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GK Set-1
Economics
Micro Economics
200

Micro Economics MCQ (GK Set-1) with Answers

200) If a tax on a good is doubled, the deadweight loss from the tax

doubles.

stays the same.

increases by a factor of four

could rise or fall

Answer is:

increases by a factor of four

Micro Economics MCQ (GK Set-1) with Answers

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

201) choose the correct answer:1.Total revenue equals the quantity of output the firm produces times the price at which it sells its output.

1-T,2-F,3-T

1-F,2-T,3-F

1-T,2-T,3-F

1-F,2-T,3-F

Answer is:

1-T,2-F,3-T

202) choose the correct answer:1.If there are implicit costs of production, accounting profits will exceed economic profits. 2. When a production function gets flatter, the marginal product is increasing.

1-T,2-F,3-T

1-F,2-T,3-F

1-T,2-T,3-F

1-F,2-T,3-F

Answer is:

1-T,2-F,3-T

203) choose the correct answer:1.If the production function for a firm exhibits diminishing marginal product, the corresponding total cost curve for the firm will become flatter as the quantity of output expands.

1-F,2-T,3-F

1-T,2-F,3-T

1-T,2-T,3-F

1-F,2-T,3-F

Answer is:

1-F,2-T,3-F

204) choose the correct answer:1.When marginal costs are below average total costs, average total costs must be falling. 2.If a firm has fixed costs of production and if marginal cost increases, as the quantity produced increases, the correspo

1-F,2-T,3-F

1-T,2-F,3-T

1-T,2-T,3-F

1-F,2-T,3-F

Answer is:

1-T,2-T,3-F

Micro Economics MCQ (GK Set-1) with Answers

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