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GK Set-1
Economics
Micro Economics
Micro Economics MCQ (GK Set-1) with Answers
121)
choose the correct option: 1.If the equilibrium price of petrol is Rs.1.00 per litre and the government places a price ceiling on petrol of Rs.1.50 per litre, the result will be a s
1-F,2-F,3-T
1-T,2-T,3-T
1-F,2-T,3-T
1-T,2-T,3-F
Answer
Answer is:
1-F,2-F,3-T
122)
choose the correct option:1.The shortage of housing caused by a binding rent control is likely to be more severe in the long run when compared to the short run. 2.The minimum wage helps all teenager
1-T,2-F,3-T
1-T,2-T,3-T
1-F,2-F,3-T
1-T,2-T,3-F
Answer
Answer is:
1-T,2-F,3-T
123)
choose the correct option: 1.A price ceiling that is not a binding constraint today could cause a shortage in the future if demand were to increase and raise the equilibrium price above the fixed price ceiling.
1-T,2-F,3-F
1-T,2-F,3-T
1-F,2-F,3-T
1-T,2-T,3-F
Answer
Answer is:
1-T,2-F,3-F
124)
choose the correct option:1.The ultimate burden of a tax falls most heavily on the side of the market that is less elastic 2.If medicine is a necessity, the burden of a tax on medicine will probably fall more heavily on the buyers of medicine.
1-T,2-T,3-F
1-T,2-F,3-T
1-T,2-F,3-F
1-F,2-F,3-T
Answer
Answer is:
1-T,2-T,3-F
125)
choose the correct option:1.A tax collected from buyers has an equivalent impact to a same size tax collected from sellers. 2.A tax creates a tax wedge between a buyer and a seller. This causes the price paid by the buyer to rise, the price recei
1-T,2-T,3-F
1-T,2-F,3-T
1-T,2-F,3-F
1-F,2-F,3-T
Answer
Answer is:
1-T,2-T,3-F
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