MCQ Bank
Predatory dumping involves selling a commodity:
- A) At equal price domestically and abroad to maintain market share
- B) Below cost temporarily abroad
- C) At a higher price abroad than domestically
- D) All of the given options
What economic effect do voluntary export restraints (VERs) have, similar to import quotas?
- A) They lead to higher-quality and higher-priced imports.
- B) They reduce the cost of imported goods for consumers.
- C) They limit the quantity of imports into the importing country.
- D) All of the given options are correct.
Which of the following is an example of a free trade area?
- A) The Southern Common Market
- B) The North American Free Trade Agreement
- C) All of the given options
- D) The European Free Trade Association
-------------- are harmed by higher price of commodity X in a nation due to the subsidy.
- A) Domestic producers
- B) Neither domestic producers nor domestic consumers
- C) Domestic consumers
- D) Both domestic producers and domestic consumers
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- A) It decreases to $0.1.
- B) It increases to $2.
- C) It decreases to $0.5.
- D) It remains unchanged at $1.
Given the Cobb-Douglas production function;$$Q = AK^\alpha L^\beta$$ Q represents:
- A) Constant
- B) Capital
- C) Output
- D) Labor
Given the Cobb-Douglas production function;$$Q = AK^\alpha L^\beta$$ K represents:
- A) Output
- B) Capital
- C) Labor
- D) Constant
In the consumption function; C = 1250 + 0.85Y, marginal propensity to consume is:
- A) 1250
- B) 0.85
- C) 1250.85
- D) 1249.15
$$2x + 3y = 20$$ is an example of:
- A) Cubic function
- B) Production function
- C) Quadratic function
- D) Implicit function
Which of the following is used to find out the Hicksian demand functions?
- A) Roy’s identity
- B) Cobweb theorem
- C) Hotelling’s Lemma
- D) Shephard Lemma
$$\begin{gathered} y = f(g(x)) \hfill \\ \frac{{dy}} {{dx}} = \frac{d} {{dx}}\{ f(g(x))\} = f'(g(x)).g'(x) \hfill \\\ \end{gathered}$$ Given the above expression; $$f'$$ represents:
- A) Outside function
- B) Inside function
- C) Derivative of inside function
- D) Derivative of outside function
Envelope theorem is based on:
- A) Matrices
- B) Calculus
- C) Algebra
- D) Equilibrium
Given the Cobb-Douglas production function;$$Q = AK^\alpha L^\beta$$ A represents:
- A) Constant
- B) Output
- C) Labor
- D) Capital
Cost of raw material is an example of:
- A) Sunk cost
- B) Opportunity cost
- C) Variable cost
- D) Fixed cost
Cost which does not change with the level of output is called:
- A) Opportunity cost
- B) Fixed cost
- C) Variable cost
- D) Sunk cost
$$\pi = PQ - wK$$ is the profit function of the labor market; what does K show in this function?
- A) Quantity of capital input
- B) Price of capital input
- C) Quantity of output
- D) Price of output
$$F(U,x_1 ,x_2 ) = 0$$ shows:
- A) Cubic function
- B) Quadratic function
- C) Cubic function
- D) Implicit function
Total derivative of the function $$y = f(g(w),w)$$ is:
- A) $$\frac{{dy}} {{dw}} = dx + f_w .\frac{{dw}} {{dw}}$$
- B) $$\frac{{dy}} {{dw}} = f_x .\frac{{dx}} {{dw}} + dx$$
- C) $$\frac{{dy}} {{dw}} = \frac{{dx}} {{dw}} + \frac{{dw}} {{dw}}$$
- D) $$\frac{{dy}} {{dw}} = f_x .\frac{{dx}} {{dw}} + f_w .\frac{{dw}} {{dw}}$$
What happens as a result of technological changes in the production process?
- A) No change in the production function
- B) Production function remain at its initial condition
- C) Production function shifts outward
- D) Production function shifts inward
Which of the following is the total differential of $$U = f(x_1 ,x_2 )$$?
- A) $$dU = U_1 .dx_1 /U_2 .dx_2$$
- B) $$dU = U_1 + U_2$$
- C) $$U_1 .dx_1 = U_2 .dx_2$$
- D) $$dU = U_1 .dx_1 + U_2 .dx_2$$