CUET UG Economics — Micro previous year questions with solutions.
Choose the correct statements considering the relationship between marginal product and average product. (A) Average product and marginal product curve are 'U'shaped. (B) Average product and marginal product curve are inverse 'U'shaped. (C) When the average product increases, the marginal product is greater than the average product. (D) When the average product decreases, the marginal product is less than the average product. Choose the correct answer from the options given below:
In the short run, the shape of the average fixed cost curve for a typical firm is?
A set of arrangements where economic agents can freely exchange their endowments or products with each other. Such an economy is defined as?
A perfectly competitive market in an economy is categorized by the following features. (A) Firms are price-takers. (B) Average revenue is equal to market price. (C) Market is perfectly inelastic. (D) Marginal revenue is equal to market price. Choose the correct answer from the options given below:
If all the resources are used in the production of cloth, the curve which gives the maximum amount of cloth produced in the economy for any given amount of machine is called?
When the additional unit of input is 'crowded' in the production, the output is proportionally less and............
If the government fixed maximum price of product below the market price then product will have?
Arrange the following statements showing the change in budget set due to change in income. (A) The equation of the budget line is $P_1 X_1 + P_2 X_2 = M'$. (B) Consumer's income increases from $M$ to $M'$, but the price of goods remains constant. (C) The set of available bundles depends upon prices and the income of the consumer. (D) Consumers can buy more of the goods at the prevailing market prices. Choose the correct answer from the options given below:
The relationship between an increase in variable input and output when all other inputs are held constant is referred to as.
When a firm increases its output and the average cost rises, this phase in the production process is shown as?
Match List-I with List-II | List-I | List-II | | --- | --- | | (A) Payments by a firm for inputs. | (I) Cost of production | | (B) Output sold by a firm in the market. | (II) Revenue | | (C) Inputs are transformed into output. | (III) Production | | (D) Objective of a firm to maximize. | (IV) Profit | Choose the **correct** answer from the options given below:
The cost of a firm has increased from Rs. $67$ to Rs. $80$ when the units of cotton production rose from $8$ to $9$. Calculate the marginal cost of a firm?
What is the formula for the price elasticity of demand for a good?
An individual buys $15$ kg of sugar when its price is Rs. $5$ per kg. When the price increases to Rs. $7$ per kg, the demand goes down to $12$ kg of sugar. What is the price elasticity of demand for sugar?
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
If the price of necessity good like clothes changes, what will be the effect on its demand?
According to the law of variable proportions, the marginal product of an input initially rises and then after a certain level of employment, it starts falling. The MP curve therefore looks like:
When in an economy, available resources are fully utilized at that point production of a combination of goods is known as .........
What are the key components of a perfectly competitive market? (A) Large number of buyers and sellers. (B) Homogeneous product. (C) Free Entry and exit. (D) Asymmetric Information. Choose the correct answer from the options given below:
Which among the following are the features of the indifference curve? (A) Indifference curve slopes downwards from left to right. (B) Higher indifference curve gives greater level of utility. (C) Indifference curve reflects negative utility. (D) Two indifference curves never intersect each other. Choose the correct answer from the options given below:
Arrange the following elasticity degrees along the demand curve in their ascending order. (A) Elasticity (eD) = 1 (B) Elasticity (eD) > 1 (C) Elasticity (eD) < 1 (D) Elasticity (eD) = 0 Choose the correct answer from the options given below:
Price ceiling is one concept which provides safeguard to______
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.
Identify the factors of price elasticity of demand. (A) Nature of Goods. (B) Availability of Substitution. (C) Complementary Goods (D) Cost of Goods. Choose the correct answer from the options given below: