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

The arc elasticity formula is used to estimate elasticity when

Question # 2

Which of the following is NOT an example of non price competition the auto industry.

Question # 3

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

Question # 4

In Production of goods and services tradeoffs exist becasue.

Question # 5

Firm A's annual profit is.

Question # 6

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

Question # 7

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 8

Along the long run supply curve all of the following can vary except.

Question # 9

In pure monopoly there is.

Question # 10

If a monopolist faces a downward sloping market demand curve its.

Question # 11

Goods which can be consume directly are

Question # 12

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

Question # 13

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 14

If there is no price surprise, total output is.

Question # 15

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 16

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

Question # 17

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 18

Which of the following is a characteristics of monopolistic competition.

Question # 19

A price cross elasticity of 0.81 between X and Y shows that.

Question # 20

Price elasticity at a given price is not affected by.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competition
2 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
3 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand
4 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
5 The Lorenz curve shows that
A. unemployment does not affect social group
B. People with low income spend more
C. People with low income spend less
D. the degree of income equality in the economy
6 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
7 A market demand curve can be derived by adding all the individual demand curves
A. Vertically
B. Horizontally
C. In parallel
D. Any of the above as long as it is consistent
8 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
9 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
10 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5

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