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

Which of the following is a function of money

Question # 2

The supply curve of a perfectly competitive firm

Question # 3

An -increase the expected future price of a good.

Question # 4

Extension and contraction of demand mean

Question # 5

In the short run the competitive firm will produce if.

Question # 6

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

Question # 7

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

Question # 8

An income demanded curve of an inferior good is.

Question # 9

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

Question # 10

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 11

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

Question # 12

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 13

A production possibilities curve indicates that when resources are being used efficiently

Question # 14

Oligopoly is a market structure in which

Question # 15

Firms entering a perfectly competitive market will cause the price of the product to

Question # 16

Marginal cost is the change is cost the result from a one unit increase in.

Question # 17

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.

Question # 18

One of the following has more elastic demand.

Question # 19

Firm A's margin of safety is.

Question # 20

Law of demand is not applicable on

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
2 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
3 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
4 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these
5 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
6 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
7 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
8 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
9 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
10 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.

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