introduction to micro economics section 1 Practice Questions Answers Test with Solutions & More Shortcuts
Introduction to Micro Economics PRACTICE TEST [8 - EXERCISES]
introduction to micro economics section 1
introduction to micro economics section 2
introduction to micro economics section 3
introduction to micro economics section 4
introduction to micro economics section 5
introduction to micro economics section 6
introduction to micro economics section 7
introduction to micro economics section 8
Question : 26 [SSC SO 2001]
The theory of distribution relates to which of the following?
a) Equality in the distribution of the income and wealth
b) The distribution of assets
c) The distribution of income
d) The distribution of factor payments
Answer »Answer: (a)
In economics, distribution theory is the systematic attempt to account for the sharing of the national income among the owners of the factors of production—land, labour, and capital.
Traditionally, economists have studied how the costs of these factors and the size of their return—rent, wages, and profits—are fixed.
The theory of distribution involves three distinguishable sets of questions.
First, how is the national income distributed among persons?
Second, what determines the prices of the factors of production?
Third, how is the national income distributed proportionally among the factors of production?
Question : 27 [SSC CHSL 2015]
The demand curve facing a perfectly competitive firm is
a) perfectly elastic
b) downward sloping
c) perfectly inelastic
d) a concave curve
Answer »Answer: (a)
A perfectly competitive industry is comprised of a large number of relatively small firms that sell identical products.
Each perfectly competitive firm is so small relative to the size of the market that it has no market control, it has no ability to control the price.
In other words, it can sell any quantity of output it wants at the going market price. This translates into a horizontal or perfectly elastic demand curve.
Question : 28 [SSC DEO & LCD 2011]
In which market structure is the demand curve of the market represented by the demand curve of the firm ?
a) Perfect Competition
b) Monopoly
c) Oligopoly
d) Duopoly
Answer »Answer: (b)
Because the monopolist is the market's only supplier, the demand curve the monopolist faces is the market demand curve.
The market demand curve is downward sloping, reflecting the law of demand.
The fact that the monopolist faces a downward-sloping demand curve implies that the price a monopolist can expect to receive for its output will not remain constant as the monopolist increases its output.
Question : 29 [SSC SO 2007]
All of the goods which are scarce and limited in supply are called
a) Economic goods
b) Luxury goods
c) Expensive goods
d) Capital goods
Answer »Answer: (a)
In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility.
An economic good is a consumable item that is useful to people but scarce in relation to its demand so that human effort is required to obtain it.
In contrast, free goods (such as air) are naturally in abundant supply and need no conscious effort to obtain them.
Question : 30 [SSC CHSL 2014]
Which of the following are consumer semi-durable goods ?
a) Electrical appliance like fans and electric irons.
b) Cars and television sets
c) Milk and Milk products
d) Foodgrains and other food products
Answer »Answer: (d)
Goods that are neither indestructible nor lasting are defined as Semi Durable Goods.
They fall in the category between Durable Goods and Non Durable Goods. Some common Semi Durable Goods are clothing or preserved foods; vehicles and electronic home appliances are classified as Durable Goods.
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Introduction to Micro Economics Shortcuts »
Click to Read...introduction to micro economics section 1 Online Quiz
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indian economy MCQ CATEGORIES
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» Introduction to Indian Economy
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» Planning, Economic Development & Five year Plans
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» National Income & Human Development Index
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» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
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» Poverty & Unemployment
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» Introduction to Micro Economics
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» Introduction to Macro Economics
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» Macro fundamentals, GDP, Investment, Growth
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» Demand & Supply, Profit Loss, Inflation & Price Index
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» Fiscal Policy, Public Finance and Monetary Policy
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» Money Supply, Banking and Financial Institutions
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» Taxes Types, Methods & Budgeting Process
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» Banking, Security Market & Insurance
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