CUET UG Economics — Micro previous year questions with solutions.
Identify the correct sequence of events when a minimum support price is imposed: (A) Government buys the surplus at the predetermined price. (B) Situation of Surplus occurs due to imposition of floor price. (C) Government sets a minimum price. (D) Market equilibrium occurs by the intersection of demand and supply curves. Choose the correct answer from the options given below:
Arrange the following stages of Consumer's Equilibrium in the correct sequence under the utility analysis (A) Marginal Utility becomes equal to the price of a commodity (B) Marginal utility, derived from a commodity X is greater than Px (C) Increase the consumption of commodity X (D) The consumer reallocates expenditure to maximize satisfaction. Choose the correct answer from the options given below:
A consumer derives 10 utilities of satisfaction from consuming 1st unit of good X and 6 utilities of satisfaction from the next unit. What is the marginal utility of the second unit?
Match List-I with List-II | List-I | List-II | |---|---| | (A) Perfect Competition | (I) No change in equilibrium price | | (B) Increase in Demand= Decrease in Supply | (II) Price taking Behavior | | (C) Increase in Demand > Decrease in Supply | (III) Decrease in equilibrium price | | (D) Increase in Supply > Decrease in Demand | (IV) Increase in equilibrium price | Choose the correct answer from the options given below:
The first book on Microeconomics, "An inquiry into Nature and Cause of the Wealth of Nations", was written by_________.
What is the Marginal Rate of Substitution(MRS)? (A) The rate at which a consumer is willing to substitute one good for another. (B) Equal to the slope of the indifference curve. (C) Changes as we move along the indifference curve. (D) Is constant for perfect substitutes. Choose the correct answer from the options given below:
The relationship between inputs and outputs of a firm is given by ___________
Arrange the following steps of Market Equilibrium under perfect competition in the correct order. (A) Excess of market demand over market supply will cause excess demand situation. (B) Quantity demanded will fall and quantity supplied will rise. (C) The market will move towards the point where the quantity that the firm wants to sell is equal to the quantity that the consumer wants to buy. (D) The market price would tend to increase, due to competition among buyers. Choose the correct answer from the options given below:
If the price of a good increases from ₹20 to ₹25 and the quantity demanded decreases from 100 units to 80 units, calculate the price elasticity of demand.
Which of the following can shift the demand curve to the right? (A) Increase in the income of the consumer (For normal goods). (B) Decrease in the price of complementary goods. (C) Increase in the price of substitute goods. (D) Increase in the price of goods. Choose the correct answer from the options given below:
The slope of Production Possibility curve is represented by ___________.
A firm will shut down in the short run if__________.
Which of the following is an example of Cost-Reduction Technology in a business?
In Microeconomics, what does supply refer to?
In the above paragraph, which factor is affecting the supply of Coffee?
How does an increase in price affect supply?
The shape of the average fixed cost curve is ........................
Which statement is incorrect in the context of relationship between AVC and SMC?
In a production function $q = f(x_1, x_2)$ where the firm produces q output using $x_1$ of factor 1 and $x_2$ of factor 2. Now suppose the firm decides to increase the employment level of both the factors t (t > 1) times. then which among the following is correct?
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:
Arrange the following statements in chronological order in respect to the impact of a unit tax on supply: (A) Imposition of unit tax increases the price of commodities. (B) Increased prices will lead to an increase in LRAC and LRMC. (C) The firm's long run supply curve shifts to the left. (D) At any given market price, the firm supplies fewer units of output. Choose the correct answer from the options given below:
When the output added by each additional worker is proportionally less, what it shows?
Identify the incorrect option from the following related to a perfectly competitive market.
In a perfectly competitive market choose the correct statement from the following. (A) Equilibrium occurs where market demand equals market supply. (B) Each firm employs labour upto the point where the marginal revenue of labour equals the wage rate. (C) Equilibrium price and quantity are determined when there is large number of firms. (D) Equilibrium price is always equal to minimum average cost of the firms. Choose the correct answer from the options given below: