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Question-1
According to the reality principle, what is the most important aspect of money?
(A)
Velocity
(B)
Nominal value
(C)
marginal utility
(D)
Purchasing power
Question-2
If demand is perfectly inelastic, what is the price elasticity of demand?
(A)
-1
(B)
1
(C)
0
(D)
100
Question-3
When a minimum price is set, the result will most likely be a surplus for whom?
(A)
Consumer
(B)
Consumer and producer
(C)
Middlemen
(D)
Producer
Question-4
On a production possibilities curve, what will be the result of rapid technological advances in the production of one good?
(A)
An inward shift along both horizontal and vertical axes
(B)
An outward shift along both horizontal axis
(C)
An outward shift along both horizontal axis and an inward shift along the vertical axis
(D)
An outward shift along both horizontal and vertical axes.
Question-5
What will be the result of an excessive demand on soybeans?
(A)
The supply of soybeans will increase quickly
(B)
The demand for soybeans will decrease quickly
(C)
The price soybeans will decrease
(D)
The price of soybeans will increase
Question-6
What is the name of the extra cost created by a small increase in an activity?
(A)
Nominal cost
(B)
Marginal cost
(C)
Opportunity cost
(D)
Real cost
Question-7
Real salaries have increased while nominal salaries have remained the same. What can be inferred?
(A)
Prices nave risen
(B)
Prices have remained stagnant
(C)
Prices have fallen
(D)
Unemployment has decreased
Question-8
Josh and his father go to an all-you-can-eat pizza parlor. They fins that each piece of pizza is less satisfying than the last. What economic principle does this scenario illustrate?
(A)
Law of diminishing marginal utility
(B)
Increasing opportunity cost
(C)
Law of disappearing satisfaction
(D)
Law of transient advantages
Question-9
What is price discrimination based on?
(A)
Difference in income among consumer groups
(B)
Differences in nominal GDP
(C)
Differences in marginal utility
(D)
Differences in price elasticities of demand among consumer groups.
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