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 market demand for a product is found by

Question # 2

Which of the following correct about firms in an oligopoly.

Question # 3

When there is a surplus in a market

Question # 4

The income effect of a price change

Question # 5

The largest source of tax revenue for the federal government is

Question # 6

In perfect competition price is settled by

Question # 7

Skills that can be transferred to other employers are called.

Question # 8

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 # 9

The long run is a time period that is.

Question # 10

Foundation of law of demand is.

Question # 11

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

Question # 12

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

Question # 13

Allocative efficiency is achieved under which of the following market structures.

Question # 14

A market demand curve can be derived by adding all the individual demand curves

Question # 15

The supply curve of a perfectly competitive firm

Question # 16

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 # 17

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 18

In the short run, the supply of farm commodities is.

Question # 19

Cardinal approach theory was presented by

Question # 20

A monopolist who is charging high price operates on.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
2 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
3 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
4 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
5 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
6 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
7 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
8 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
9 If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
10 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market

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