#1
7th March 2016, 09:52 AM
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Answers for Economics Questions
Hello, I want to know the questions of the economics course as I am applying for the various exams. Please provide me.
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#2
7th March 2016, 09:53 AM
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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. |