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 monopolization of the competitive market results in a deadweight loss to society of

Question # 2

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

Question # 3

Economists tend to disagree primarily about.

Question # 4

Indifference curve approach is also called.

Question # 5

In long run equilibrium a monopolistically competitive firm will find.

Question # 6

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 7

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 8

The conditions necessary for a firm to be able to price discriminate include.

Question # 9

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

Question # 10

Foundation of law of demand is.

Question # 11

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 12

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 13

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

Question # 14

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

Question # 15

The elasticity of demand for cigarettes by a non smoker is.

Question # 16

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

Question # 17

In monopolistic competition firm sell

Question # 18

Disposable income is equal to.

Question # 19

A monopolist will discontinue production if

Question # 20

The "Law of demand" most directly means that consumers buy

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
2 Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.
A. Fall
B. Double
C. Increase
D. Halve
3 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
4 Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
5 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
6 If the price of both goods increase by the same percent , the budget line will.
A. shift parallel to the left
B. Shift parallel to the right
C. Pivot about the x axis
D. Pivot about the Y axis
7 A negatively sloped isoquant implies
A. Products with negative marginal utilities
B. Products with positive marginal utilities
C. Inputs with negative marginal products
D. Inputs with positive marginal products
8 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.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
9 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
10 In a typical cartel agreement the cartel maximizes profit when it.
A. Behaves like a monopoly
B. Behaves like a perfectly competitive firm
C. Behaves like a duopoly
D. Is flexible in enforcing production targets

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