| 1 |
Which of the following is a subject of microeconomic study? |
Economics/Business Economics
Meaning and scope of microeconomics |
Easy |
| 2 |
The central problem "what to produce" is mainly about deciding: |
Economics/Business Economics
Meaning and scope of microeconomics |
Easy |
| 3 |
A country has to choose between labour-intensive and capital-intensive methods to build roads. Which central … |
Economics/Business Economics
Meaning and scope of microeconomics |
Medium |
| 4 |
A production possibility curve is concave to the origin because: |
Economics/Business Economics
Meaning and scope of microeconomics |
Medium |
| 5 |
An economy's PPC has these combinations (guns, wheat): (0, 100), (1, 95), (2, 85), (3, 70). What is the margi… |
Economics/Business Economics
Meaning and scope of microeconomics |
Hard |
| 6 |
Total utility from a good is at its maximum when marginal utility is: |
Economics/Business Economics
Consumer’s equilibrium: utility approach |
Easy |
| 7 |
The law of diminishing marginal utility states that: |
Economics/Business Economics
Consumer’s equilibrium: utility approach |
Easy |
| 8 |
Total utility from 1, 2 and 3 cups of tea is 20, 35 and 45 utils. What is the marginal utility of the 3rd cup? |
Economics/Business Economics
Consumer’s equilibrium: utility approach |
Medium |
| 9 |
A consumer buying two goods finds that MUx ÷ Px is greater than MUy ÷ Py. To raise total utility, the consume… |
Economics/Business Economics
Consumer’s equilibrium: utility approach |
Medium |
| 10 |
The marginal utility of money is 4 utils per rupee and good X costs ₹5. MU of successive units of X is 40, 32… |
Economics/Business Economics
Consumer’s equilibrium: utility approach |
Hard |
| 11 |
With good 1 on the horizontal axis, the slope of the budget line is: |
Economics/Business Economics
Consumer’s budget and optimal choice |
Easy |
| 12 |
If a consumer's income rises while both prices stay the same, the budget line: |
Economics/Business Economics
Consumer’s budget and optimal choice |
Easy |
| 13 |
A consumer has ₹100. Good 1 costs ₹5 and good 2 costs ₹10. What is the maximum quantity of good 1 she can buy? |
Economics/Business Economics
Consumer’s budget and optimal choice |
Medium |
| 14 |
At the consumer's optimum bundle in the indifference curve approach: |
Economics/Business Economics
Consumer’s budget and optimal choice |
Medium |
| 15 |
Income is ₹120, p₁ = ₹4 and p₂ = ₹6. If p₁ falls to ₹3, which bundle (x₁, x₂) was outside the budget set befo… |
Economics/Business Economics
Consumer’s budget and optimal choice |
Hard |
| 16 |
A movement along a demand curve is caused by a change in: |
Economics/Business Economics
Demand |
Easy |
| 17 |
Tea and coffee are generally treated as: |
Economics/Business Economics
Demand |
Easy |
| 18 |
If the price of petrol rises sharply, the demand curve for petrol cars is likely to: |
Economics/Business Economics
Demand |
Medium |
| 19 |
When a household's income rises, its demand for an inferior good: |
Economics/Business Economics
Demand |
Medium |
| 20 |
A market has two consumers with demand q₁ = 10 − p and q₂ = 15 − 2p. What is market demand at p = ₹4? |
Economics/Business Economics
Demand |
Hard |