AP (Advanced Placement) Microeconomics: Questions 267 - 270 of 456
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Question 267
Question MCQ▾
Which of the statements are true?
i. Optimal choice is determined at point of tangency
ii. In general, tangency is not a sufficient condition for optimality
iii. For convex preferences, tangency is a sufficient condition for optimal choice
Choices
Choice (5) | Response | |
---|---|---|
a. | Only i | |
b. | i and iii | |
c. | i, ii and iii | |
d. | Only ii | |
e. | All of the above |
Question 268
Question MCQ▾
What are sunk costs?
Choices
Choice (5) | Response | |
---|---|---|
a. | Fixed costs | |
b. | Variable costs | |
c. | Quasi-fixed costs | |
d. | All of the above | |
e. | Question does not provide sufficient data or is vague |
Question 269
Question MCQ▾
Identify which of the statements are true
i. Scale of production can be changed in the long run
ii. Long run AC curve “envelopes” all possible short run AC curves
iii. Returns to scale is concerned with the relationship between factors of production and their prices
iv. Changing scale of operation either increase or decrease costs due to productivity improvement or decline
Choices
Choice (5) | Response | |
---|---|---|
a. | i, ii and iii | |
b. | iii and iv | |
c. | i, ii and iv | |
d. | i, iii and iv | |
e. | All of the above |
Question 270
Question MCQ▾
Which agency is constituted with the objective of ‘cooperative federalism?’
Choices
Choice (5) | Response | |
---|---|---|
a. | NABARD | |
b. | RBI | |
c. | FICCI | |
d. | NITI Aayog | |
e. | None of the above |