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

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 2

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 # 3

A profit maximizing monopolist in two separate markets will

Question # 4

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 5

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 6

In perfect competition the transpiration cost

Question # 7

In monopsony there is

Question # 8

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 9

The arc income elasticity of demand is approximately

Question # 10

Which of the following does not represent a barrier to entry into a market.

Question # 11

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

Question # 12

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

Question # 13

The income elasticity of inferior goods is

Question # 14

Perfect competition implies

Question # 15

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

Question # 16

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 17

A monopoly there is

Question # 18

Indifference curve approach is also called.

Question # 19

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 20

Along the long run supply curve all of the following can vary except.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
2 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
3 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
4 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
5 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price
6 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
7 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
8 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
9 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
10 The arc elasticity formula is used to estimate elasticity when
A. The product is thought to be inelastic
B. The product is thought to be elastic
C. The demand function is known
D. There are two observations of price and quantity

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