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

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 # 2

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

Question # 3

Which of the following does not represent a barrier to entry into a market.

Question # 4

In contract to perfectly competitive markets monopolists

Question # 5

The classical are of the view that utility can be.

Question # 6

The marginal rate of substitution of two goods can be obtain from

Question # 7

Which of the following would cause the demand curve for an input to shift.

Question # 8

The epigram "time is money" expresses , in part, the concept of.

Question # 9

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

Question # 10

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

Question # 11

The elasticity of demand for cigarettes by a non smoker is.

Question # 12

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 13

In perfect competition the industry will be in equilibrium.

Question # 14

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 15

Which of the following shifts the demand curve for hot dogs leftward.

Question # 16

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 17

change in quantity demanded

Question # 18

The demand curve of unitary elastic commodity is.

Question # 19

A long-run total cost curve can be constructed from

Question # 20

In substitution effect a consumer

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
2 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
3 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
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 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
6 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
7 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
8 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
9 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
10 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output

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