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

00:00
Question # 1

Perfect competition implies

Question # 2

Which of the following is a function of money

Question # 3

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 4

A monopoly there is

Question # 5

In the long run a profit maximizing firm will choose to exit a market when

Question # 6

The income elasticity of inferior goods is

Question # 7

If a monopoly is unable to cover its short run variable costs, if should.

Question # 8

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 9

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 10

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 11

A firm A's break even quantity is.

Question # 12

Which of the following is a characteristic of monopolistic competition.

Question # 13

The elasticity of demand for cigarettes by a non smoker is.

Question # 14

In long run equilibrium a monopolistically competitive firm will find.

Question # 15

A monopolist who is charging high price operates on.

Question # 16

Finance minister tax a commodity

Question # 17

Indifference curve approach is also called.

Question # 18

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

Question # 19

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
2 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
3 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
4 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
5 The largest source of tax revenue for the federal government is
A. The prerenal income tax
B. The social security tax
C. the property tax
D. The sales tax
6 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
7 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
8 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
9 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
10 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these

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