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 price decrease and an increase in income are similar in that

Question # 2

If a good is normal then the demand curve for that good must be.

Question # 3

Which of the following is a function of money

Question # 4

Law of demand is not applicable on

Question # 5

the ouput where diminishing return to production begin is also the ouput where

Question # 6

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

Question # 7

The largest source of tax revenue for the federal government is

Question # 8

The most important determinant of price elasticity is.

Question # 9

If leisure is an inferior good the individuals supply curve for labor is.

Question # 10

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 11

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 12

Law of variable proportion is also called.

Question # 13

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 14

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 15

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 16

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

Question # 17

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 18

A normal good can be defined as one which consumers purchase more of as.

Question # 19

According to Keynes, when the great depression started the government should be.

Question # 20

The competitive firm maximizes its profit by operating where

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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 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800
3 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
4 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
5 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
6 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
7 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
8 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
9 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve
10 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200

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