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 tax is question 52 is

Question # 2

The epigram "time is money" expresses , in part, the concept of.

Question # 3

Skills that can be transferred to other employers are called.

Question # 4

The key feature of oligopoly is.

Question # 5

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

Question # 6

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 7

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 # 8

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 9

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 10

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

Question # 11

The law of diminishing marginal returns to a factor of production is.

Question # 12

In the short run, the supply of farm commodities is.

Question # 13

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

Question # 14

A monopolist will maximize profit.

Question # 15

Which of the following taxes is regressive

Question # 16

Which of the following is an automatic stabilizer.

Question # 17

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

Question # 18

The long run is a time period that is.

Question # 19

If the price of an apple increases.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
2 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
3 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
4 Cross -elasticity following commodities is very high
A. Compliments
B. Normal
C. Goods substitutes
D. Good compliments
5 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
6 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
7 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
8 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
9 If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
10 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

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