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Economics Past Questions and Answers

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Economics Questions

Question 806:

The revenue accruing to the seller of commodity X as a result of a fall in price will

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A Increase `
B Fall
C First fall but will increase later
D Remain unchanged

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Question 807:

Which of the following is an important function of prices in a market economy?

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A Ensuring that resources are used in the most efficient manner
B Ensuring an equitable distribution of goods and services
C Ensuring that all industries are perfectly competitive in the long run
D Equating level of purchases with level of needs

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Question 808:

One major difference between monopoly and perfect competition is that?

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A The perfect competitor is a price taker while the monopolist determines his own output
B Homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
C Sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
D There is free entry and exist in perfect competition but no free exist in monopoly

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Question 809:

A producer sustains a loss in the short run if

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A Marfinal revenue is less than price
B Price is less than average cost
C Average variable cost is less than average cost
D Marginal cost is less than marginal revenue

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Question 810:

A monopolist will practice price discrimination in two markets if?

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A The cost of separating the markets is large
B The markets have different elasticities of demand
C There is free flow of information in the two markets
D There is a patent of the commodity

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