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

Edit

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

Edit

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

Edit

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

Edit