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

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 # 2

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

Question # 3

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

Question # 4

"Treating an individual as typical of a group" in the definition of.

Question # 5

Price discrimination is possible

Question # 6

Foundation of law of demand is.

Question # 7

A price decrease and an increase in income are similar in that

Question # 8

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

Question # 9

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

Question # 10

When goods are compliments the cross demand curve

Question # 11

In monopsony there is

Question # 12

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

Question # 13

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

Question # 14

Labour has the following characteristics accept one.

Question # 15

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 16

The demand for labor is the same as the

Question # 17

Along the long run supply curve all of the following can vary except.

Question # 18

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

Question # 19

In monopolistic competition firm sell

Question # 20

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%

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
2 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
3 If the government lower taxes by $10 billion, the Real GDP will rise by
A. More than $10 billion
B. Less than $10 billion
C. Exactly $10 billion
D. None of these
4 "The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.
A. Allen
B. Marshall
C. Adam smith
D. Robert griffin
5 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
6 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
7 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
8 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
9 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
10 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.

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