Fundamentals of Economics [AP (Advanced Placement) Macroeconomics]: Questions 1 - 3 of 411

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Question 1

Appeared in Year: 2014

Question Assertion-Reason▾

Assertion(Ꭺ)

The concept of supply curve is meaningless for the monopolist. (June)

Reason(Ꭱ)

Monopolists are price setters; it does not make any use to ask what output they would produce at various prices.

Choices

Choice (5)Response

a.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

b.

Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ

c.

Ꭺ is true but Ꭱ is false

d.

Ꭺ is false but Ꭱ is true

e.

Both Ꭺ and Ꭱ are false

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Question 2

Appeared in Year: 2014

Question MCQ▾

The practice of charging each consumer the reservation price is called (June)

Choices

Choice (5)Response

a.

Third degree price discrimination

b.

Peak load pricing

c.

Inter-temporal price discrimination

d.

First degree price discrimination

e.

All of the above

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Question 3

Appeared in Year: 2014

Question MCQ▾

Which of the following is not a characteristic feature of the Phillip curve? (June)

Choices

Choice (5)Response

a.

The Price expectations are adaptive

b.

There is a loop around Phillips curve

c.

The price expectations are static

d.

The unemployment rate, when money wage stabilizes, is percent

e.

Question does not provide sufficient data or is vague

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