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Economics Mcq Past Questions
~5.0 mins read
Answer the following questions and then press 'Submit' to get
your score.
Question 1
Which of the following statements about the market demand
curve for a product is false ?
a) The market demand curve represents the individual demand
curves of all consumers added together.
b) The market demand curve may shift if there is a change in
the behaviour of some households which consume the
product.
c) The market demand curve may shift if there is change in
the price of the product.
d) The market demand curve may shift if there is a change in
the number of consumers who buy the product.
Question 2
Which of the following does the principle of diminishing
marginal utility say about what happens when a consumer
consumes more of a product?
a) The consumer's total utility will be unaffected.
b) The consumer's total utility will diminish.
c) The consumer's marginal utility will diminish.
d) The consumer's marginal utility will become negative
Question 3
A consumer finds that for product A, the price is £5 and the
consumer's marginal utility is 100 utils, while for product B, the
price is £10 and the consumer's marginal utility is 160 utils.
Which of the following statements is true?
a) The consumer is maximizing utility from A and B.
b) The consumer would gain more utility from A and B by
consuming more A and less B.
c) The consumer would gain more utility from A and B by
consuming less A and more B.
d) The consumer could only gain more utility from A and B by
consuming more of both products.
Question 4
Which of the following factors does not help to explain why
most indifference curves between consumer products slope
down to the right and are curved rather than straight?
a) The principle of diminishing marginal utility.
b) The fact that both products concerned are regarded as
desirable.
c) The fact that most pairs of products are not perfect
substitutes.
d) The fact that the further an indifference curve is from the
origin, the more total utility it represents.
Question 5
Which of the following factors does not affect the slope and
position of a consumer's budget line between two products, A
and B?
a) The shape and position of the consumer's indifference
curves.
b) The price of A.
c) The price of B.
d) The consumer's income.
Question 6
A consumer plots an indifference map between two products
A and B, and marks in points to show the combinations of A
and B that the consumer would buy if the price of A changed
but the price of B remained the same. The consumer then
plots a line through these points. Which of the following is this
curve called?
a) A budget line.
b) A demand curve.
c) A price consumption curve.
d) An indifference curve.
Question 7
A consumer plots an indifference map between two products
A and B, and marks in points to show the combinations of A
and B that the consumer would buy if the prices of A and B
remained the same but the consumer's income increased.
Which of the following statements about this line is false?
a) The line is called an income consumption curve.
b) The line will always slope upwards to the right if both
products are normal goods.
c) The line will slope backwards or downwards at income
levels where one product is an inferior good.
d) The line may not pass through the origin.
Question 8
Suppose a consumer faces a rise in the price of product A
while the consumer's income remains unchanged. Which of
the following statements about the income effect is false?
a) There is no income effect because the consumer's income
is unchanged.
b) Between them the income and substitution effects cover
the entire change in the quantity that the consumer demands.
c) If the product is normal, the income effect works in the
same direction as the substitution effect.
d) If the product is inferior, the income effect works in the
opposite direction to the substitution effect.
Question 9
Suppose we draw an indifference map diagram to explore the
hours of work a worker will choose to do. Which of the
following will not apply to this diagram?
a) The indifference curves slope downwards to the right
because both income and leisure are desirable.
b) The curves get flatter to the right because both income and
leisure have diminishing marginal utility.
c) The indifference curves furthest from the original represent
the highest total utility.
d) An increase in the wage rate shifts the earnings leisure line,
with the new line being parallel to the initial line.
Question 10
Which of the following statements about labour supply curves
at high wages is true?
a) The supply curves of individuals may slope backwards, and
also the market supply curve for any given type of labour may
well slope backwards.
b) The supply curves of individuals may slope backwards, but
the market supply curve for any given type of labour is most
unlikely to slope backwards.
c) The supply curves of individuals are most unlikely to slope
backwards, but the market supply curve for any given type of
labour may well slope backwards.
d) The supply curves of individuals are most unlikely to slope
backwards, and the market supply curve for any given type of
labour is also most unlikely to slope backward
Please let us the answers in the comments
Please let us the answers in the comments
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Cokhale
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~1.6 mins read
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