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

Firms in monopolistic competition compete on

Question # 2

An increase in price causes an increase in total revenue when.

Question # 3

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 4

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 5

Which of the following does not characterize monopolistic competition.

Question # 6

An income demanded curve of an inferior good is.

Question # 7

Which of the following taxes is regressive

Question # 8

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

Question # 9

The competitive firm maximizes its profit by operating where

Question # 10

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

Question # 11

A monopolist will discontinue production if

Question # 12

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

Question # 13

The largest source of tax revenue for the federal government is

Question # 14

Finance minister tax a commodity

Question # 15

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 16

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

Question # 17

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 18

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 19

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
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.
A. 0
B. 1
C. Infinite
D. 15
2 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another
3 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
4 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
5 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
6 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
D. None of these
7 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
8 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
9 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
10 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption

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