Fundamentals of Economics-Market Equilibrium [AP (Advanced Placement) Macroeconomics]: Questions 1 - 4 of 149

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Question 1

Market Equilibrium

Appeared in Year: 2014 (NET)

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

Question 2

Market Equilibrium

Appeared in Year: 2014 (NET)

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

Question 3

Market Equilibrium

Appeared in Year: 2017 (NET)

Question

MCQ▾

A forward shifted tax will affect

Choices

Choice (5)Response

a.

Buyers more than sellers

b.

Sellers more than buyers

c.

Government revenues negatively

d.

Buyers and sellers equally

e.

All of the above

Question 4

Market Equilibrium

Appeared in Year: 2017 (NET)

Question

MCQ▾

Which among the following allocation/distribution corresponds to the Rawlsian concept of equity?

Choices

Choice (5)Response

a.

Maximise the utility of the least well off people

b.

Maximise the total utility of all members of the society

c.

Market outcomes are most equitable

d.

All members of the society receive equal amount of goods

e.

Question does not provide sufficient data or is vague

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