GATE (Graduate Aptitude Test in Engineering) Economics (XH-C1): Questions 951 - 953 of 1877

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Question 951

Question MCQ▾

If Laspeyres quantity index is less than 1, then?

Choices

Choice (4)Response

a.

Consumption bundle in time period t is no longer affordable

b.

Consumption bundle in time period b is no longer affordable

c.

Consumption bundle in base period b is revealed preferred to time period t. Consumer is better off in time b than t.

d.

Consumption bundle in t is revealed preferred to bundle in b. Consumer is better off in time t than b

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Question 952

Question Assertion-Reason▾

Assertion(Ꭺ)

Value of marginal product in perfect competition ⩾ value of marginal product in monopolistic competition.

Reason(Ꭱ)

Elasticity of demand is infinity in a perfectly competitive market; elasticity of demand is greater than 1 in monopolistic competition

Choices

Choice (4)Response

a.

Ꭺ is false but Ꭱ is true

b.

Both Ꭺ and Ꭱ are false

c.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

d.

Ꭺ is true but Ꭱ is false

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Question 953

Question MCQ▾

In the gravity which factors influence size and flow of bilateral trade between two countries?

Choices

Choice (4)Response

a.

Comparative advantage in the production of a good

b.

Factor endowments

c.

GDP of the two countries and distance between the two countries

d.

Absolute advantage in the production of a good

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