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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

In the short run a competitive firm's supply curve is.

Question # 2

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 3

The short run supply curve for a competitive industry is derived by.

Question # 4

Economic growth is shown on the production possibility frontier as.

Question # 5

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

Question # 6

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 7

A demand curve is not related to

Question # 8

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 9

Which of the following is a characteristic of monopolistic competition.

Question # 10

A normal good can be defined as one which consumers purchase more of as.

Question # 11

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 12

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

Question # 13

If a good is normal then the demand curve for that good must be.

Question # 14

Elasticity of demand of luxurious goods is always more elastic

Question # 15

An exceptional demand curve is.

Question # 16

Perfect competition implies

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

Firm A's annual profit is.

Question # 19

Skills that can be transferred to other employers are called.

Question # 20

Duopoly is a market situation when there is

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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 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
3 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
4 The conditions necessary for a firm to be able to price discriminate include.
A. Segment able markets
B. Difference in price elasticity of demand among the segments
C. The inability of customers to transfer products
D. All of the above
5 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
6 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
7 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
8 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
9 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
10 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these

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