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

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 2

The short run supply curve for a competitive industry is derived by.

Question # 3

If the price of both goods increase by the same percent , the budget line will.

Question # 4

The largest source of tax revenue for the federal government is

Question # 5

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 6

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 7

In a typical cartel agreement the cartel maximizes profit when it.

Question # 8

Foundation of law of demand is.

Question # 9

The key feature of oligopoly is.

Question # 10

Indifference curve is alwyas.

Question # 11

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

Question # 12

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 13

Holding all other things constant a higher price for ski lift tickets would.

Question # 14

The tax is question 52 is

Question # 15

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 16

Which of the following is a function of money

Question # 17

The ABC corporation.

Question # 18

When economists say that a per son is economizing they mean that the person is.

Question # 19

The same graph shows that the firm order to maximize profits , should produce.

Question # 20

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
2 Which of the following taxes is regressive
A. The federal income tax
B. The state income tax
C. The sales tax
D. The Medicare tax
3 A firm that is a price taker faces a perfectly
A. Elastic supply curve
B. Inelastic demand curve
C. Elastic demand curve
D. In elastic supply curve
4 If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will
A. Earn positive economic profits
B. Earn zero economic profits
C. Incur a loss equal to its variable costs
D. Incur a loss equal to its fixed costs
5 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
6 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
7 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15
8 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
9 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
10 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these

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