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

Law of variable proportion is also called.

Question # 2

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

Question # 3

In perfect competition, a seller by increasing price.

Question # 4

The demand for labor will be more elastic if

Question # 5

The expected profit from the profit distribution above is.

Question # 6

The Lorenz curve shows that

Question # 7

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

Question # 8

Which of the following is not a basic assumption of perfect competition.

Question # 9

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 10

The firms average variable cost of the 150th unit is.

Question # 11

The arc income elasticity of demand is approximately

Question # 12

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.

Question # 13

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

Question # 14

The demand for labor slopes down and to the right because of.

Question # 15

A firm's long run average total cost lineis

Question # 16

The method most commonly used to test the overall significance of a regression is.

Question # 17

Which of the following does not characterize monopolistic competition.

Question # 18

A monopolist will discontinue production if

Question # 19

The are price elasticity of demand is approximately

Question # 20

A long-run total cost curve can be constructed from

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
2 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
3 Which of the following is NOT an example of non price competition the auto industry.
A. End of the year discounts
B. Zero percent auto loans
C. Television advertising
D. Establishing market niches
4 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above
5 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
6 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
7 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both
8 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
9 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
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.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease

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