AP (Advanced Placement) Microeconomics: Questions 204 - 207 of 398

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Question 204

Question

MCQ▾

A good is called a ‘Giffen good’ when the income effect is:

Choices

Choice (5)Response

a.

Positive and is greater than the substitution effect

b.

Less than the substitution effect

c.

Negative and is greater than the substitution effect

d.

Equal to substitution effect

e.

None of the above

Question 205

Question

MCQ▾

Which is the shutdown Point of the firm?

Choices

Choice (5)Response

a.

When the price falls below AFC (Average Fixed costs)

b.

When the price falls below AC (Average cost curve)

c.

When the price falls below MC (Marginal cost curve)

d.

When the price falls below AVC (Average variable costs)

e.

None of the above

Question 206

Question

MCQ▾

What percentage of population of India are engaged in primary sector?

Choices

Choice (5)Response

a.

b.

c.

d.

e.

None of the above

Question 207

Question

MCQ▾

One of the economic laws says that as incomes increase, the proportion of starchy staples in the food basket declines relative to the share of more expensive sources of calories. What is this hypothesis is known as

Choices

Choice (5)Response

a.

CAMPHELLS LAW

b.

GRESHAMS LAW

c.

BENNETS LAW

d.

ENGLES LAW

e.

Question does not provide sufficient data or is vague

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