Table of contents | |
Multiple Choice Questions | |
Match the Following | |
True or False | |
Very Short Answers | |
Short Answers | |
Long Answers |
Q2: Which of the following is a determinant of demand?
(a) Price of the product
(b) Population
(c) Government policies
(d) All of the above
Q3: In microeconomics, what does the term 'elasticity' refer to?
(a) The responsiveness of quantity demanded to a change in price
(b) The total revenue of a firm
(c) Market equilibrium
(d) Consumer surplus
Q4: What is the law of diminishing marginal utility?
(a) As a consumer consumes more units of a good, the additional satisfaction decreases
(b) The more a good is produced, the lower its price becomes
(c) Demand and supply always reach equilibrium
(d) Consumers always make rational decisions
Q5: What does a production possibilities curve illustrate?
(a) The maximum combination of goods and services that a society can produce
(b) The production capacity of a single firm
(c) Consumer preferences
(d) Government regulations on production
Q2: Elastic demand means that quantity demanded does not change with a change in price.
Q3: In a perfectly competitive market, there are many sellers and differentiated products.
Q4: Price ceiling is a government-imposed maximum price on a good or service.
Q5: Scarcity refers to the situation where human wants exceed the resources available to fulfill those wants.
Q2: What is a 'Price Floor'?
Q3: Explain 'Consumer Surplus'.
Q4: Define 'Marginal Cost'.
Q5: What is 'Elasticity of Demand'?
Q2: Discuss the factors affecting 'Elasticity of Supply'.
Q3: Describe 'Monopoly' as a market structure.
Q4: Explain the term 'Consumer Equilibrium'.
Q5: Discuss the impact of 'Price Elasticity of Demand' on tax incidence.
Q2: Discuss the impact of government policies on market equilibrium using suitable examples.
Q3: Explain the concept of 'Elasticity of Demand' and its types with examples.
Q4: Discuss the role of 'Utility' in consumer decision-making and its relationship with the law of diminishing marginal utility.
Q5: Explain the concept of 'Market Failure' and discuss its types with examples.
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1. What is microeconomics? |
2. What are some key concepts in microeconomics? |
3. How does microeconomics differ from macroeconomics? |
4. Why is microeconomics important? |
5. How can I apply microeconomic principles in real life? |
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