BBA - II SEM MICRO-ECONOMICS FUNDAMENTALS

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All Students solve 25 MCQ with 100 points. Each question is a multiple-choice question with four answer choices. Read each question and answer choice carefully and choose the ONE best answer

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1. Normally a demand curve will have the shape:

4 points

A. Horizontal

B. Vertical

C. Downward sloping

D. Upward sloping

Clear selection

2. Law of demand shows relation between:

4 points

A. Income and price of commodity

B. Price and quantity of a commodity

C. Income and quantity demand

D. Quantity demanded and quantity supplied

Clear selection

3. This is an assumption of law of demand:

4 points

A. Price of the commodity should not change

B. Quantity should not change

C. Supply should not change

D. Income of consumer should not change

Clear selection

4. If quantity demanded is completely unresponsive to changes in price, demand is:

4 points

A. Inelastic

B. Unit elastic

C. Elastic

D. Perfectly inelastic

Clear selection

5. Demand is a function of:

4 points

A. Price

B. Quantity

C. Supply D. None of these

D. None of these

Clear selection

6. What does price elasticity of demand measure?

4 points

A. Change in price caused by changes in demand

B. The rate of change of sales

C. The responsiveness of demand to price changes

D. The value of sales of a given price

Clear selection

7. It describes the law of supply:

4 points

A. Supply curve

B. Supply schedule

C. Supply equation

D. All the three

Clear selection

8. An individual demand curve slopes downward to the right because of the:

4 points

A.Working of the law of diminishing marginal utility

B.substitution effect of decrease in price

C.income effect of fall in Price

D.All of the above

Clear selection

9) A study of how increase in the corporate income tax rate , will affect the natural unemployment rate is an example of :

4 points

A.Macro Economics

B. Descriptive Economics

C. Micro Economics

D. Normative Economics

Clear selection

10) In which of the following market structure is the degree of control over the price of its product by a firm very large?

4 points

A.Imperfect competition

B.Perfect competition

C.Monopoly

D.In A and B both

Clear selection

11) Which of the following is Microeconomics concerned with?

4 points

A. The size of national output

B. The level of employment

C. Changes in the general level of prices

D. None

Clear selection

12) Which of the following is not a type of market structure?

4 points

A Competitive monopoly

B Perfect competition

C Oligopoly

D All of the above are types of market structures.

Clear selection

13) Marginal revenue is equal to price for which one of the following types of market structure?

4 points

A.Perfect

B.Monopoly

C.Oligopoly

D.None

Clear selection

14) The law of demand means?

4 points

A.As the quantity demanded rises, the price rises

B.As the price rises, the quantity demanded rises

C. As the price rises, the quantity demanded falls

D. As supply rises, the demand rises

Clear selection

15) The fundamental concept of Economics about resources is that the resources are

4 points

(A) equally distributed

(B) unequally distributed

(D) unlimited

Clear selection

16) The price elasticity of demand is the percentage change in _____ demanded divided by the percentage change in _____.

4 points

(A) supply, price

(B) quantity, price

(D) price, quantity

Clear selection

17) When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have

4 points

(A) unit-elastic demand

(B) unit-elastic supply

(D) supply-demand equilibrium

Clear selection

18) The term “oligopoly” means

4 points

(A) monopoly

(B) few sellers

(D) many sellers

Clear selection

19) Which of the following would NOT be a determinant of demand?

4 points

(A) the price of related goods

(B) income

(D) the prices of the inputs used to produce the good

Clear selection

20) Suppose you like banana cream pie made with vanilla pudding. Assuming all other things are constant, you notice that the price of bananas is higher. How would your demand for vanilla pudding be affected by this?

4 points

(A) It would decrease.

(B) It would increase.

(D)There is insufficient information given to answer the question.

Clear selection

21) Suppose that a decrease in the price of X results in less of good Y sold. This would mean that X and Y are

4 points

(A) complementary goods.

(B) substitute goods.

(D)normal goods.

Clear selection

22) Which of the following is the most competitive market structure?

4 points

(A) Perfect competition

(B) Monopolistic competition

(D) Monopoly

Clear selection

23) Which of the following is the least competitive market structure?

4 points

(A) Perfect competition

(B) Monopolistic competition

(D) Monopoly

Clear selection

24) Which of the following is NOT a feature of monopolistic competition?

4 points

(A) Numerous sellers

(B) Product differentiation

(D) Homogeneous products

Clear selection

25) In which form of market structure would price be the key factor when competing?

4 points

a) Monopoly

b) Oligopoly

c) Monopolistic competition

d) Perfect competition

Clear selection

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