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

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

Question # 2

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 3

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

Question # 4

Disposable income is equal to.

Question # 5

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

Question # 6

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 7

An elasticity coefficient of -1 means that

Question # 8

A monopoly there is

Question # 9

The marginal rate of substitution for two goods can be obtained from

Question # 10

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 11

In monopoly there is.

Question # 12

An -increase the expected future price of a good.

Question # 13

The price elasticity of demand is teh same thing as the negative of the

Question # 14

The income elasticity of inferior goods is

Question # 15

In monopolistic competition firm sell

Question # 16

The expected profit from the profit distribution above is.

Question # 17

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

Question # 18

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 19

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 20

The demand curve of unitary elastic commodity is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following taxes is regressive
A. The federal income tax
B. The state income tax
C. The sales tax
D. The Medicare tax
2 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
3 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
4 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
5 Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease
6 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
7 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
8 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
9 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
10 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum

Test Questions