Micro Economics quiz

1. Zero Price Elasticity Of Demand Means
whatever the change in price, there is absolutely no change in demand
for a small change in price, there is a large change in demand
for a large change in price, there is a small change in demand
2. Which Of The Following Is The Most Close To The Definition Of Oligopoly?
The cigarette industry
The welding shop
Wheat growing farmers
3. Duopoly Is The Special Case Of Which Type Of Market Structure?
Oligopoly
Monopsony
Monopoly
4. Which Of The Following Correctly Describes The Nature Of India’s Economy?
Mixed Economy
Socialist Economy
Capitalist Economy
5. In Economic Terms, Globalization Is The Process Of Rapid ______ Between Countries.
Integration
Investment
Competition
6. A Good For Which Demand Decreases With Increase In Income Of Consumer Is Called
Inferior good
Giffen good
Public good
7. The Law Of Demand Implies That The Demand Curve
slopes down
first slopes up and then slopes down
slopes up
8. Which Of The Following Is Not Correct With Respect To Consumer Price Index?
CPI-U is the Consumer Price Index for Rural Consumers.
It measures the average change in prices of a basket of goods
It is the most widely used measure of inflation
9. Which Of The Following Is NOT Related To Microeconomics?
Unemployment
Labor Economics
Demand, Supply, and Equilibrium
10. Which Of The Following Is Measured By The Lorenz Curve?
Inequality of Income
Unemployment
Population growth rate
11. The Condition In Which Market Supply Matches Market Demand Is Called
Equilibrium
Normalisation
Equalisation
12. The Statement "Supply Creates Its Own Demand" Is Given By
J.B. Say
Thomas Jefferson
James Madison
13. Zero Price Elasticity Of Demand Means
whatever the change in price, there is absolutely no change in demand
for a large change in price, there is a small change in demand
for a small change in price, there is a large change in demand
14. The Law Of Demand States That:
as the price rises, the demand falls
as the price rises, the demand rises
as the demand rises, the price rises
15. A Situation Where The Expenditure Of The Government Exceeds Its Revenue Is Called ______.
Budget Deficit
Default Financing
Deficit Revenue

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