AP (Advanced Placement) Microeconomics: Questions 142 - 144 of 398

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Question 142

Appeared in Year: 2017 (NET)

Question

MCQ▾

A good is called a ‘Giffen good’ when the income effect is: (November Paper-III)

Choices

Choice (5)Response

a.

Equal to substitution effect

b.

Less than the substitution effect

c.

Negative and is greater than the substitution effect

d.

Positive and is greater than the substitution effect

e.

Question does not provide sufficient data or is vague

Question 143

Appeared in Year: 2017 (NET)

Question

MCQ▾

Permanent income hypothesis assumes positive correlation between which of the following pairs of variables? (November Paper-III)

Choices

Choice (5)Response

a.

Transitory income and transitory consumption

b.

Permanent income and permanent consumption

c.

Permanent income and transitory consumption

d.

Permanent income and transitory income

e.

All of the above

Question 144

Appeared in Year: 2017 (NET)

Question

MCQ▾

Consider the following diagram showing the market demand and supply curves for a commodity. If the government fixes the price above the market clearing price , then the dead-weight loss is represented by: (November Paper-III)

Price and Quantity

Choices

Choice (5)Response

a.

Area of rectangle

b.

Area of triangle

c.

Area of triangle area of triangle

d.

Area of triangle

e.

None of the above

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