CUET UG Economics — Micro previous year questions with solutions.
On the basis of given data, the slope of the price line will be _________
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 collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called?
Budget Set is __________
The curve gives the maximum amount of corn that can be produced in the economy for any given amount of cotton and vice versa. This curve is called.........
In the short run, the shape of marginal cost, average variable cost and short run average cost curves are:
Calculate the short run average cost when total cost is 95 with 9 units of output.
If we want to have more of one of the goods, we will have less of the other good. Thus, there is always a cost of having a little more of one good in terms of the amount of the other good that has to be forgone. What is this cost known as?
Match List-I with List-II | List-I | List-II | |---|---| | (A) Short run Marginal Cost (SMC) | (I) ΔTC/Δq | | (B) Long run Average Cost (LRAC) | (II) TVC/q | | (C) Average Variable Cost (AVC) | (III) TC/q | | (D) Average Fixed cost (AFC) | (IV) TFC/q | Choose the correct answer from the options given below:
Which of the following are correct: (A) Average Product of labor = Total Product of labor / Labor. (B) Average cost = average variable cost + average fixed cost. (C) Marginal Product of labor = Total Product of labor/Labor. (D) Average fixed cost = Fixed cost / Output. Choose the correct answer from the options given below:
For a price-taking firm, the market price is equal to marginal revenue and ......
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:
The total sum that the consumer has to spend on wheat in 2025?
At the minimum point of the long run average cost curve .......... is observed.
Which of the following statements are correct: (A) Consumer's preferences are monotonic: 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. (B) The tendency for the MRS to fall with increase in quantity of goods is known as the Law of Diminishing Marginal Rate of Substitution. (C) A decrease in income causes a parallel outward shift of the budget line. (D) The budget set is the collection of all bundles that the consumer can buy with their income at the prevailing market prices. Choose the correct answer from the options given below:
If the price of a commodity increases by 20%, its demand drops by 20%. Then how it will affect the expenditure?
In a perfectly competitive market, a firm produces and sells a certain amount of goods. Among the following what reflect the firm's profit?
The total sum consumer will spends on cloth in 2025?
In inverse 'U'-shaped average product curve; as long as the value of Marginal Product remains higher than the value of the average product, in this condition the average product continues to ..........
Public goods, as distinct from private goods, are collectively consumed. Two important features of public goods are:
Arrange the following statement of government intervention in the form of price control. (A) The government sets floors or minimum prices for these goods and services. (B) A fall in price below a particular level is not desirable. (C) The price charged for a particular good or service is called the price floor. (D) The government imposed a lower limit on the price. Choose the correct answer from the options given below:
Arrange the following statement when the market demand curve shifts rightward with the supply curve remaining unchanged. (A) The shift indicates that at any price the quantity demanded is more than before. (B) Some individuals will be willing to pay higher price and the price would tend to rise. (C) There is excess demand. (D) At the new equilibrium, quantity and price will be greater than before. Choose the correct answer from the options given below:
In a perfectly competitive market, the marginal revenue curve is?
Which one is not the central problem of the economy?