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

Price discrimination occurs when

Question # 2

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 3

To maximize revenue, an excise tax should be imposed on a product

Question # 4

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

Question # 5

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

Question # 6

Duopoly is a market situation when there is

Question # 7

Which of the following is a characteristic of monopolistic competition.

Question # 8

When the quantity demanded is changed on the same price

Question # 9

Labour has the following characteristics accept one.

Question # 10

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

Question # 11

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 12

The income elasticity of demand

Question # 13

Which of the following is an automatic stabilizer.

Question # 14

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

Question # 15

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

Question # 16

The largest source of tax revenue for the federal government is

Question # 17

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

Question # 18

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 # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
2 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
3 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
4 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
5 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
6 Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
7 "Treating an individual as typical of a group" in the definition of.
A. Pure discrimination human capital
B. Statistical discrimination
C. Human capital
D. Specific skills
8 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
9 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
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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