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 key feature of oligopoly is.

Question # 2

The supply curve of a perfectly competitive firm

Question # 3

The income effect of a price change

Question # 4

Indifference curve is alwyas.

Question # 5

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 6

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 7

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 8

A negatively sloped isoquant implies

Question # 9

If a monopoly is unable to cover its short run variable costs, if should.

Question # 10

In perfect competition, a seller by increasing price.

Question # 11

A firm A's break even quantity is.

Question # 12

Along the long run supply curve all of the following can vary except.

Question # 13

As long as all prices remain constant an increase in money income results in.

Question # 14

The arc elasticity formula is used to estimate elasticity when

Question # 15

If there is no price surprise, total output is.

Question # 16

The income elasticity of demand

Question # 17

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 18

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

Question # 19

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

Question # 20

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
2 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.
A. .6
B. .8
C. .4
D. .2
3 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
4 change in quantity demanded
A. Downward shift of demand curve
B. Movement on the same demand curve
C. Downward shift
D. None of these
5 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
6 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
7 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
8 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
9 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.
A. 6%
B. 8%
C. 10%
D. 9%
10 MC = MR= AR=AC = Price shows the longs run
A. Monopolist firm
B. Oligopolistic firm
C. Competitive firm
D. Both a and b

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