Kerala (English Medium) Plus 2 Humanities Study Materials, Online Learning, Question Papers, Classnotes, Practice Test, MCQ | Smartindia Educational Program : www.smartindia.net.in

Question-1 A monopolist will determine very ________ price for a commodity having inelastic demand.

(A) High	(B)Low
(C) Normal	(D)Constant

Question-2 Which of the following statements about a firm which is a price taker is false?

(A) The firm will sell its product at the going market price	(B)The demand curve faced by the firm is downward sloping
(C)The demand curve faced by the firm is horizontal even though the market demand curve is downward sloping	(D)The firm would sell nothing if it set a higher price than the market price

Question-3 When would a perfectly competitive industry have a long run supply curve that slopes downwards?

(A) If the industry has constant costs	(B) If the industry has decreasing costs
(C)If the industry has increasing costs	(D)Never

Question-4 Which of the following statements about price taker is false?

(A) They include monopolistic competitors and monopolists	(B)They can always raise their prices and still retain some customers
(C)They may set different prices in the short run and in the long run	(D) We do not analyse them using diagrams with supply and demand curve

Question-5 In ________ market there are two sellers of the commodity.

(A) Perfect Competition	(B)Monopoly
(C) Duopoly	(D)Oligopoly

Question-6 Suppose a country uses its resources in a pareto - efficient way - which of the following statements is true?

(A) There might be inefficiency in production	(B)There might be inefficiency in consumption
(C) It might be possible to make one person better off without making another person worse off	(D)There might be considerable inequality of income among the country's citizens

Question-7 Which of the following statements about industries that are oligopolies is false?

(A) Firms in these industries may attempt to cooperate	(B)The fact that there is more than one firm in an monopoly means that there are no barriers to entry
(C)The fact that there is more than one firm in an oligopoly means that there are no barriers to entry	(D)An oligopoly with two firms is called a duopoly

Question-8 What is the definition of a Nash Equilibrium?

(A) A situation where each player adopts their dominant strategy	(B)A situation where each player adopts the best strategy for them , given the strategy adopted by the other
(C)A situation where the combined pay offs of the players is the maximum possible	(D)The outcome that will arise in a game

Question-9 Fresh vegetable market is _________ market.

(A) Very short Period	(B)Short Period
(C)Long Period	(D)Very long Period

Question-10 In case of _________ market the policy of product differentiation is adopted by producers.

(A) Perfect Competition	(B) Imperfect Competition
(C)Short Period	(D)Very short Period

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Plus 2 Humanities

Kerala (English Medium)

Practice in Related Chapters
Forms of Market
National Income
Indian Economy 1950 - 1990
National Income Accounting
The Theory of Consumer Behaviour (Micro)
Elasticity of Demand (Micro)
Theory of Demand (Micro)
Market Equilibrium Under Perfect Competition (Micro)
Production Function-Returns to a factor(Micro)
Supply and Elasticity of Supply
Cost Revenue and Producers Equilibrium
Forms of Market
National Income Accounting and Circular flow of Income (Macro)