CUET UG Economics — Micro previous year questions with solutions.
The economic concept at which the consumer is willing to substitute one good for the other?
An institution which organizes the free interaction of individuals pursuing their respective economic activities, is 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:
The demand curve that a firm faces in a perfectly competitive market is...........
Match List-I with List-II | List-I | List-II | |---|---| | (A) Production function | (I) $f(tx_1, tx_2) > t f(x_1, x_2)$ | | (B) Constant returns to scale | (II) $f(tx_1, tx_2) < t f(x_1, x_2)$ | | (C) Increasing returns to scale | (III) $f(x_1, x_2)$ | | (D) Decreasing returns to scale | (IV) $f(tx_1, tx_2) = t f(x_1, x_2)$ | Choose the correct answer from the options given below:
Choose the correct equations in the context of costs. (A) TFC = AFC × quantity (B) LRMC = (TC at $q_n$ units) – (TC at $q_{n-1}$ units) (C) TC = TVC × TFC (D) LRAC = TC/q Choose the correct answer from the options given below:
The set of all possible combinations of the two inputs that yield the same maximum possible level of output is known as...........
The rate at which the consumer is able to substitute one good for the other in the market is called?
The exceptional case in optimal choice of the consumer is where ..................
The optimum bundle of the consumer is located at the point where..................?
A consumer is willing to give up 4 bananas if it is given an extra mango, but in the market, if it gives up 6 bananas, this bundle will be considered.
"Economics is the science of wealth". This statement was given by :-
Arrange the stages of price determination in a perfect competition market: (A) Estimate the market demand and supply. (B) Firms adjust production to maximize profit. (C) Equilibrium price is established. (D) Short-run profit attracts new firms. Choose the correct answer from the options given below:
The problem 'For whom to produce' is basically concerned with _______.
When Marginal productivity starts decreasing but remains positive , Total Productivity is ______.
When utility is measured in quantitative terms, it is ______ of consumer equilibrium.
Calculate total cost of production for producing 100 vases ?
The rate at which consumer is willing to substitute one good for another is represented by ________.
When demand curve shift rightward and supply curve shift leftward what impact this will have on pricing?
What will be elasticity of demand of a commodity when its price rises by 20% and quantity demanded falls from 125 units to 75 units?
Match List-I with List-II | Change in Demand or Supply | Effect on equilibrium price / equilibrium quantity | |---|---| | (A) Increase in demand > Increase in supply | (I) equilibrium price will rise but no change in equilibrium quantity. | | (B) Increase in supply when demand is perfectly inelastic | (II) No change in equilibrium price. | | (C) Same proportion of increase in demand and supply | (III) equilibrium price will fall but no change in equilibrium quantity. | | (D) Increase In demand when supply is perfectly inelastic | (IV) equilibrium price and quantity will rise. | Choose the correct answer from the options given below:
At zero level of output ,if the total cost(TC) is 20. What will be the value of the Average Fixed cost (AFC) at the 6th level of output?
What will be the value of Marginal utility of the 4th unit | Units consumed | Total Utility derived (utils) | |---|---| | 1 | 10 | | 2 | 8 | | 3 | 5 | | 4 | 2 |
Which of the following are features of a perfect competitive market? (A) Free entry and exit of firms. (B) Huge selling cost. (C) perfectly elastic demand curve. (D) perfect market knowledge among buyers. Choose the correct answer from the options given below: