AP (Advanced Placement) Microeconomics: Questions 372 - 374 of 398

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Question 372

Appeared in Year: 2020 (NET)

Question

MCQ▾

Maximum Social Welfare is guaranteed where a competitive firm exhibits the following condition [where is Marginal Rate of Product Transformation of x for y] (September Evening Shift)

Choices

Choice (5)Response

a.

b.

c.

d.

e.

All of the above

Question 373

Appeared in Year: 2020 (NET)

Question

Match List-Ⅰ List-Ⅱ▾

Match List I with List II (September Evening Shift)

List-Ⅰ (Theory of Consumer)List-Ⅱ (Economist)
(A)

Absolute Income Hypothesis

(i)

M. Friedman

(B)

Relative Income Hypothesis

(ii)

J. M. Keynes

(C)

Permanent Income Hypothesis

(iii)

F. Modigliani

(D)

Life Cycle Hypothesis

(iv)

J. Duesenberry

Choices

Choice (5)Response
  • (A)
  • (B)
  • (C)
  • (D)

a.

  • (iv)
  • (iii)
  • (ii)
  • (i)

b.

  • (iv)
  • (i)
  • (ii)
  • (iii)

c.

  • (ii)
  • (iv)
  • (i)
  • (iii)

d.

  • (iv)
  • (ii)
  • (iii)
  • (i)

e.

All of the above

Question 374

Appeared in Year: 2020 (NET)

Question

MCQ▾

Presence of asymmetric information in the market causes which of the following?

A. Adverse selection

B. Marginal benefits of an additional unit of resources diminish with an increasing number of unit of resources

C. Efficiency wages

D. Principal-Agent problem

Choose the correct answer from the options given below:

(September Evening Shift)

Choices

Choice (5)Response

a.

A, B and D only

b.

B, C and D only

c.

A and D only

d.

A and C only

e.

All of the above

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