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

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

Question # 2

the ouput where diminishing return to production begin is also the ouput where

Question # 3

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 4

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 5

If the demand curve for a good is downward sloping then the good must be.

Question # 6

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 7

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

Question # 8

A long-run total cost curve can be constructed from

Question # 9

Which of the following does not apply to pareto efficiency.

Question # 10

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 11

If a firm triples all inputs and output triples as well the firm is subject to

Question # 12

In pure monopoly there is.

Question # 13

Firm A's margin of safety is.

Question # 14

Which of the following is a function of money

Question # 15

Which of the following is a characteristic of monopolistic competition.

Question # 16

The total utility of the third unit of product x is.

Question # 17

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 18

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 19

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

Question # 20

When goods are compliments the cross demand curve

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
2 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
3 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes
4 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
5 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
6 Cross -elasticity following commodities is very high
A. Compliments
B. Normal
C. Goods substitutes
D. Good compliments
7 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
8 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
9 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
10 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these

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