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

"Treating an individual as typical of a group" in the definition of.

Question # 2

Which of the following explains why demand curves slope downward.

Question # 3

The demand for labor is the same as the

Question # 4

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 5

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 # 6

A demand curve that is an equilateral hyperbola is.

Question # 7

When economists say that a per son is economizing they mean that the person is.

Question # 8

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 9

In monopoly there is.

Question # 10

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 11

An -increase the expected future price of a good.

Question # 12

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

Question # 13

The income elasticity of demand

Question # 14

If a firm which polluted the water of area had to pay all social cost would have

Question # 15

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 16

Holding all other things constant a higher price for ski lift tickets would.

Question # 17

Which of the following is a function of money

Question # 18

A demand curve shows that relation between price and demand.

Question # 19

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 20

Perfect competition implies

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 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
3 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
4 When there is a surplus in a market
A. There is downward pressure on price
B. There is upward pressure on price
C. The market could still be in equilibrium
D. There are too many buyers chasing too few goods.
5 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
6 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.
A. 0
B. 1
C. Infinite
D. 15
7 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
8 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
9 Which of the following is NOT an example of non price competition the auto industry.
A. End of the year discounts
B. Zero percent auto loans
C. Television advertising
D. Establishing market niches
10 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

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