AP (Advanced Placement) Microeconomics: Questions 251 - 254 of 398

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Question 251

Question

MCQ▾

Backward bending labour supply curve is characterised by the following condition

Choices

Choice (5)Response

a.

Wage rate is high, i.e. is greater than SE

b.

Wage rate is low, SE is greater than i.e.

c.

Wage rate is low, i.e. is greater than SE

d.

Wage rate is high, SE is greater than i.e.

e.

Question does not provide sufficient data or is vague

Question 252

Question

MCQ▾

What is the optimal industry level of output in the case of a cartel with zero MC and linear demand curve?

Choices

Choice (5)Response

a.

b.

c.

d.

e.

Question does not provide sufficient data or is vague

Question 253

Question

MCQ▾

The concept of “nudge” is founded in which theoretical branch of economics?

Choices

Choice (5)Response

a.

Classical economic theory

b.

Ecological economics

c.

New institutional economics

d.

Behavioural economics

e.

All of the above

Question 254

Question

MCQ▾

A social welfare function possesses which of the following features?

Choices

Choice (5)Response

a.

Increasing function of individual utilities

b.

Ranks allocations according to individual preferences

c.

Both a. and b. are correct

d.

Question does not provide sufficient data or is vague

e.

None of the above

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