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GK Set-1
Economics
Micro Economics
Micro Economics MCQ (GK Set-1) with Answers
151)
choose the correct answer:1.Consumer surplus is the buyer’s willingness to pay minus the seller’s cost. 2.If the demand curve in a market is stationary, consumer surplus decreases when the price in th
1-T,2-F,3-T
1-F,2-T,3-F
1-T,2-T,3-F
1-F,2-F,3-T
Answer
Answer is:
1-F,2-T,3-F
152)
choose the correct answer:1.Producer surplus is a measure of the unsold inventories of suppliers in a market. 2.Consumer surplus is a good measure of buyers’ benefits if buyers are rational 3.Cost to the seller incl
1-F,2-T,3-T
1-F,2-T,3-F
1-T,2-T,3-F
1-F,2-F,3-T
Answer
Answer is:
1-F,2-T,3-T
153)
choose the correct answer:1.The height of the supply curve is the marginal seller’s cost. 2.Total surplus is the seller’s cost minus the buyer’s willingness t
1-T,2-F,3-F
1-F,2-T,3-F
1-T,2-T,3-F
1-F,2-F,3-T
Answer
Answer is:
1-T,2-F,3-F
154)
choose the correct answer:1.Producer surplus is the area above the supply curve and below the price. 2.The major advantage of allowing free markets to allocate resources is that the outcome of the allocati
1-T,2-T,3-T
1-F,2-T,3-F
1-T,2-T,3-F
1-F,2-F,3-T
Answer
Answer is:
1-T,2-T,3-T
155)
choose the correct answer:1.The two main types of market failure are market power and externalities. 2.Externalities are side effects, such as pollution, that are not taken into account by the buyers and sellers
1-T,2-F,3-T
1-F,2-T,3-F
1-T,2-T,3-F
1-F,2-F,3-T
Answer
Answer is:
1-T,2-T,3-F
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