Economics - Practice Test | ExamPrepSheets

[#1246] We have asked Mac to rank his preference between three market basket - A, B and C. If Mac prefers B to C, but does not care if he gets A or B, then

(A) A is on a higher indifference curve than B

(B) B is on a higher indifference curve than C, but it is not possible to determine whether C is on a higher, lower or same indifference curve than A

(C) C is on a higher indifference curve

(D) Both A and B are on a higher indifference curve than C

Correct Answer

(D) Both A and B are on a higher indifference curve than C

[#1247] Monopoly is based on-

(A) control over demand

(B) control over supply

(C) control over population

(D) control over price level

Correct Answer

(D) control over price level

[#1248] The study of ups and down in economics is

(A) Monetary policy

(B) Fiscal policy

(C) Business cycles

(D) None

Correct Answer

(C) Business cycles

[#1249] A monopoly may determine

(A) Price

(B) Production

(C) Either price or production

(D) None

Correct Answer

(C) Either price or production

[#1250] The best measure of economic development will be

(A) Increase/growth in gross national income

(B) Poverty ratio

(C) Increase in per capita real gross national product

(D) Accelerated capital formation

Correct Answer

(C) Increase in per capita real gross national product

Economics - Study Mode

[#1246] We have asked Mac to rank his preference between three market basket - A, B and C. If Mac prefers B to C, but does not care if he gets A or B, then

Correct Answer

[#1247] Monopoly is based on-

Correct Answer

[#1248] The study of ups and down in economics is

Correct Answer

[#1249] A monopoly may determine

Correct Answer

[#1250] The best measure of economic development will be

Correct Answer