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

An -increase the expected future price of a good.

Question # 2

A linear homogenous production function would reveal.

Question # 3

A monopolist will maximize profit.

Question # 4

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 5

For a competitive firm the demand curve

Question # 6

A demand curve shows that relation between price and demand.

Question # 7

Oligopoly is a market structure in which

Question # 8

An oligopolistic industry can be characterized by all of the following except

Question # 9

Which of the following is a characteristics of monopolistic competition.

Question # 10

When economists say that a per son is economizing they mean that the person is.

Question # 11

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 12

Skills that can be transferred to other employers are called.

Question # 13

A demand curve that is an equilateral hyperbola is.

Question # 14

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 15

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 16

The income elasticity of inferior goods is

Question # 17

Finance minister tax a commodity

Question # 18

When there is a surplus in a market

Question # 19

The total utility of the third unit of product x is.

Question # 20

Price discrimination occurs when

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
2 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
3 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
4 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve
5 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
6 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
7 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
8 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
9 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
10 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production

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