Micro PYQ

"If and only if between any two bundles, the consumer prefers the bundle which has more of at least one of the goods and no less of the other good as compared to the other bundle". Such preferences are known as

Match List-I with List-II | List-I | List-II | |---|---| | (A) Leftward shift in both the supply and demand curve | (I) Equilibrium price remains unchanged | | (B) Rightward shift in both supply and demand curve | (II) Equilibrium quantity increases | | (C) Equal percentage of increase in both demand and supply curves | (III) Equilibrium quantity decreases | | (D) Shifts in supply curve towards right and demand curve shifts left | (IV) Equilibrium quantity remains unchanged | Choose the correct answer from the options given below:

Whether to have more consumption goods or to have investment goods which will boost production and consumption tomorrow, is a part of which of the central problem?

The q (1 + e_p) < 0, and hence, ΔE (expenditure) has the opposite sign as Δp (price), if ...................

At the present level of production, the marginal revenue exceeds the marginal cost of production. In order to attain equilibrium, the producer should___

When output increases with smaller proportion compare to increase in inputs, this return is called? 1. Decreasing Return to scale 2. Increasing Return to scale. 3. Constant Return to scale. 4. Incremental Productivity.

Match List-I with List-II | List-I | List-II | |---|---| | (A). The level of utility can be expressed in numbers. | (I). Total Utility | | (B). The change in total utility due to consumption of one additional unit of a commodity. | (II). Ordinal Utility | | (C). The total satisfaction derived from consuming the given amount of some commodity. | (III). Cardinal Utility | | (D). The level of utility can be expressed in ranks. | (IV). Marginal Utility | Choose the correct answer from the options given below:

Arrange the following statements in chronological sequence about how government intervention in the form of price control has an impact on the market. (A) There will be an excess demand for sugar in the market at that price. (B) Government-imposed upper limit on the price of sugar. (C) Quantity of sugar can be distributed to everyone, through a system of rationing. (D) It could end up creating a shortage of sugar in the market. Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Production function | (I) $x_1^α x_2^β$ | | (B) Constant return to scale | (II) $α + β = 1$ | | (C) Increasing return to scale | (III) $α + β < 1$ | | (D) Decreasing return to scale | (IV) $α + β > 1$ | Choose the correct answer from the options given below:

When output increases with the larger proportion compare to increase in inputs, this return is called? 1. Decreasing Return to scale. 2. Increasing return to scale. 3. Constant Return to scale. 4. Diminishing Marginal Product.

Suppose the market determined rent for apartments is \$200 per month. The government intervenes and sets the rent control at $250 per month. What is the likely impact of this intervention on market of apartments?

When the percentage change in quantity demanded equals the percentage change in its price. The demand for the this good is said to be? - Perfectly Elastic - Perfectlty Inelastic - Unitary Elastic - Less Elastic

The price of a commodity increases by 10%, its demand drops by 12%. What is the nature of price elasticity of demand?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Consumer's income changes, but prices remain unchanged. The equation of the budget line. | (I) p₁ x₁ + p₂ x₂ = M' | | (B) Marginal Rate of Substitution (MRS) | (II) p'₁ x₁ + p₂ x₂ = M | | (C) The price of a commodity changes, but income remains unchanged. The equation of the budget line. | (III) Δ Y/ΔX | | (D) Total Utility | (IV) $MU₁ + MU₂ + ... + MU_{n-1} + MU_n$ | Choose the correct answer from the options given below:

Arrange a statement of market equilibrium when the demand curve shifts leftward: (A). The shift indicates that at any price the quantity demanded is less than before. (B). Some firms will reduce the price of their commodity so that they can sell their desired quantity. (C). Excess supply will arise. (D). At the new equilibrium, quantity and price will be less than before. Choose the correct answer from the options given below:

How the revelation of the fact that junk-foods might be injurious to health can affect the Demand Curve of junk-foods.

Which of the following is an example of Cost-Reduction Technology in a business?

Match List-I with List-II | List-I | List-II | |---|---| | (A) The minimum level of profit that is needed to keep a firm in the existing business. | (I) Super-normal profit | | (B) Profit that a firm earns over and above the normal profit. | (II) Loss | | (C) AR < AC | (III) Break even point | | (D) The point of minimum average cost at which the supply curve cuts the AC curve. | (IV) Normal Profit | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Normal profit | (I) Minimum level of profit need by firm to be in business. | | (B) Shut down point | (II) Minimum level of LRAC curve | | (C) Break-even point | (III) Profit Over and above normal profit | | (D) Super-normal profit | (IV) The point on which firm earn only normal profit. | Choose the correct answer from the options given below:

Match List-I with List-II | List–I | List–II | | ---------------------------------------------------------------------------------------------------- | --------------------------------- | | (A) A proportional increase in all inputs results in an increase in output by a smaller proportion | (I) Constant returns to scale | | (B) A proportional increase in all inputs results in an increase in output by a larger proportion | (II) Law of variable proportions | | (C) A proportional increase in all inputs results in an increase in output by the same proportion | (III) Decreasing Returns to Scale | | (D) Factor proportions change as long as one factor is held constant and the other factors increases | (IV) Increasing Returns to Scale | Choose the correct answer from the options given below:

An economy has to choose one of the many possibilities that it has at given resources. Therefore, the cost that an additional unit of X commodity in terms of the amount of the Y commodity that has to be forgone is called ................ cost.

The book 'An Enquiry into the Nature and Causes of the Wealth of Nations' is written by: 1. J. M. Keynes 2. David Ricardo 3. Adam Smith 4. Karl Marx

Minimum support price of a foodgrain is the example of _______

When the price of a cricket ball is Rs10, let us assume that 200 cricket balls are produced in aggregate by the firms in the market. When the price of a cricket ball rises to Rs.30, let us assume that 1,000 cricket balls are produced in aggregate by the firms in the market. Calculate the elasticity of supply.