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

00:00
Question # 1

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 2

Extension and contraction of demand mean

Question # 3

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.

Question # 4

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 5

A monopolist will maximize profit.

Question # 6

Micro economics is the study of.

Question # 7

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 8

A linear homogenous production function would reveal.

Question # 9

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

Question # 10

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.

Question # 11

The expected profit from the profit distribution above is.

Question # 12

In the short run a competitive firm's supply curve is.

Question # 13

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 # 14

Which of the following correct about firms in an oligopoly.

Question # 15

The arc income elasticity of demand is approximately

Question # 16

Skills that embodied in a person are called.

Question # 17

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 18

Marginal cost is the change is cost the result from a one unit increase in.

Question # 19

Which of the following is an automatic stabilizer.

Question # 20

In monopolistic competition firm sell

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following is NOT an example of non price competition the auto industry.
A. End of the year discounts
B. Zero percent auto loans
C. Television advertising
D. Establishing market niches
2 Cross -elasticity following commodities is very high
A. Compliments
B. Normal
C. Goods substitutes
D. Good compliments
3 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
4 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
5 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
6 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.
A. Money income
B. The tastes of the consumer
C. The price of good X
D. The price of good Y
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 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
9 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
10 Which of the following is a characteristics of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product's quality price and marketing.
D. When firms are free to enter and exit the market

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