Micro Economics MCQ (GK Set-1) with Answers

the buyers

Neither buyers nor sellers desire a price floor

the sellers

Both buyers and sellers desire a price floor.

demand is inelastic and supply is elastic

supply is inelastic and demand is elastic

both supply and demand are elastic

both supply and demand are inelastic

the minimum wage

rent controls

restricting petrol prices to Rs.1.00 per litre when the equilibrium price is Rs.1.50 per litre

All of these answers are price floors

A significant increase in the demand for petrol could cause the price ceiling to become a binding constraint

A significant increase in the supply of petrol could cause the price ceiling to become a binding constraint.

There will be a shortage of petrol

There will be a surplus of petrol.

A teenage worker with few qualifications

A manual worker with fifteen years of work experience

A professional worker with a university degree

All three are equally likely to find it difficult to get a job