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

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

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

Question # 2

In monopoly the firm can

Question # 3

If a firm triples all inputs and output triples as well the firm is subject to

Question # 4

Which of the following groups is most hurt by unexpected inflation.

Question # 5

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

Question # 6

For a competitive firm the demand curve

Question # 7

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

Question # 8

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

Question # 9

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 10

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 11

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 12

Indifference curve has following characteristics except.

Question # 13

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 14

An exceptional demand curve is.

Question # 15

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.

Question # 16

The income elasticity of demand

Question # 17

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

Question # 18

The key feature of oligopoly is.

Question # 19

A market demand curve can be derived by adding all the individual demand curves

Question # 20

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
3 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
4 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
5 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
6 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
7 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
8 As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.
A. .6
B. .8
C. .4
D. .2
9 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
10 If the prices of both goods increase by the same percent the budget line will
A. Shift parallel to the left
B. shift parallel to the right
C. Pivot about the x axis
D. Pivot abut the Y axis

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