Economics - Surplus
Quiz-summary
0 of 20 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
Information
This is the MCQs of Economics
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 20 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- Answered
- Review
-
Question 1 of 20
1. Question
Consumer surplus is the area:
Correct
Incorrect
-
Question 2 of 20
2. Question
A buyer’s willingness to pay is that buyer’s
Correct
Incorrect
-
Question 3 of 20
3. Question
If a buyer’s willingness to pay for a new Honda is Rs20,000 and she is able to actually buy it for Rs18,000 her consumer surplus is
Correct
Incorrect
-
Question 4 of 20
4. Question
An increase in the price of a good along a stationary demand curve
Correct
Incorrect
-
Question 5 of 20
5. Question
Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs30 for one, buyer 2 is willing to pay Rs25 for one, and buyer 3 is willing to pay Rs20 for one. If the price is Rs25, how many vases will be sold and what is the value of consumer surplus in this market?
Correct
Incorrect
-
Question 6 of 20
6. Question
Producer surplus is the area
Correct
Incorrect
-
Question 7 of 20
7. Question
If a benevolent social planner chooses to producer less than the equilibrium quantity of a good, then
Correct
Incorrect
-
Question 8 of 20
8. Question
If a benevolent social planner chooses to produce more than the equilibrium quantity of a good, then
Correct
Incorrect
-
Question 9 of 20
9. Question
The seller’s cost of production is
Correct
Incorrect
-
Question 10 of 20
10. Question
Total surplus is the area
Correct
Incorrect
-
Question 11 of 20
11. Question
Suppose that the price of a new bicycle is Rs300 Natalie values a new bicycle at Rs 400 it costs Rs200 for the seller to produce the new bicycle. What is the value of total surplus if Natalie buys a new bike?
Correct
Incorrect
-
Question 12 of 20
12. Question
An increase in the price of a good along a stationary supply curve
Correct
Incorrect
-
Question 13 of 20
13. Question
Adam smith’s invisible hand concept suggests that a competitive market outcome
Correct
Incorrect
-
Question 14 of 20
14. Question
In general, if a benevolent social planner wanted to maximize the total benefits received by buyers and sellers in a market, the planner should:
Correct
Incorrect
-
Question 15 of 20
15. Question
If buyers are rational and there is no market failure
Correct
Incorrect
-
Question 16 of 20
16. Question
If a producer has market power (can influence the price of the product in the market) then free market solutions.
Correct
Incorrect
-
Question 17 of 20
17. Question
If a market is efficient then
Correct
Incorrect
-
Question 18 of 20
18. Question
If a market generates a side effect or externlity then free market solutions
Correct
Incorrect
-
Question 19 of 20
19. Question
Medical care clearly enhance people’s lives. Therefore, we should consume medical care until:
Correct
Incorrect
-
Question 20 of 20
20. Question
Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime
Correct
Incorrect