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 supply curve of a monopolist is always.

Question # 2

Foundation of law of demand is.

Question # 3

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 4

Which of the following does not characterize monopolistic competition.

Question # 5

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

Question # 6

Which of the following is a function of money

Question # 7

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.

Question # 8

If a monopoly is unable to cover its short run variable costs, if should.

Question # 9

In perfect competition the industry will be in equilibrium.

Question # 10

The largest source of tax revenue for the federal government is

Question # 11

Law of variable proportion sis applicable in.

Question # 12

Goods which can be consume directly are

Question # 13

When the quantity demanded is changed on the same price

Question # 14

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

Question # 15

The elasticity of demand for cigarettes by a non smoker is.

Question # 16

A normal good can be defined as one which consumers purchase more of as.

Question # 17

Finance minister tax a commodity

Question # 18

Extension and contraction of demand mean

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
2 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
3 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
4 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
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
5 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
6 Firms in monopolistic competition compete on
A. Price
B. Quality
C. Advertising
D. All of the above are correct
7 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
8 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
9 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
10 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

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