[{"id":213461,"question":"The same graph shows that the firm order to maximize profits , should produce.","choices":[{"text":"30 units charges a price of Rs. 16","value":"A"},{"text":"20 Units and charge a price of Rs. 22","value":"B"},{"text":"35 Units and charge a price of Rs. 12","value":"C"},{"text":"38 units and charge a price or Rs. 10","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213460,"question":"According to Keynes, when the great depression started the government should be.","choices":[{"text":"Done nothing","value":"A"},{"text":"Decreased the money supply","value":"B"},{"text":"Had a large increase in government spending.","value":"C"},{"text":"Enacted high tariffs such as the smoot Hawley tariff","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213459,"question":"If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.","choices":[{"text":"Hire more of A and less of B","value":"A"},{"text":"Hire more of B and less of A","value":"B"},{"text":"Start paying factor A more","value":"C"},{"text":"Try to use factor B more productively","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213458,"question":"A linear homogenous production function would reveal.","choices":[{"text":"Constant returns to scale","value":"A"},{"text":"Increasing returns to scale","value":"B"},{"text":"Decreasing return to scale","value":"C"},{"text":"Doubling all inputs would more than double output","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213457,"question":"A price cross elasticity of 0.81 between X and Y shows that.","choices":[{"text":"They are complementary goods","value":"A"},{"text":"They are competitive substitutes","value":"B"},{"text":"They are not substitutes","value":"C"},{"text":"a reduction in the price of one would cause an increase in the consumption of the other.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213456,"question":"In an industry with a falling long term supply curve, which of the following is true.","choices":[{"text":"Industry unit cost are constant","value":"A"},{"text":"Industry unit costs are decreasing","value":"B"},{"text":"Industry unit costs are increasing","value":"C"},{"text":"Industry unit costs cannot be determined","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213455,"question":"Which of the following is NOT an example of non price competition the auto industry.","choices":[{"text":"End of the year discounts","value":"A"},{"text":"Zero percent auto loans","value":"B"},{"text":"Television advertising","value":"C"},{"text":"Establishing market niches","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213454,"question":"Disposable income is equal to.","choices":[{"text":"National income","value":"A"},{"text":"National income minus taxes plus transfers","value":"B"},{"text":"Real GDP","value":"C"},{"text":"National income Minus taxes","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213453,"question":"An increase in the discount rate at the FED generally has the following effect on bond prices.","choices":[{"text":"There is no demonstrated effect","value":"A"},{"text":"Such an increase tends to lower bond prices.","value":"B"},{"text":"Such an increase tends to raise bond prices","value":"C"},{"text":"Bond prices are related to the government purchase and sale of bonds.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213452,"question":"A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.","choices":[{"text":"70","value":"A"},{"text":"95","value":"B"},{"text":"700","value":"C"},{"text":"800","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213451,"question":"Which of the following groups is most hurt by unexpected inflation.","choices":[{"text":"Workers with cost of living adjustments in their labor contracts","value":"A"},{"text":"Home owners","value":"B"},{"text":"People with large debts to pay for their homes and cars","value":"C"},{"text":"People with large retirement savings held in savings accounts.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213450,"question":"An entrepreneur who collects profits in the short run for a new invention is collecting.","choices":[{"text":"The competitive rate of return on capital","value":"A"},{"text":"Temporary monopoly profit","value":"B"},{"text":"Rent","value":"C"},{"text":"A Ramsey surplus","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213449,"question":"In monopolistic competition, firms desire to sell more output at equilibrium because.","choices":[{"text":"Price is greater than average cost","value":"A"},{"text":"Price is greater than average variable cost","value":"B"},{"text":"Price is greater than marginal cost","value":"C"},{"text":"Price is equal to marginal revenue","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213448,"question":"Which of the following does not represent a barrier to entry into a market.","choices":[{"text":"Import quotas","value":"A"},{"text":"patent laws","value":"B"},{"text":"Government franchleses","value":"C"},{"text":"Anti trust legislation","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213447,"question":"Given the cost data indicated in the table above the average variable cost of producing 7 units of output is","choices":[{"text":"Rs.37","value":"A"},{"text":"Rs.29","value":"B"},{"text":"Rs.31","value":"C"},{"text":"Greater than Rs.37","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213446,"question":"If average variable cos tis less then marginal cost then certainly.","choices":[{"text":"Per unit total cost is rising","value":"A"},{"text":"Per unit total cost is constant","value":"B"},{"text":"Per unit total cost is falling","value":"C"},{"text":"Per unit variable cost is rising","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213445,"question":"Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.","choices":[{"text":"Employed","value":"A"},{"text":"Unemployed","value":"B"},{"text":"Not in the labor force","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213444,"question":"Immediately after a through we would expect to have al","choices":[{"text":"Peak","value":"A"},{"text":"Recession","value":"B"},{"text":"Recovery","value":"C"},{"text":"Another trough","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213443,"question":"An economy that falls to realize all of its p9otential gains from specialization is.","choices":[{"text":"Achieving productive efficiency","value":"A"},{"text":"Operating outside its production possibilities curve","value":"B"},{"text":"Operating on its production possibilities curve in an inefficient manner","value":"C"},{"text":"Operating inside its production possibility curve","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213442,"question":"A production possibilities curve indicates that when resources are being used efficiently","choices":[{"text":"More of one good cna be produced only if less of another good is produced","value":"A"},{"text":"More of one good can be produced only if its price is lowered","value":"B"},{"text":"Producing more of one good result in greater production of other goods","value":"C"},{"text":"More of one good can be product without producing less of other goods","value":"D"},{"value":"E"}],"correctAnswer":1}]