- The type of market where few sellers are selling competing products to many buyers is known as:
(a) Monopoly
(b) Monopolistic Competition
(c) Oligopoly
(d) Perfect Competition - Identify the areas of macro-economics:
A. National Income
B. Balance of Payments
C. Level of savings and investment
D. Location of industry
E. Behaviour of firms
Choose the correct answer from the options given below:
(a) A, B and C Only
(b) B, C and E Only
(c) B, C and D Only
(d) A, B, C, D and E - Which of the following are part of micro economics?
A. Product pricing
B. Consumer behaviour
C. Interest rate
D. Factor pricing
Choose the correct answer from the options given below:
(a) A, B and C Only (b) A, B and D Only
(c) A and D Only
(d) A, B, C and D - Which of the following methods belong to the category of demand/market-based pricing?
A. Surge pricing
B. Premium pricing
C. ‘ What the traffic can bear’ pricing
D. Discount pricing
E. Parity pricing
Choose the correct answer from the options given below:
(a) A, B, C and D Only (b) B, C and D Only
(c) A, B and C Only
(d) C, D and E Only - The cross price elasticity between two goods ‘A’ and ‘B’ is (-) 0.8. If the price of good ‘B’ rise by
20% how will the demand for ‘A’ change?
(a) (-) 16%
(b) 6%
(c) (-) 8%
(d) (-) 12% - The price of a product decreases from 100 to 60 per unit. If the price elasticity of demand in 1.5 and the original quantity demanded in 30 units, What will be the new quantity demanded?
(a) 38
(b) 48
(c) 56
(d) 62 - Which of the following formula correctly show the relationship between Average Revenue (AR), Marginal Revenue (MR) and Price elasticity of demand (e)?
(a) MR = AR + e – 1
(b) AR = MR × e – 1/e
(c) MR = AR × (e – 1)/e
(d) MR = AR + e – 1/e + 1 - Match the List-I with List-II
List-I (Concept)
A. Total Utility
B. Marginal Utility
C. Average Fixed Cost
D. Marginal Cost
List-II (Formula)
I. MU1 + MU2 + … + MUn
II. TUn – TUn–1
III. ΔTC/ΔQ
IV. TFC/Q
Choose the correct answer from the options given below:
(a) A-IV, B-III, C-II, D-I
(b) A-II, B-I, C-III, D-IV
(c) A-I, B-II, C-IV, D-III
(d) A-III, B-II, C-I, D-IV - Match the List-I with List-II
List-I (Concept)
A. Production Function
B. Average Product
C. Marginal Product
D. Constant Returns to Scale
List-II (Formula)
I. K (K, L)
II. TPn – TPn–1
III. Total Product/No. of units of variable factor
IV. Q = f(a, b, c, … n)
Choose the correct answer from the options given below:
(a) A-I, B-II, C-III, D-IV
(b) A-II, B-I, C-IV, D-III
(c) A-I, B-II, C-IV, D-III
(d) A-IV, B-III, C-II, D-I - Identify the factors that determine the demand.
A. Price of the Commodity
B. Income of the Consumer
C. Taste and Preferences of Consumer
D. Size of Population
Choose the correct answer from the options given below:
(a) A and B Only
(b) A, B and C Only
(c) B, C and D Only
(d) A, B, C and D
Answer Key
| 1 (c) | 2 (a) | 3 (b) | 4 (c) | 5 (a) |
| 6 (b) | 7 (c) | 8 (c) | 9 (d) | 5 (d) |