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

Question # 2

The monopolization of the competitive market results in a deadweight loss to society of

Question # 3

The income effect of a price change

Question # 4

The same graph shows that the firm order to maximize profits , should produce.

Question # 5

Under perfect competition, the price system automatically result in efficient output selection when

Question # 6

If the price of product X falls and this change increases the demand for product Y then.

Question # 7

Which of the following is correct with respect to the Paasche index.

Question # 8

The tax is question 52 is

Question # 9

The total utility of the third unit of product x is.

Question # 10

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

Question # 11

Economists tend to disagree primarily about.

Question # 12

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 # 13

If the income elasticity of demand is +4

Question # 14

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

Question # 15

A demand curve is not related to

Question # 16

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.

Question # 17

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 18

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

Question # 19

When goods are compliments the cross demand curve

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
2 An increase in price causes an increase in total revenue when.
A. Demand is elastic
B. Demand is inelastic
C. Demand is unit elastic
D. All of the above are possible
3 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes
4 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
5 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
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 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
8 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
9 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
10 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen

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