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

00:00
Question # 1

The competitive firm maximizes its profit by operating where

Question # 2

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 # 3

In order to practice price discrimination which of the following is needed.

Question # 4

The method most commonly used to test the overall significance of a regression is.

Question # 5

Which of the following is NOT an example of non price competition the auto industry.

Question # 6

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

Question # 7

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 # 8

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.

Question # 9

Indifference curve is alwyas.

Question # 10

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

Question # 11

Average fixed cost

Question # 12

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 13

In long run equilibrium a monopolistically competitive firm will find.

Question # 14

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

Question # 15

Oligopoly is a market structure in which

Question # 16

Skills that can be transferred to other employers are called.

Question # 17

change in quantity demanded

Question # 18

An elasticity coefficient of -1 means that

Question # 19

Goods which can be consume directly are

Question # 20

When the quantity demanded is changed on the same price

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
2 In order to practice price discrimination which of the following is needed.
A. Some degree of monopoly power
B. An ability to separate the market
C. An ability to prevent reselling
D. All of the above
3 In an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined
4 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
5 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
6 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
7 For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
8 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
9 Short run is a time frame where a firm can change its.,
A. Total cost
B. Total production
C. Plant size
D. None of these
10 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage

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