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

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 2

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 3

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 4

The income elasticity of demand

Question # 5

Firm A's margin of safety is.

Question # 6

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 7

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 8

A monopolist will discontinue production if

Question # 9

Short run is a time frame where a firm can change its.,

Question # 10

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

Question # 11

If a firm triples all inputs and output triples as well the firm is subject to

Question # 12

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

Question # 13

Economic growth is shown on the production possibility frontier as.

Question # 14

If the price of product X falls and this change increases the demand for product Y then.

Question # 15

A production possibilities curve indicates that when resources are being used efficiently

Question # 16

An exceptional demand curve is.

Question # 17

Which of the following explains why demand curves slope downward.

Question # 18

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 19

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

Question # 20

Extension and contraction of demand mean

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
3 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
4 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
5 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
6 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
7 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
8 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
9 Firms in monopolistic competition compete on
A. Price
B. Quality
C. Advertising
D. All of the above are correct
10 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising

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