[{"id":213419,"question":"If a firm which polluted the water of area had to pay all social cost would have","choices":[{"text":"Small output","value":"A"},{"text":"Large output","value":"B"},{"text":"Heavy output","value":"C"},{"text":"B and C","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213418,"question":"The law of diminishing marginal returns to a factor of production is.","choices":[{"text":"Not applicable","value":"A"},{"text":"Another explanation of economies of scale","value":"B"},{"text":"A principle of scales","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213417,"question":"If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.","choices":[{"text":"Increase in demand","value":"A"},{"text":"Decrease in demand","value":"B"},{"text":"Increase in total revenue","value":"C"},{"text":"Decrease in total revenue","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213416,"question":"In the short run the competitive firm will produce if.","choices":[{"text":"Price is equal to marginal cost","value":"A"},{"text":"Price is equal to marginal revenue","value":"B"},{"text":"Price is equal to total cost","value":"C"},{"text":"Price is equal to are greater than average variable cost.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213415,"question":"In the short run, the supply of farm commodities is.","choices":[{"text":"Inelastic","value":"A"},{"text":"Less elastic","value":"B"},{"text":"More elastic","value":"C"},{"text":"Undetermined","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213414,"question":"The Lorenz curve shows that","choices":[{"text":"unemployment does not affect social group","value":"A"},{"text":"People with low income spend more","value":"B"},{"text":"People with low income spend less","value":"C"},{"text":"the degree of income equality in the economy","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213413,"question":"The downward kinked demand curve facing the individual oligopolistic implies that","choices":[{"text":"He face price certainlty","value":"A"},{"text":"Competitors have a tendency to follow price decreases but not price increase","value":"B"},{"text":"Total revenue remains same if a firm increases price","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213412,"question":"The supply curve of a perfectly competitive firm","choices":[{"text":"Includes the upward sloping portion of the marginal cost","value":"A"},{"text":"Is equal to entire margin cost","value":"B"},{"text":"Includes the downward sloping portion of marginal cost","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213411,"question":"in monopolistic competition the firms desire to sell more output at the equilibrium because.","choices":[{"text":"Price is more than marginal cost","value":"A"},{"text":"Price is less than marginal cost","value":"B"},{"text":"Price is less than average cost","value":"C"},{"text":"Price more than average cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213410,"question":"The supply curve of a monopolist is always.","choices":[{"text":"More elastic","value":"A"},{"text":"Less elastic","value":"B"},{"text":"undefined","value":"C"},{"text":"Steeper","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213409,"question":"When the demand curve is a straight line the elasticity of demand at the center point will be.","choices":[{"text":"Equal to zero","value":"A"},{"text":"infinite","value":"B"},{"text":"More than one","value":"C"},{"text":"Equal to one","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213408,"question":"In case of complimentary goods, if the price of one commodity falls there will be.","choices":[{"text":"Rise in demand of other commodity","value":"A"},{"text":"Fall in demand of other 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on.","choices":[{"text":"inelastic part of demand curve","value":"A"},{"text":"Elastic demand of part curve","value":"B"},{"text":"Ignore elasticity","value":"C"},{"text":"More elastic demand of part curve","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213403,"question":"Finance minister tax a commodity","choices":[{"text":"having elastic demand","value":"A"},{"text":"ignore elasticity","value":"B"},{"text":"Having unti elastic demand","value":"C"},{"text":"Having unit elastic demand","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213402,"question":"When the demand curve is vertical its shows that the demand is.","choices":[{"text":"Less elastic","value":"A"},{"text":"Very high elastic","value":"B"},{"text":"Elastic","value":"C"},{"text":"Perfectly inelastic","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213401,"question":"when there is huge change in demand following method is used to measure elasticity of demand.","choices":[{"text":"Percentage method","value":"A"},{"text":"Arc method","value":"B"},{"text":"Point method","value":"C"},{"text":"Other method","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213400,"question":"The demand curve of unitary elastic commodity is.","choices":[{"text":"Rectangular hyperbola","value":"A"},{"text":"Parabola","value":"B"},{"text":"Straight line","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213399,"question":"Which of the following taxes is regressive","choices":[{"text":"The federal income tax","value":"A"},{"text":"The state income tax","value":"B"},{"text":"The sales tax","value":"C"},{"text":"The Medicare tax","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213398,"question":"One of the following has more elastic demand.","choices":[{"text":"A commodity with substitutes","value":"A"},{"text":"A commodity having more than one use","value":"B"},{"text":"A commodity commonly use","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213397,"question":"The tax is question 52 is","choices":[{"text":"Progressive's","value":"A"},{"text":"Regressive","value":"B"},{"text":"Proportional","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213396,"question":"An income demanded curve of an inferior good is.","choices":[{"text":"Same in slope","value":"A"},{"text":"Upward is slope","value":"B"},{"text":"Downward in slope","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213395,"question":"Extension and contraction of demand mean","choices":[{"text":"Movement on the same demand curve","value":"A"},{"text":"Movement to high demand curve","value":"B"},{"text":"Movement to lower demand curve","value":"C"},{"text":"Movement to another demand curve","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213394,"question":"change in quantity demanded","choices":[{"text":"Downward shift of demand curve","value":"A"},{"text":"Movement on the same demand curve","value":"B"},{"text":"Downward shift","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213393,"question":"Duopoly is a market situation when there is","choices":[{"text":"Single seller","value":"A"},{"text":"Many seller","value":"B"},{"text":"Two seller","value":"C"},{"text":"Few seller","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213392,"question":"The largest source of tax revenue for the federal government is","choices":[{"text":"The prerenal income tax","value":"A"},{"text":"The social security tax","value":"B"},{"text":"the property tax","value":"C"},{"text":"The sales tax","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213391,"question":"A demand curve is not related to","choices":[{"text":"The time period","value":"A"},{"text":"The price of the commodity","value":"B"},{"text":"The price of substitution","value":"C"},{"text":"Any of above","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213390,"question":"A typical demand curve cannot be","choices":[{"text":"Rising upwards to the right","value":"A"},{"text":"A straight line","value":"B"},{"text":"Concave to origin","value":"C"},{"text":"Convex to origin","value":"D"},{"value":"E"}],"correctAnswer":1}]