Fundamentals of Economics-Demand & Supply [AP (Advanced Placement) Macroeconomics]: Questions 1 - 3 of 87

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Question 1

Appeared in Year: 2014 (NET)

Question

MCQ▾

Who distinguished between value in use and value in exchange and gave the famous example of diamonds and water? (June)

Choices

Choice (5)Response

a.

Alfred Marshall

b.

David Ricardo

c.

Karl Marx

d.

Adam Smith

e.

Question does not provide sufficient data or is vague

Question 2

Appeared in Year: 2013 (NET)

Question

Assertion-Reason▾

Assertion(Ꭺ)

Consumer Surplus is the difference between the potential price and actual price. (Dec)

Reason(Ꭱ)

There exists an inverse relationship between the price and consumer surplus.

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

Question 3

Appeared in Year: 2013 (NET)

Question

MCQ▾

Which of the following is true?

  1. Indifference curves slope downward from left to right.
  2. Indifference curves slope downward from right to left.
  3. Indifference curves are convex to the point of origin of the two axes.
  4. Indifference curves never intersect each other. (Dec)

Choices

Choice (5)Response

a.

1,2 and 3 are true.

b.

1,3 and 4 are true.

c.

1 and 4 are true.

d.

2,3 and 4 are true.

e.

All of the above

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