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

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Question # 1

In the short run a competitive firm's supply curve is.

Question # 2

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

Question # 3

Indifference curve approach is also called.

Question # 4

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

Question # 5

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 6

Price discrimination is possible

Question # 7

In the long run a profit maximizing firm will choose to exit a market when

Question # 8

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 # 9

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 10

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

Question # 11

In perfect competition the industry will be in equilibrium.

Question # 12

The Lorenz curve shows that

Question # 13

In monopsony there is

Question # 14

The "Law of demand" most directly means that consumers buy

Question # 15

A demand curve is not related to

Question # 16

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 17

Firms in monopolistic competition compete on

Question # 18

Which of the following explains why demand curves slope downward.

Question # 19

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 20

A monolithically competitive market is characterized by all of the following except.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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 %
2 When there is a surplus in a market
A. There is downward pressure on price
B. There is upward pressure on price
C. The market could still be in equilibrium
D. There are too many buyers chasing too few goods.
3 Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
4 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
5 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.
6 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
7 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
8 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
9 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
10 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus

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