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GK Set-1
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Micro Economics
179

Micro Economics MCQ (GK Set-1) with Answers

179) Suppose the CAP reduces the tariff on imports of a certain foodstuff from outside the EU. Which of the following statements is false?

The quantity consumed in the EU would increase

The quantity of imports into the EU would increase

The incomes of EU farmers would increase

The incomes of non-EU farmers would increase

Answer is:

The incomes of EU farmers would increase

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

180) Suppose the government introduces a prohibition on the supply or purchase of some substance. Assuming that some suppliers and some users ignore the law, which of the following could not occur?

The price might rise

The price might stay the same

The price might fall

There would be no price because the market would disappear underground

Answer is:

There would be no price because the market would disappear underground

181) Refer to Exhibit 4. If there is no tax placed on the product in this market, consumer surplus is the area

C + D + F.

A.

A + B + E

D + C + B

Answer is:

A + B + E

182) Refer to Exhibit 4. If there is no tax placed on the product in this market, producer surplus is the area

A + B + E.

C + F.

A + B + C + D

C + D + F

Answer is:

C + D + F

183) Refer to Exhibit 4. If a tax is placed on the product in this market, consumer surplus is the area

D

A

A+E

A+B+C+D

Answer is:

A

Micro Economics MCQ (GK Set-1) with Answers

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