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

A demand curve is not related to

Question # 2

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

Question # 3

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 4

The arc income elasticity of demand is approximately

Question # 5

The "Law of demand" most directly means that consumers buy

Question # 6

In capitalistic economy price is determined by

Question # 7

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

Question # 8

The "compensated" demand curve is the demand curve that.

Question # 9

Economic growth is shown on the production possibility frontier as.

Question # 10

In monopsony there is

Question # 11

Extension and contraction of demand mean

Question # 12

A monopolist who is charging high price operates on.

Question # 13

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

Question # 14

Duopoly is a market situation when there is

Question # 15

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 16

The most important determinant of price elasticity is.

Question # 17

The epigram "time is money" expresses , in part, the concept of.

Question # 18

The largest source of tax revenue for the federal government is

Question # 19

In perfect competition the transpiration cost

Question # 20

Allocative efficiency is achieved under which of the following market structures.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
2 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
3 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
4 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
5 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
6 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
7 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
8 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
9 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
10 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these

Test Questions