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

Duopoly is a market situation when there is

Question # 2

If the price of product X falls and this change increases the demand for product Y then.

Question # 3

When a tax is levied on a good.

Question # 4

A firm that is a price taker faces a perfectly

Question # 5

Law of variable proportion sis applicable in.

Question # 6

Micro economics studies such topics as

Question # 7

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

Question # 8

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

Question # 9

A monopoly there is

Question # 10

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

Question # 11

Which of the following shifts the demand curve for hot dogs leftward.

Question # 12

An exceptional demand curve is.

Question # 13

The conditions necessary for a firm to be able to price discriminate include.

Question # 14

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 15

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 16

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 17

In a typical cartel agreement the cartel maximizes profit when it.

Question # 18

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 19

Extension and contraction of demand mean

Question # 20

The marginal rate of substitution of two goods can be obtain from

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
2 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
3 Which of the following is a characteristics of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product's quality price and marketing.
D. When firms are free to enter and exit the market
4 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
5 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
6 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
7 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
8 "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
9 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
10 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC

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