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

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 2

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 # 3

Finance minister tax a commodity

Question # 4

The largest source of tax revenue for the federal government is

Question # 5

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 # 6

Firms entering a perfectly competitive market will cause the price of the product to

Question # 7

Which of the following taxes is regressive

Question # 8

If a good is normal then the demand curve for that good must be.

Question # 9

In order to constitute an oligopolistic market structure.

Question # 10

A monopolist will maximize profit.

Question # 11

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

Question # 12

Labour has the following characteristics accept one.

Question # 13

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 14

In the long run a profit maximizing firm will choose to exit a market when

Question # 15

What is the production level for public good W, if the government uses full cost pricing.

Question # 16

Micro economics studies such topics as

Question # 17

If average variable cos tis less then marginal cost then certainly.

Question # 18

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 19

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

Question # 20

Immediately after a through we would expect to have al

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
2 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
3 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
4 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
5 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15
6 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
7 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
8 A price decrease and an increase in income are similar in that
A. Both force the consumer to achieve a lower level of well being
B. Both force the consumer to reach a lower indifference curve
C. Both move the budget line outward
D. They are not similar at all
9 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
10 The "compensated" demand curve is the demand curve that.
A. Shows only the income effect
B. Shows only the substitution effect
C. Shows both the income and substitution effects
D. Shows the Geffen good demand curve

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