Economics 2013 | Study Mode

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Question 11
A
diminishing marginal rate of substitution
B
the consistency and transitivity of choice
C
that total utility depends on the quantity of the commodities consumed
D
unstable marginal utility of money
Explanation

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Correct option: C
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Question 12
A
distribution of goods and services
B
use of goods and services
C
demand of goods and services
D
production of goods and services
Explanation

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Correct option: B
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Question 13
A
market discrimination
B
availability of storage facilities
C
the cost of storage
D
incentives granted to workers
Explanation

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Correct option: C
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Question 14
A
reduce the cost of production
B
reduce the quantity supplied
C
increase the quantity supplied
D
lead to no change in the quantity supplied
Explanation

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Correct option: C
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Question 15
A
excess demand
B
a decrease in price
C
an increase in price
D
excess supply
Explanation

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Correct option: A
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Question 16
A
producers are sovereign
B
it provides low degree of freedom
C
it widens the inequitable gap
D
consumers are sovereign
Explanation

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Correct option: D
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Question 17
A
at the prevailing rate
B
at the equilibrium price
C
above the equilibrium price
D
below the equilibrium price
Explanation

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Correct option: C
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Question 18
A
economies of scale
B
specialization
C
division of labour
D
diseconomies of scale
Explanation

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Correct option: A
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Question 19
A
a higher output level
B
constant returns to scale
C
over-capacity utilization
D
a lower output level
Explanation

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Correct option: A
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Question 20
A
net national product
B
gross domestic product
C
gross national product
D
per capita income
Explanation

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Correct option: D

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