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7th March 2016, 09:53 AM
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Join Date: May 2012
Re: Answers for Economics Questions

Hello, here I am providing you the questions of the economics course as under:

1. How do producers try to better understand their consumers?

Loyalty cards
Surveys
All of these
Social Media

2. If Jim can make 40 chocolates or 2 cakes in an hour, and Kate can make 20 chocolates or 2 cakes, who has the comparative advantage in cakes?

Kate, because her cakes cost 10 chocolates instead of 20
Not enough information to say
Both are equal
Kate, because she can make more

3. Which of the following is an example of causation, NOT correlation?

Increased consumption of hot chocolate near the holidays
Increased consumption of hot chocolate during cold weather
Increased sale of hot dogs during baseball games
None of these

4. Economists designing new models to test economic ideas often fall victim to which fallacy?

Loaded Terminology
Bias
Post Hoc Ergo Propter Hoc
Fallacy of Composition

5. Who was economic man invented to portray?

Selfish people
Producers
The typical human in a variety of roles
Consumers

6. What Microeconomics is about?
A.Study of Business Environment
B.Study of financial position of the economy
C.Study of the Economy at Micro Level
D.None of the above

2. Law of Demand states that
A.
With the increase in price Quantity increases
B.
With the increase in price quantity decreases other things remaining the same.
C.
Quantity does not change with any increase in price.
D.
All of the above.

3. The Slope of Indifference Curve indicates
A.
Marginal Rate of Substitution of x for y
B.
Prices of x and y
C.
Slope of the budget line
D.
Change in prices

4. Production Functions Shows
A.
Prices of input and output
B.
Relationship between output and input
C.
Various combinations of inputs
D.
All of the above

5. Shape of Total Fixed Cost(TFC) Curve is
A.
Verticle
B.
Horizontal
C.
45 degree line
D.
None of the above

6. While in Perfect Competition
A.
Firms are price taker
B.
Buyers are independant
C.
Input prices are given
D.
None of the above

7. Model of Monopolistic Competition (i.e Imperfect competition) is characterized by
A.
Homogeneous goods
B.
Differentiated goods
C.
Substitute Goods
D.
All of the above

8. Monopoly is a form of market where there is
A.
large number of buyer
B.
Small number of buyer
C.
A single firm controlling the market
D.
Any of the above

9. In Duopoly, there is/are
A.
Many firms
B.
Two firms controlling the Market
C.
Large corporations
D.
None of the above

10. Price discrimination is a situation when a producer
A.
Charges different prices in different markets
B.
Charges same price
C.
Charges many prices
D.
All of the above.


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