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

Question # 2

The average total cost when 20 units of output are produced is

Question # 3

If average variable cos tis less then marginal cost then certainly.

Question # 4

Cross -elasticity following commodities is very high

Question # 5

The key feature of oligopoly is.

Question # 6

The elasticity of demand for cigarettes by a non smoker is.

Question # 7

A firm that is a price taker faces a perfectly

Question # 8

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

Question # 9

A combination labour and capital where the cost of an output is minimized is called.

Question # 10

In the short run no firm operates with a loss unless

Question # 11

Firm A's annual profit is.

Question # 12

"Principles of economics" is the book of

Question # 13

The arc income elasticity of demand is approximately

Question # 14

In the long run a profit maximizing monopoly produces an output volume that

Question # 15

In pure monopoly there is.

Question # 16

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 17

A demand curve shows that relation between price and demand.

Question # 18

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 19

If the prices of both goods increase by the same percent the budget line will

Question # 20

In long run equilibrium a monopolistically competitive firm will find.

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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 largest source of tax revenue for the federal government is
A. The prerenal income tax
B. The social security tax
C. the property tax
D. The sales tax
3 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
4 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
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 Cross -elasticity following commodities is very high
A. Compliments
B. Normal
C. Goods substitutes
D. Good compliments
7 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
8 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
9 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
10 "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

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