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 income effect of a price change

Question # 2

A demand curve shows that relation between price and demand.

Question # 3

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 4

Price discrimination occurs when

Question # 5

Which of the following is not a basic assumption of perfect competition.

Question # 6

Skills that embodied in a person are called.

Question # 7

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 8

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 # 9

Allocative efficiency is achieved under which of the following market structures.

Question # 10

The method most commonly used to test the overall significance of a regression is.

Question # 11

The arc income elasticity of demand is approximately

Question # 12

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 13

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 14

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 # 15

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 # 16

The supply curve of a monopolist is always.

Question # 17

In monopolistic competition firm sell

Question # 18

Which of the following is an automatic stabilizer.

Question # 19

The largest source of tax revenue for the federal government is

Question # 20

In capitalistic economy price is determined by

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
2 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
3 How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%
A. Rs.1654.29
B. Rs.100.00
C. Rs.94.00
D. Rs.68.00
4 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
5 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
6 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
7 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.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
8 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells
9 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
10 "The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.
A. Allen
B. Marshall
C. Adam smith
D. Robert griffin

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