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

  • Total Questions20

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 2

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 3

An -increase the expected future price of a good.

Question # 4

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 # 5

"Treating an individual as typical of a group" in the definition of.

Question # 6

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

Question # 7

An income demanded curve of an inferior good is.

Question # 8

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 9

In perfect competition there is.

Question # 10

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 # 11

In perfect competition price is settled by

Question # 12

A production function for a firm which produces a product with two or more inputs.

Question # 13

Economists tend to disagree primarily about.

Question # 14

Economic growth is shown on the production possibility frontier as.

Question # 15

A firm's long run average total cost lineis

Question # 16

If the price of an apple increases.

Question # 17

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

Question # 18

The key feature of oligopoly is.

Question # 19

Which of the following is a characteristics of monopolistic competition.

Question # 20

If the income elasticity of demand is +4

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
2 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
3 Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
4 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
5 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
6 Which of the following is a characteristic 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 quality price and marketing
D. When firms are free is enter and exit the market
7 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
8 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
9 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
10 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic

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