AP (Advanced Placement) Microeconomics: Questions 8 - 11 of 398

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Question 8

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 9

Appeared in Year: 2014 (NET)

Question

MCQ▾

A difference in relative commodity prices between two nations can be based upon a difference in (June)

Choices

Choice (5)Response

a.

Factor endowment

b.

Tastes

c.

Technology

d.

All a., b. and c. are correct

e.

Question does not provide sufficient data or is vague

Question 10

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

Question 11

Appeared in Year: 2017 (NET)

Question

MCQ▾

Consider the following concepts:

I. Leontief Paradox

II. Linder Hypothesis

Which among the following can be treated as exception to the conclusions of the Heckscher Ohlin theory? Answer from the questions below:

Choices

Choice (5)Response

a.

Only II is an exception

b.

I and II are exception

c.

Only I is an exception

d.

Neither I nor II are exception

e.

Question does not provide sufficient data or is vague

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