All questions of Microeconomics for OPSC OCS (Odisha) Exam

• a)
  Rs. 3,75,000
• b)
  Rs. 2,75,000
• c)
  Rs. 3,50,000
• d)
  Rs. 2,50,000

• a)
  Total Cost
• b)
  Marginal cost
• c)
  Economic cost
• d)
  Economic problem

• a)
  Market price of commodity X
• b)
  Market price of commodity Y
• c)
  Income of the consumer
• d)
  All of above

• a)
  True
• b)
  False
• c)
  Occasionally
• d)
  Can’t say

• a)
  Utility
• b)
  Consumption
• c)
  Supply
• d)
  Demand

• a)
  Additional consumption always yields extra utility
• b)
  Additional consumption leads to lower average total utility
• c)
  Additional consumption always yields negative utility
• d)
  After a point any addition in the consumption causes a reduction in total utility.

• A:

  Four commodities

• B:

  Less than two commodities

• C:

  Only two commodities

• D:

  More than two commodities

The answer is C.

• a)
  Isoquants
• b)
  Demand and supply curves
• c)
  Indifference curves
• d)
  None of above

• a)
  Zero
• b)
  Undefined
• c)
  Positive
• d)
  Negative

• a)
  As they seem to be
• b)
  As they are expected
• c)
  As they should be
• d)
  As they are

• A:

  It helps consumers to make choices.

• B:

  Utility is always measurable.

• C:

  It is a satisfying power of a commodity.

• D:

  It is purely a subjective entity.

The answer is B.

• a)
  Concave to the origin
• b)
   L-shaped
• c)
  Convex to the origin
• d)
  A vertical straight line

• a)
  Fixed factors
• b)
  Variable factors
• c)
  Economic cost
• d)
  All the factors

• a)
  Next best alternative sacrificed
• b)
  Next best alternative chosen
• c)
  Next best alternative available
• d)
  Next best alternative produced

• a)
  Centimeter
• b)
  Seconds
• c)
  Gram
• d)
  Utils

• a)
  First falls and then rises
• b)
  Always falls
• c)
  Always rises
• d)
  First rises at an increasing rate, then rises at a decreasing rate and falls after reaching its maximum.

• a)
  Monopolistic competition
• b)
  Monopoly
• c)
  Duopoly
• d)
  Oligopoly

• a)
  Consumer surplus
• b)
  Price gap
• c)
  Consumer burden
• d)
  Optimum price

• a)
  Independent variable approach
• b)
  Cardinal utility approach
• c)
  Ordinal utility approach
• d)
  None of these

• a)
  Paul Samuelson
• b)
  Alfred Marshall
• c)
  Hicks & Allen
• d)
  Robbins

• a)
  MR is maximum
• b)
  MR<0
• c)
  MR>0
• d)
  MR is zero

• a)
  When marginal utility remains constant
• b)
  When marginal utility is increasing
• c)
   When marginal utility is negative
• d)
  When marginal utility is negative

• a)
  Buyer’s surplus
• b)
  Elasticity of demand
• c)
  Differential surplus
• d)
   Indifference surplus

• a)
  Remains the same
• b)
  Is equal on the other side of the mid points
• c)
  Differs from point to point
• d)
  None of above

• a)
  Perfect competition
• b)
  Oligopoly
• c)
  Monopolistic competition
• d)
  Monopoly

• a)
  Market price is same as the equilibrium price
• b)
  Market price is higher than the equilibrium price
• c)
  Market price is lower than the equilibrium price 
• d)
  None of these

• a)
  They have alternate uses
• b)
  They are available in limited quantity
• c)
  They are in abundance
• d)
  They are not marketable

• a)
  Same as total revenue
• b)
  Addition to the total revenue on the production of an additional unit of Output
• c)
  Addition to the total revenue on the sale of an additional unit of Output
• d)
  Additional cost involved in production

• a)
  Market price is lower than the equilibrium price
• b)
  Market price is higher than the equilibrium price
• c)
  Market price is same as the equilibrium price
• d)
  None of these

• A:

  The point where marginal utility becomes less than zero

• B:

  The point where marginal utility becomes greater than zero

• C:

  The point where marginal utility becomes zero.

• D:

  None of above

The answer is C.

• a)
  Convex
• b)
  Concave
• c)
  Inverse U shaped
• d)
  U shaped

• a)
  False
• b)
  True
• c)
  Can’t say
• d)
  Conditional

• a)
  Ordinal approach
• b)
  Cardinal approach
• c)
  Both cardinal & ordinal
• d)
  None of these

• a)
  External owners of factors
• b)
  The tax authorities
• c)
  Internal owners of factors
• d)
  The government

• a)
  TVC+TFC= TC
• b)
  TVC X TFC= TC
• c)
  TVC-TFC= TC
• d)
  TVC/TFC=TC

• a)
  Market price fall below the equilibrium price
• b)
  Market price rise higher than the equilibrium price
• c)
  Market price remains the same
• d)
  none

• a)
  What ought to be
• b)
  Central problems of an economy
• c)
  What was
• d)
  What is

• a)
  Market price remains the same
• b)
  Market price rise
• c)
  Market price falls below the equilibrium price
• d)
  Market price fall

• a)
  Shift of the demand curve of the given good only
• b)
  Expansion of the supply curve of the given good only
• c)
  Contraction of the demand for the given good
• d)
  Shift of the demand and supply curves of the given good

• a)
  Utility can be measured, but cannot be ranked in order of preferences.
• b)
  Utility can neither be measured nor can be ranked in order of preferences.
• c)
  Utility can be measured and can also be ranked in order of preferences.
• d)
  Utility cannot be measured, but can be ranked in order of preferences.

• a)
  Indifference curves cannot intersect each other
• b)
  Two indifference curve can be tangent to each other
• c)
  Indifference curves are convex to the origin
• d)
  Indifference curves slopes downward to the right

• a)
  True
• b)
  Can’t say
• c)
  False
• d)
  Conditional

• a)
  Large number of buyers
• b)
  Single seller
• c)
  Homogeneous products
• d)
  Price maker

• A:

  Shift of the demand curve of the given good only

• B:

  Movement of the demand and supply curves of the given good

• C:

  Shift of the demand and supply curves of the given good

• D:

  Contraction of the demand for the given good

The answer is D.

• a)
  V- shaped
• b)
  Hyperbola
• c)
  U shaped
• d)
  Inverse U shaped

• a)
  Price of the output
• b)
  Expenditure on inputs to produce output
• c)
  Price of per unit of input
• d)
  Price of per unit of output

• a)
  It helps consumers to make choices.
• b)
  Utility is always measurable.
• c)
  It is a satisfying power of a commodity.
• d)
  It is purely a subjective entity.

• a)
  It is impossible to change
• b)
  IT remains same even if fixed factors change
• c)
  It remains constant in the long run
• d)
  It remains constant in the short run

• a)
  Average utility
• b)
  Ordinal utility
• c)
  Marginal utility
• d)
  Total utility