AP (Advanced Placement) Microeconomics: Questions 53 - 56 of 398

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Question 53

Appeared in Year: 2017 (NET)

Question

MCQ▾

The slope of the production possibility curve is:

Choices

Choice (5)Response

a.

Average rate of transformation

b.

Marginal rate of exchange

c.

Marginal rate of substitution

d.

Marginal rate of transformation

e.

Question does not provide sufficient data or is vague

Question 54

Appeared in Year: 2013 (NET)

Question

MCQ▾

A producer is said to be operating with excess capacity (December)

Choices

Choice (5)Response

a.

When he produces an output greater than that given by the minimum Average Total Cost

b.

When he produces an output equal to that given by the minimum Average Total Cost

c.

When he produces an output greater than at given by the maximum Average Total Cost

d.

When he produces an output smaller than that given by the Minimum Average Total Cost

e.

None of the above

Question 55

Appeared in Year: 2013 (NET)

Question

MCQ▾

In whose growth model, entrepreneur՚s significance is pivotal? (December)

Choices

Choice (5)Response

a.

Harrod

b.

Domar

c.

Keynes

d.

Schumpeter

e.

Question does not provide sufficient data or is vague

Question 56

Appeared in Year: 2013 (NET)

Question

Assertion-Reason▾

Assertion(Ꭺ)

An Iso-Cost Line is a straight line. (September)

Reason(Ꭱ)

The market rate of exchange between the two inputs is constant.

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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