typical of a group" in the definition of.

Question # 17

In monopolistic competition firm sell

Question # 18

If a good has a lot of substitutes, then its demand is.

Question # 19

If the price of an apple increases.

Question # 20

In Production of goods and services tradeoffs exist becasue.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
2 Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.
A. Positive
B. Negative
C. Zero
D. Cannot tell without more information
3 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
4 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
5 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.
6 An increase in price causes an increase in total revenue when.
A. Demand is elastic
B. Demand is inelastic
C. Demand is unit elastic
D. All of the above are possible
7 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
8 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
9 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
10 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these

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