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 most important determinant of price elasticity is.

Question # 2

Which of the following is correct for the demand and supply schedules given above.

Question # 3

The expected profit from the profit distribution above is.

Question # 4

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 5

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 6

Economists tend to disagree primarily about.

Question # 7

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 8

An oligopolistic industry can be characterized by all of the following except

Question # 9

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

Question # 10

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 11

Extension and contraction of demand mean

Question # 12

A demand curve is not related to

Question # 13

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

Question # 14

The market demand for a product is found by

Question # 15

The competitive firm maximizes its profit by operating where

Question # 16

A linear homogenous production function would reveal.

Question # 17

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 18

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

Question # 19

The exit of firms out of a competitive market causes the supply curve to.

Question # 20

The income elasticity of inferior goods is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
2 "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
3 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex
4 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
5 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
6 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
7 If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will
A. Earn positive economic profits
B. Earn zero economic profits
C. Incur a loss equal to its variable costs
D. Incur a loss equal to its fixed costs
8 As long as the principle of diminishing marginal utility is operating any increased consumption of good.
A. Lowers total utility
B. Produces negative total utility
C. Lower marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
9 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
10 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination

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