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 are price elasticity of demand is approximately

Question # 2

Holding all other things constant a higher price for ski lift tickets would.

Question # 3

The law of diminishing marginal returns to a factor of production is.

Question # 4

In monopoly there is.

Question # 5

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

Question # 6

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 7

For a competitive firm the demand curve

Question # 8

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

Question # 9

Price elasticity at a given price is not affected by.

Question # 10

If a good is normal then the demand curve for that good must be.

Question # 11

If a firm triples all inputs and output triples as well the firm is subject to

Question # 12

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

Question # 13

The ABC corporation.

Question # 14

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 15

In monopsony there is

Question # 16

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 17

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

Question # 18

A long-run total cost curve can be constructed from

Question # 19

Economists tend to disagree primarily about.

Question # 20

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. 6%
B. 8%
C. 10%
D. 9%
2 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
3 In Production of goods and services tradeoffs exist becasue.
A. Buyers and sellers often negotiate prices
B. Society has only a limited amount of productive resources
C. Not all production is efficient
D. Human wants and needs are limited at a particular point in time
4 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
5 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
6 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
7 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
8 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
9 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
10 Which of the following is correct with respect to the Paasche index.
A. The consumer Price index is an example of the Paasche index.
B. The Paasche index is biased upward
C. The Passche index always exceeds 1
D. The Paasche index uses given period quantities

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