Questions

Q:

For each perfectly competitive firm in the long run

A) price = marginal costs = average variable costs B) price = average profit
C) price = marginal costs = minimum average total costs D) price = minimum average variable costs
 
Answer & Explanation Answer: C) price = marginal costs = minimum average total costs

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Q:

The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.

A) monotonic B) indifferent
C) market demand D) diminishing
 
Answer & Explanation Answer: C) market demand

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Q:

If price of an article decreases from Rs 40 to Rs 30, quantity demanded increases from Q1 units to 7500 units. If point elasticity of demand is -1 find Q1?

A) 9000 units B) 4500 units
C) 10500 units D) 6000 units
 
Answer & Explanation Answer: D) 6000 units

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Q:

Macro economics deals with

A) the circular flow of income B) the decision making of a single economic variable like demand
C) resource allocation at firm level D) equilibrium prices and quantities
 
Answer & Explanation Answer: A) the circular flow of income

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Q:

If a country devalues its currency, its _______________

A) Exports become cheaper and imports become costlier B) Exports become costlier and imports become cheaper.
C) Exports value is equivalent to imports value D) No effect on exports and imports
 
Answer & Explanation Answer: A) Exports become cheaper and imports become costlier

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Q:

__________ resources are those resources whose quantity is known.

A) Natural resources B) Actual resources
C) Potential resources D) Abiotic resources
 
Answer & Explanation Answer: B) Actual resources

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Q:

The study of individual markets of demand and supply in which the 'players', or the decision makers, were also individuals (buyers or sellers, even companies) who were seen as trying to maximize their profits (as producers or sellers) and their personal satisfaction or welfare levels (as consumers) is called?

A) Macroeconomics B) Econometrics
C) Microeconomics D) Heterodox Economics
 
Answer & Explanation Answer: C) Microeconomics

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Q:

In the Modern Periodic Table elements present in the same period will have the same

A) atomic weight B) number of shells
C) atomic number D) valence electrons
 
Answer & Explanation Answer: B) number of shells

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