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

Allocative efficiency is achieved under which of the following market structures.

Question # 2

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 3

In substitution effect a consumer

Question # 4

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 5

A monopoly market.

Question # 6

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 7

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 8

The are price elasticity of demand is approximately

Question # 9

A monolithically competitive market is characterized by all of the following except.

Question # 10

A price cross elasticity of 0.81 between X and Y shows that.

Question # 11

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 12

Along the long run supply curve all of the following can vary except.

Question # 13

Firms entering a perfectly competitive market will cause the price of the product to

Question # 14

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 15

In capitalistic economy price is determined by

Question # 16

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 17

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 18

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 19

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 # 20

An -increase the expected future price of a good.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
3 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
4 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
5 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
6 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
7 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
8 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
9 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
10 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest

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