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

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

Question # 2

The arc income elasticity of demand is approximately

Question # 3

A firm A's break even quantity is.

Question # 4

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 5

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 6

Which of the following explains why demand curves slope downward.

Question # 7

Duopoly is a market situation when there is

Question # 8

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

Question # 9

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

Question # 10

An elasticity coefficient of -1 means that

Question # 11

Cross -elasticity following commodities is very high

Question # 12

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 13

At level of income and output of 100 in the diagram above

Question # 14

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

Question # 15

change in quantity demanded

Question # 16

An increase in price causes an increase in total revenue when.

Question # 17

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

Question # 18

An income demanded curve of an inferior good is.

Question # 19

The are price elasticity of demand is approximately

Question # 20

The fundamental reason people must choose which goods to buy and consume is because of.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
2 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.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
3 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
4 In an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined
5 If the price 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 about the Y axis
6 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
7 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
8 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
9 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
10 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run

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