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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

Under perfect competition, the price system automatically result in efficient output selection when

Question # 2

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

Question # 3

Firm A's margin of safety is.

Question # 4

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 5

the ouput where diminishing return to production begin is also the ouput where

Question # 6

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

Question # 7

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 8

A monopoly there is

Question # 9

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

Question # 10

If leisure is an inferior good the individuals supply curve for labor is.

Question # 11

According to Keynes, when the great depression started the government should be.

Question # 12

If a good has a lot of substitutes, then its demand is.

Question # 13

The competitive firm maximizes its profit by operating where

Question # 14

In perfect competition there is.

Question # 15

Which of the following is a characteristic of monopolistic competition.

Question # 16

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 17

If a monopolist faces a downward sloping market demand curve its.

Question # 18

In long run equilibrium a monopolistically competitive firm will find.

Question # 19

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

Question # 20

An entrepreneur who collects profits in the short run for a new invention is collecting.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
2 The largest source of tax revenue for the federal government is
A. The prerenal income tax
B. The social security tax
C. the property tax
D. The sales tax
3 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
4 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800
5 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
6 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.
7 In a typical cartel agreement the cartel maximizes profit when it.
A. Behaves like a monopoly
B. Behaves like a perfectly competitive firm
C. Behaves like a duopoly
D. Is flexible in enforcing production targets
8 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
9 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
10 In a perfectly competitive market if firms are earning an economic profit the economic profit.
A. Attracts entry by more firms, which lowers the market price
B. Can be earned both in the short run and long run
C. Is less than the normal profit
D. Leads to a decreases in market demand

Test Questions