AP (Advanced Placement) Microeconomics: Questions 182 - 185 of 398

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Question 182

Question

MCQ▾

The locus of general equilibrium of points of exchange in a two – individual two-commodity economy is called the

Choices

Choice (5)Response

a.

Production contract curve

b.

Consumption contract curve

c.

Transformation curve

d.

Social contract curve

e.

Question does not provide sufficient data or is vague

Question 183

Question

MCQ▾

Which of the following is the cause of loss of welfare of a small country, which imposes a tariff on its imports?

Choices

Choice (5)Response

a.

Decreasing in tariff revenue

b.

Change in terms of trade

c.

Decrease in consumer surplus

d.

Decrease in producer surplus

e.

All of the above

Question 184

Question

MCQ▾

Giffen paradox occurs when income effect is

Choices

Choice (5)Response

a.

Negative and is greater than the substitution effect

b.

Equal to the substitution effect

c.

Greater than the substitution effect

d.

Less than the substitution effect

e.

None of the above

Question 185

Question

MCQ▾

Which of the following are the characteristics of social goods?

1) Non – exclusion

2) Non – equal consumption

3) Non – rival

4) All that is provided by the market

Select the correct answer using the code given below

Choices

Choice (5)Response

a.

1,2 and 3

b.

2 and 3

c.

1 and 3

d.

1,2 , 3, and 4

e.

None of the above

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