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 utility contour shows all the alternative combinations of two consumption goods that.

Question # 2

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 3

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 4

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

Question # 5

The demand for labor is the same as the

Question # 6

The income elasticity of demand

Question # 7

A price decrease and an increase in income are similar in that

Question # 8

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 9

The competitive firm maximizes its profit by operating where

Question # 10

Cross -elasticity following commodities is very high

Question # 11

change in quantity demanded

Question # 12

In the long run a profit maximizing monopoly produces an output volume that

Question # 13

MC = MR= AR=AC = Price shows the longs run

Question # 14

If a good has a lot of substitutes, then its demand is.

Question # 15

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 16

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

Question # 17

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 18

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

Question # 19

A monopolist will discontinue production if

Question # 20

A linear homogenous production function would reveal.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
2 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
3 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
4 if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
5 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus
6 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
7 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
8 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
9 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
10 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

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