Economics (UI) | Study Mode

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Question 21
A
50
B
55
C
75.5
D
47.5
E
55.5
Explanation

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Correct option: D
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Question 22
A
government authorities
B
price system
C
banking system
D
central planning bureau
E
revenue allocation formula
Explanation

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Correct option: B
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Question 23
A
demand and supply curve intersects in more than one point
B
the excess in the market can be conveniently stored
C
excess demand is positive
D
demand and supply curves intersect
E
excess demand is negative
Explanation

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Correct option: D
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Question 24
A
the reduction in the power of sellers
B
the enthronement of consumer sovereignty
C
the dismantling of barriers to trade
D
the perfectly elastic price for every transaction
E
the intersection of demand and supply curves
Explanation

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Correct option: B
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Question 25
A
market merger
B
market segmentation
C
demand elasticities
D
product differentiation
E
none of the above
Explanation

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Correct option: A
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Question 26
A
limit consumer demand
B
enable producers make profits
C
allocate scarce resources among competing ends
D
ensure consumer sovereignty
E
achieve excess capacity
Explanation

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Correct option: C
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Question 27
A
higher than the last price
B
lower than the last price
C
higher than the equilibrium price
D
lower than the equilibrium price
E
higher than the ceiling price
Explanation

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Correct option: D
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Question 28
A
their factor prices are equal
B
their marginal products are equal to the factor prices
C
their marginal products are each equal to zero
D
the ratios of their marginal product equals the ratio of their prices
E
none of the above
Explanation

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Correct option: B
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Question 29
A
how much of resources a society uses to produce a particular commodity
B
the rate of inflation
C
the rate of unemployment in an economy
D
the various combinations of the commodities that can be produced
E
all of the above
Explanation

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Correct option: D
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Question 30
A
use of inferior inputs
B
inefficiency
C
improvement in production techniques and practices
D
changes in the product mix
E
changes in consumer taste
Explanation

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Correct option: C

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