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

If the prices of both goods increase by the same percent the budget line will

Question # 2

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

Question # 3

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

Question # 4

Which of the following correct about firms in an oligopoly.

Question # 5

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

Question # 6

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 7

According to Keynes, when the great depression started the government should be.

Question # 8

In perfect competition a firm is.

Question # 9

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 10

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

Question # 11

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 12

When a tax is levied on a good.

Question # 13

An increase in price causes an increase in total revenue when.

Question # 14

Price discrimination occurs when

Question # 15

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 16

Which of the following explains why demand curves slope downward.

Question # 17

In contract to perfectly competitive markets monopolists

Question # 18

An -increase the expected future price of a good.

Question # 19

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.

Question # 20

In perfect competition the transpiration cost

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
2 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
3 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
4 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
5 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
6 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
7 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competition
8 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
9 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
10 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough

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