Supply & Demand [AP (Advanced Placement) Microeconomics]: Questions 1 - 4 of 104

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Question 1

Supply & Demand

Appeared in Year: 2017 (NET)

Question

MCQ▾

Which among the following allocation/distribution corresponds to the Rawlsian concept of equity?

Choices

Choice (5)Response

a.

Maximise the utility of the least well off people

b.

Maximise the total utility of all members of the society

c.

Market outcomes are most equitable

d.

All members of the society receive equal amount of goods

e.

Question does not provide sufficient data or is vague

Question 2

Supply & Demand

Appeared in Year: 2017 (NET)

Question

MCQ▾

In the trade cycle theory of J. R Hicks, long run equilibrium is determined by

Choices

Choice (5)Response

a.

Population

b.

Technology

c.

Autonomous Investment

d.

Question does not provide sufficient data or is vague

e.

All of the above

Question 3

Supply & Demand

Appeared in Year: 2013 (NET)

Question

Match List-Ⅰ List-Ⅱ▾

Match List-I with List-II: (Dec)

List-Ⅰ (Group I)List-Ⅱ (Group II)
(A)

Offer Curves

(i)

Reciprocal demand

(B)

Lorenz Curve

(ii)

Inequalities

(C)

Kinked Demand Curve

(iii)

Sticky Price

(D)

Laffer Curves

(iv)

Public Revenue

Choices

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

a.

  • (i)
  • (ii)
  • (iii)
  • (iv)

b.

  • (i)
  • (iii)
  • (iv)
  • (ii)

c.

  • (iv)
  • (i)
  • (iii)
  • (ii)

d.

  • (ii)
  • (iii)
  • (i)
  • (iv)

e.

All of the above

Question 4

Supply & Demand

Appeared in Year: 2014 (NET)

Question

MCQ▾

In an economy of two individuals A and B and two commodities X and Y, general equilibrium of production and exchange occurs when (June)

Choices

Choice (5)Response

a.

MRT

b.

MRS XY for A and

c.

MRT XY = MRS A, XY = MRS B, XY

d.

MRS A, XY = MRS B, XY

e.

Question does not provide sufficient data or is vague

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