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

Micro economics studies such topics as

Question # 2

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 3

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 4

The method most commonly used to test the overall significance of a regression is.

Question # 5

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

Question # 6

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

Question # 7

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 8

When goods are compliments the cross demand curve

Question # 9

If the income elasticity of demand is +4

Question # 10

An elasticity coefficient of -1 means that

Question # 11

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 12

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

Question # 13

A monopolist who is charging high price operates on.

Question # 14

A demand curve that is an equilateral hyperbola is.

Question # 15

The firms average variable cost of the 150th unit is.

Question # 16

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

Question # 17

Which of the following shifts the demand curve for hot dogs leftward.

Question # 18

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 19

Which skills are most likely to be paid for by the employer.

Question # 20

The arc income elasticity of demand is approximately

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption
2 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
3 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
4 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
5 If the government lower taxes by $10 billion, the Real GDP will rise by
A. More than $10 billion
B. Less than $10 billion
C. Exactly $10 billion
D. None of these
6 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
7 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competiton
8 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
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 An -increase the expected future price of a good.
A. Increases its demand
B. Decreases its demand
C. Increases its supply
D. Has no effect on either its demand or its supply.

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