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GK Set-1
Economics
Micro Economics
120

Micro Economics MCQ (GK Set-1) with Answers

120) Which of the following statements is false?

Price elasticity of demand is negative for most products

Price elasticity of supply is positive for most products

Income elasticity of demand is positive for normal goods

Cross elasticity of demand is positive between complements

Answer is:

Cross elasticity of demand is positive between complements

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

121) choose the correct option: 1.If the equilibrium price of petrol is Rs.1.00 per litre and the government places a price ceiling on petrol of Rs.1.50 per litre, the result will be a s

1-F,2-F,3-T

1-T,2-T,3-T

1-F,2-T,3-T

1-T,2-T,3-F

Answer is:

1-F,2-F,3-T

122) choose the correct option:1.The shortage of housing caused by a binding rent control is likely to be more severe in the long run when compared to the short run. 2.The minimum wage helps all teenager

1-T,2-F,3-T

1-T,2-T,3-T

1-F,2-F,3-T

1-T,2-T,3-F

Answer is:

1-T,2-F,3-T

123) choose the correct option: 1.A price ceiling that is not a binding constraint today could cause a shortage in the future if demand were to increase and raise the equilibrium price above the fixed price ceiling.

1-T,2-F,3-F

1-T,2-F,3-T

1-F,2-F,3-T

1-T,2-T,3-F

Answer is:

1-T,2-F,3-F

124) choose the correct option:1.The ultimate burden of a tax falls most heavily on the side of the market that is less elastic 2.If medicine is a necessity, the burden of a tax on medicine will probably fall more heavily on the buyers of medicine.

1-T,2-T,3-F

1-T,2-F,3-T

1-T,2-F,3-F

1-F,2-F,3-T

Answer is:

1-T,2-T,3-F

Micro Economics MCQ (GK Set-1) with Answers

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