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

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

Question # 2

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

Question # 3

When the quantity demanded is changed on the same price

Question # 4

Which of the following is a characteristics of monopolistic competition.

Question # 5

A monopsony is

Question # 6

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 7

A demand curve shows that relation between price and demand.

Question # 8

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 9

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 10

The short run supply curve for a competitive industry is derived by.

Question # 11

Which of the following groups is most hurt by unexpected inflation.

Question # 12

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 13

In the short run if price falls the firm will respond by

Question # 14

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

Question # 15

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

Question # 16

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 17

In Production of goods and services tradeoffs exist becasue.

Question # 18

If there is no price surprise, total output is.

Question # 19

Holding all other things constant a higher price for ski lift tickets would.

Question # 20

"Principles of economics" is the book of

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following will not be a determinant of the price elasticity of demand for a commodity.
A. The absence of substitute for the good.
B. The presence of substitutes for the good.
C. The importance of the commodity in consumers budgets
D. The cost of producing the commodity
2 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these
3 Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.
A. Positive
B. Negative
C. Zero
D. Cannot tell without more information
4 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
5 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
6 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
7 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
8 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
9 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these
10 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C

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