Microeconomics multiple choice questions

Solved mcqs of microeconomics

B Higher supply elasticities C lower average willingness to pay D higher average willingness to pay 21 In the dominant firm model of oligopoly the dominant firm charges A a lower price than larger firms B the same price as the smaller firms C a higher price than the smaller firms D a price equal to its marginal revenue 22 According to economic model of public choice the object of politicians is to A promote the social interest B get elected and remain in office C maximize free-ridership D maximize total public utility 23 According to capture theory, regulation occurs because a A small group of loser from regulation loses a great deal per person B small group of winners from regulation gains a great deal per person C large groups of winners from regulation gains only a small amount per person. We can predict that price will: a b c d decrease, quantity demanded will decrease, and quantity supplied will increase decrease and quantity demanded and quantity supplied will both decrease decrease, quantity demanded will increase, and quantity supplied will decrease increase, quantity demanded will decrease, and quantity supplied will increase 27 A change in demand means: a b c d a change in the elasticity of a demand curve the shift of a demand curve a movement along a given demand schedule or curve the quantity demanded changes as price changes 28 Suppose that a severe frost destroys one- half of Ontarios apple crops. To maximize her utility, Sarah should A Buy more strawberries and less cream B Buy more cream and less strawberries C Not change her purchase of strawberry cream. To increase its profit the firm will A lower its prices B raise it prices C decrease its output D increase its output 18 In demand for its product is elastic, a monopoly's: A Total revenue is unchanged when the firm lower its prices B Total revenue decrease when the firm lower its price C Marginal revenue is positive D Marginal revenue is zero. Unemployment was 9. The general price level increased by 4 percent last year. Her marginal utility of her last dish of strawberries is and her marginal utility of her last pint of cream is What is Dave real income in terms of the magazines? In a diagram with movies on the horizontal axis and soda on the vertical axis Dean budge line: A becomes steeper to the right B Becomes shallower to the right C has a constant positive slope D has a constant negative slope 10 Sarah consume only strawberries and cream, and she is spending all of her income. D Definitely buy no cream at her consumer equilibrium. B 40 C C the seller pay the full amount if supply is perfectly elastic D Both buyer and seller pays some of the tax if the supply is perfectly elastic 9 Dean spend all his income on movies and soda.

The general price level increased by 4 percent last year. To maximize her utility, Sarah should A Buy more strawberries and less cream B Buy more cream and less strawberries C Not change her purchase of strawberry cream.

economics multiple choice questions on demand and supply

We would expect price to: a b c d increase, quantity demand to increase, and quantity supplied to decrease increase, quantity demanded to decrease, and quantity supplied to increase increase, quantity demanded to increase, and quantity supplied to increase decrease, quantity demanded to increase, and quantity supplied to decrease 26 Assume in a competitive market that price is initially above the equilibrium level.

D Definitely buy no cream at her consumer equilibrium.

economics multiple choice questions on demand and supply

B 40 C D the current butter surplus is the result of federal policies. To increase its profit the firm will A lower its prices B raise it prices C decrease its output D increase its output 18 In demand for its product is elastic, a monopoly's: A Total revenue is unchanged when the firm lower its prices B Total revenue decrease when the firm lower its price C Marginal revenue is positive D Marginal revenue is zero.

Microeconomics multiple choice questions and answers doc

C the seller pay the full amount if supply is perfectly elastic D Both buyer and seller pays some of the tax if the supply is perfectly elastic 9 Dean spend all his income on movies and soda. In a diagram with movies on the horizontal axis and soda on the vertical axis Dean budge line: A becomes steeper to the right B Becomes shallower to the right C has a constant positive slope D has a constant negative slope 10 Sarah consume only strawberries and cream, and she is spending all of her income. The general price level increased by 4 percent last year. B 40 C The price of wheat declined last year. To maximize her utility, Sarah should A Buy more strawberries and less cream B Buy more cream and less strawberries C Not change her purchase of strawberry cream. To increase its profit the firm will A lower its prices B raise it prices C decrease its output D increase its output 18 In demand for its product is elastic, a monopoly's: A Total revenue is unchanged when the firm lower its prices B Total revenue decrease when the firm lower its price C Marginal revenue is positive D Marginal revenue is zero. We would expect price to: a b c d increase, quantity demand to increase, and quantity supplied to decrease increase, quantity demanded to decrease, and quantity supplied to increase increase, quantity demanded to increase, and quantity supplied to increase decrease, quantity demanded to increase, and quantity supplied to decrease 26 Assume in a competitive market that price is initially above the equilibrium level.

Her marginal utility of her last dish of strawberries is and her marginal utility of her last pint of cream is The price of wheat declined last year.

Unemployment was 9.

Multiple choice questions for economics with answers download

B Higher supply elasticities C lower average willingness to pay D higher average willingness to pay 21 In the dominant firm model of oligopoly the dominant firm charges A a lower price than larger firms B the same price as the smaller firms C a higher price than the smaller firms D a price equal to its marginal revenue 22 According to economic model of public choice the object of politicians is to A promote the social interest B get elected and remain in office C maximize free-ridership D maximize total public utility 23 According to capture theory, regulation occurs because a A small group of loser from regulation loses a great deal per person B small group of winners from regulation gains a great deal per person C large groups of winners from regulation gains only a small amount per person. We would expect price to: a b c d increase, quantity demand to increase, and quantity supplied to decrease increase, quantity demanded to decrease, and quantity supplied to increase increase, quantity demanded to increase, and quantity supplied to increase decrease, quantity demanded to increase, and quantity supplied to decrease 26 Assume in a competitive market that price is initially above the equilibrium level. Unemployment was 9. C the seller pay the full amount if supply is perfectly elastic D Both buyer and seller pays some of the tax if the supply is perfectly elastic 9 Dean spend all his income on movies and soda. D Definitely buy no cream at her consumer equilibrium. B 40 C Her marginal utility of her last dish of strawberries is and her marginal utility of her last pint of cream is In a diagram with movies on the horizontal axis and soda on the vertical axis Dean budge line: A becomes steeper to the right B Becomes shallower to the right C has a constant positive slope D has a constant negative slope 10 Sarah consume only strawberries and cream, and she is spending all of her income. The general price level increased by 4 percent last year. What is Dave real income in terms of the magazines? D the current butter surplus is the result of federal policies. In no way should you assume that the level of difficulty of the multiple choice questions shown here is the same as that of the questions to be given in the exam. To maximize her utility, Sarah should A Buy more strawberries and less cream B Buy more cream and less strawberries C Not change her purchase of strawberry cream. The price of wheat declined last year.

What is Dave real income in terms of the magazines?

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Topic 1 Multiple Choice Questions