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Home
Practice Tests
Economics Practice Tests
Economics Quiz - Question & Answers Set - 8
15 Questions
Time Left -
Economics Quiz - Question & Answers Set - 8
Question 1 :
The upper section of a kinked demand curve has a ---------------price elasticity than the lower part.?
A
Higher
B
Lower
C
Equal
D
None of these
Question 2 :
All of the following are true about a monopolist except ?
A
Marginal revenue is greater than price
B
Marginal revenue is greater than price
C
Marginal revenue is zero if price elast icity of demand equals one.
D
Marginal revenue decreases with increases in output
Question 3 :
The Lerner Index equals ?
A
(P - MC)/P
B
P/(MC - P)
C
(MC - P)/MC
D
MC/(MC - P)
Question 4 :
Negative network externality in which a consumer wishes to own an expensive or unique good ?
A
Snob effect
B
Bandwagon effect
C
Ratchet effect
D
None of these
Question 5 :
When the price lines are parallel it implies ?
A
The same commodity prices, but different amounts of money expenditure
B
Different commodity prices, but same amount of money expenditure
C
Same commodity prices and same amount of money expenditure
D
Different amounts of commodity prices and different amounts of money expenditure.
Question 6 :
The Prisoner's Dilemma illustrates ?
A
The lack of co - operation among firms in a competitive market
B
The lack of co - operation among firms in a monopolistic market
C
The lack of co - operation between a monopoly and its customers
D
Why in an oligopoly market, co - operation is difficult to achieve even when it is mutually beneficial.
Question 7 :
When negative income effect is greater than substitution effect, it is the?
A
Giffen good
B
Inferior good
C
Normal good
D
Luxury good
Question 8 :
A firm has a certain initial equilibrium price when demand function Q(D)=1004P and supply function is 30+3P. If the firm’s demandfunction is shifted to 170 4P, what is the initial equilibrium price and new equilibrium price?
A
10 and 20
B
20 and 10
C
15 and 20
D
7 and 17
Question 9 :
Which one of the following is a necessary condition for barometric price leadership?
A
Must be a large firm
B
Must have control over a large portion of the market
C
Must have good knowledge about the prevailing market conditions
D
Must be a low cost firm
Question 10 :
The Engel curve for a giffen good is ?
A
Negatively sloped
B
Positively sloped
C
Vertical
D
Horizontal
Question 11 :
The locus of general equilibrium points of exchange in a two individual two commodity economy is called ?
A
T he consumption contract curve
B
The production contract curve
C
The social welfare function
D
The transformation curve
Question 12 :
By leading to a higher nominal interest rate, inflation leads to lowermoney balances and hence people are required to go to banks more frequently.This cost is termed as
A
Shoe leather cost
B
Menu cost
C
Tax cost
D
None of these
Question 13 :
Macroeconomic impact of one firm’s price adjustment on the demand for all firm’s products is called?
A
ggregate supply externality
B
Aggregate demand externality
C
Aggregate income externality
D
None of these
Question 14 :
According to quantity theory of money equation, an increase in ------------ causes inflation ?.
A
M oney supply
B
Money demand
C
Rate of interest
D
None of these
Question 15 :
The horizontal parallel section of the Keynesian speculative demand for money indicates that ?
A
There is no speculative demand for money
B
There is small but limited demand f or money
C
Monetary policy ineffective
D
Monetary policy becomes effective
Model Question Papers
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