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

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Question # 1

Short run is a time frame where a firm can change its.,

Question # 2

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

Question # 3

When the quantity demanded is changed on the same price

Question # 4

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

Question # 5

Firms entering a perfectly competitive market will cause the price of the product to

Question # 6

Duopoly is a market situation when there is

Question # 7

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 8

The marginal rate of substitution of two goods can be obtain from

Question # 9

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

Question # 10

To maximize revenue, an excise tax should be imposed on a product

Question # 11

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

Question # 12

A negatively sloped isoquant implies

Question # 13

A monopsony is

Question # 14

An oligopolistic industry can be characterized by all of the following except

Question # 15

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

Question # 16

Price discrimination occurs when

Question # 17

Skills that can be transferred to other employers are called.

Question # 18

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

Question # 19

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
2 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
3 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
4 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another
5 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
6 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
7 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
8 A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300
9 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
10 Micro economics studies such topics as
A. The factors that determine inflation
B. The forces that influence the price of shoes
C. The determinants of total output
D. Whether the unemployment rate will rise or fall

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