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

00:00
Question # 1

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 2

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 3

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 4

One of the following has more elastic demand.

Question # 5

Which of the following correct about firms in an oligopoly.

Question # 6

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 7

A price cross elasticity of 0.81 between X and Y shows that.

Question # 8

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 9

Which of the following is NOT an example of non price competition the auto industry.

Question # 10

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 11

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

Question # 12

Labour has the following characteristics accept one.

Question # 13

In perfect competition a firm is.

Question # 14

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.

Question # 15

The are price elasticity of demand is approximately

Question # 16

The marginal rate of substitution for two goods can be obtained from

Question # 17

A demand curve that is an equilateral hyperbola is.

Question # 18

Average fixed cost

Question # 19

In the short run if price falls the firm will respond by

Question # 20

Which of the following is a function of money

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
2 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
3 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
4 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
5 Which of the following taxes is regressive
A. The federal income tax
B. The state income tax
C. The sales tax
D. The Medicare tax
6 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
7 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
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 an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined
10 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above

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