AP (Advanced Placement) Microeconomics: Questions 234 - 238 of 398

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Question 234

Question

MCQ▾

Winner՚s curse is a concept associated with which economic activity?

Choices

Choice (5)Response

a.

Game theory

b.

Cartelization

c.

Auctions

d.

Share market trading

e.

None of the above

Question 235

Question

MCQ▾

What condition satisfies a monopsony market?

Choices

Choice (5)Response

a.

Single seller

b.

Single buyer

c.

Small number of sellers

d.

Large number sellers

e.

None of the above

Question 236

Question

MCQ▾

Economic rent can be described as

Choices

Choice (5)Response

a.

Value of the next best alternative

b.

The amount paid to have the factor supplied

c.

The maximum amount a consumer is willing to pay

d.

Amount paid in excess of minimum amount needed for supply of factor

e.

All of the above

Question 237

Question

MCQ▾

In the analysis of inter-temporal choices, with two time periods, prices p1 and p2, income flow of m1 and m2, nominal interest rate r and inflation rate π, real interest rate ρ is equal to

Choices

Choice (5)Response

a.

b.

c.

d.

e.

Question does not provide sufficient data or is vague

Question 238

Question

MCQ▾

How is the Rawlsian social welfare function represented?

Choices

Choice (5)Response

a.

Minimax social welfare function

b.

Benthamite welfare function

c.

Weighted sum of utilities

d.

Classical utilitarian function

e.

All of the above

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