Eco3-21-30

Micro Economics Mock Test   

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21.The consumer's equilibrium point is:
The point of intersection of budget line and indifference curve
The point of tangency of budget line and indifference curve
The point just above the intersection of the budget line and indifference curve
The point just below the intersection of the budget line and indifference curve

22.In the case of inferior goods:
substitution effect is negative but income effect is positive
substitution effect is positive and income effect is negatively
Both the effects are positive
Both the effects are negative

23.If the production isoquant is L shaped, the two factors of production are:
Perfect substitutes
Imperfect substitutes
Imperfect complements
Perfect complements

24.The Cobb-Douglas production function assumes that the elasticity of substitution is:
Unity
Constant
Below unity
Above unity

25.The Kinked demand curve is helpful in the analysis of :
Monopoly
Perfect competition
Monopolistic competitiont
Oligopoly

26.Marginal Revenue will be zero if the elasticity of demand is:
greater than one
Less than one
Zero
Equal to one

27.General equilibrium and partial equilibrium are associated respectively with:
Arrow and Debreu
Walaras and Marshall
Ricardo and Walras
Jevons and Menger

28.Production possibility curve is normally:
Convex
Concave
L shaped
T shaped

29.Composite demand implies
Demand for same commodity at different times
Commodity demanded together with other commodities
Demand varying with other related goods
Commodity demanded for two or more different uses

30.Two commodities are considered as perfect substitutes for each other if the elasticity of substitution is:
Positive
Negative
Zero
Infinite

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This set of Questions are contributed by:

Mr. Bikash Ku. Mallick, Assistant Professor in Economics, Delhi University & Ex-student of FMU.





and the page is developed by our student:

Mr SHIBA SANKAR ADAK, 4th semester, ICT

Thank you Bikash & SHIBA !!!