CUET UG Economics — Micro previous year questions with solutions.
Match List-I with List-II | List-I | List-II | |---|---| | (A) Control Price | (I) Set below the equilibrium price | | (B) Floor Price | (II) Fixed by the government for the labourers | | (C) Minimum Wage Legislation | (III) Set above the equilibrium price | | (D) Market Equilibrium | (IV) when demand and supply curve intersect. | Choose the correct answer from the options given below:
Which of the following cost curve has the shape of a rectangular hyperbola?
Downward movement along the demand curve is caused by _________.
What is the fixed cost for producing 200 vases?
What is the total variable cost for producing 200 vases?
If the production is increased to 300 vases, what will happen to Fixed cost per unit?
The price and quantity demanded are __________
Arrange the following statement in the context of elasticity along a linear demand curve (left to right). (A) e_d = 1 (B) e_d > 1 (C) e_d = 0 (D) e_d < 1 Choose the correct answer from the options given below:
The q (1 + e_p) < 0, and hence, ΔE (expenditure) has the opposite sign as Δp (price), if ...................
Match List-I with List-II | List-I | List-II | |---|---| | (A) Substitution effect stronger than the income effect | (I) Inferior goods | | (B) Income effect stronger than the substitution effect | (II) Complementary goods | | (C) Demands and income move opposite direction | (III) Normal goods | | (D) Goods consumed together | (IV) Giffen goods | Choose the correct answer from the options given below:
How government intervention through price control policy will have an impact on the market? (A) The government imposed lower limit on the price that may be charged (B) For certain goods and services, a fall in price below a particular level is not desirable (C) Thereby leading to an excess supply in the market (D) Government needs to buy the surplus at the predetermined price Choose the correct answer from the options given below:
From the following which production function exhibits increasing returns to scale?
A functional relation between the two variables expressed $y = 50 - x$, will have slope.
Choose the correct statements from the options given below in terms of the shapes of the short run cost curves. (A) Average fixed cost curve is a rectangular hyperbola. (B) Total fixed cost is horizontal straight line. (C) Average variable cost is upward sloping. (D) Marginal cost is U shaped. Choose the correct answer from the options given below:
What are the features of an Indifference Curve? (A) Indifference curve slopes upwards from left to right. (B) Higher indifference curve gives greater level of utility. (C) Indifference curve slopes downwards from left to right (D) Two indifference curves never intersect each other Choose the correct answer from the options given below:
The collection of all possible combinations of goods and services that can be produced from a given amount of resources and a given stock of technological knowledge.
A firm wishes to maximize its profit, find the correct conditions from the following, that must be held by the firm at q₂ at which its profit is maximum. (A) The price must be less than the average variable cost (B) The price must be greater than the average variable cost (C) Marginal cost must be non-decreasing (D) The price, p, must equal MC 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:
Arrange the given statements to show the impact on a firm's supply curve due to its determinants. (A) Organisational innovation allows the firm to use fewer units of inputs. (B) Any factor that affects a firm's marginal cost curve is a determinant of its supply curve. (C) At any given market price, the firm now supplies more units of output. (D) The marginal cost will shift downward. Choose the correct answer from the options given below:
The point of minimum average cost at which the supply curve cuts the long run average cost curve is called?
Match List-I with List-II | List-I | List-II | |---|---| | (A) Demand and supply curve shift leftward | (I) Quantity may increase, decrease or remain unchanged and price decreases | | (B) Demand and supply curve shift rightward | (II) Quantity may increase, decrease or remain unchanged and price increases | | (C) Demand curve shifts leftward and supply curve rightward | (III) Quantity decreases and price may increase, decrease or remain unchanged | | (D) Demand curve shifts rightward and supply curve leftward | (IV) Quantity increases and prices may increase, decrease or remain unchanged | Choose the correct answer from the options given below:
Which statement is not true for Adam Smith?
The equation of long-run marginal cost.
As long as decreasing returns to scale operates, as the firm increases output, the average cost must be ................