Latest Surplus ( Economics ) MCQs – Updated Economics MCQs
This post is comprising of latest ” ( Economics ) MCQs – Latest Competitive Medical MCQs “. Here you’ll get latest Economics mcqs for written test, interview with answers. If you want to improve your knowledge regarding Economics then read these mcqs of Design of Steel Structures.
Latest Economics MCQs
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Latest Surplus ( Economics ) Mcqs
The most occurred mcqs of Surplus ( Economics ) in past papers. Past papers of Surplus ( Economics ) Mcqs. Past papers of Surplus ( Economics ) Mcqs . Mcqs are the necessary part of any competitive / job related exams. The Mcqs having specific numbers in any written test. It is therefore everyone have to learn / remember the related Surplus ( Economics ) Mcqs. The Important series of Surplus ( Economics ) Mcqs are given below:
If a market generates a side effect or externlity then free market solutions ?
A. are efficient
B. maximize producer surplus
C. are inefficient
D. are equitable
If a producer has market power (can influence the price of the product in the market) then free market solutions ?
A. are efficient
B. are equitable.
C. maximize consumer surplus
D. are inefficient
If buyers are rational and there is no market failure ?
A. free market solutions maximize total surplus
B. free market solutions are efficient
C. all of these answers
D. free market solutions are equitable
E. free market solutions are efficient and free market solutions maximize total surplus
Adam smith’s invisible hand concept suggests that a competitive market outcome ?
A. maximizes total surplus
B. minimizes total surplus
C. generates equality among the members of society
D. both maximizes total surplus and generates equality among the members of society
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 ?
A. Rs200
B. Rs300
C. Rs500
D. Rs400
The seller’s cost of production is ?
A. the seller’s consumer surplus
B. the minimum amount the seller is willing to accept for a good
C. the seller’s producer surplus
D. the maximum amount the seller is willing to accept for a good
E. none of these answers.
If a benevolent social planner chooses to producer less than the equilibrium quantity of a good, then ?
A. producer surplus is maximized
B. the value placed on the last unit production by buyers exceeds the cost of production.
C. total surplus is maximized
D. the cost of production on the last unit produced exceeds the value placed on it by buyers.
E. consumer surplus is maximized
Stocks MCQs
Producer surplus is the area ?
A. below the demand curve and above the price
B. below the demand curve and above the supply curve
C. below the supply curve and above the price
D. above the demand curve and below the price
E. above the supply curve and below the price
An increase in the price of a good along a stationary demand curve ?
A. improves market efficiency.
B. decrease consumer surplus
C. improves the material welfare of the buyers.
D. increase consumer surplus.
A buyer’s willingness to pay is that buyer’s ?
A. minimum amount they are willing to pay for a good
B. consumer surplus
C. producer surplus.
D. maximum amount they are willing to pay for a good
E. none of these answers
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 ?
A. equity Jamil should receive the glove
B. Efficiency Jamil should receive the glove
C. efficiency Saleem should receive the glove
D. consumer surplus both should receive a glove
Medical care clearly enhance people’s lives. Therefore, we should consume medical care until ?
A. we must cut back on the consumption of other goods.
B. the benefit buyers place on medical care is equal to the cost of producing it
C. buyers receive no benefit from another unit of medical care.
D. everyone has as much as they would like
If a market is efficient then_______?
A. the market allocates buyers to the sellers who can produce the good at least cost
B. all these answers
C. the market allocates output to the buyers that value it the most
D. the quantity produced in the market maximizes the sum of consumer and producer surplus
E. none of these answers
In general, if a benevolent social planner wanted to maximize the total benefits received by buyers and sellers in a market, the planner should?
A. choose a price above the market equilibrium price
B. allow the market to seek equilibrium on its own.
C. Choose any price the planner wants because the losses to the sellers (buyers) from any change in price are exactly offset by the gains to the buyers (sellers).
D. choose a price below the market equilibrium price
An increase in the price of a good along a stationary supply curve______________?
A. increase producer surplus
B. decrease producer surplus
C. does all the things describe in these answers
D. improves market equity
Total surplus is the area_______________?
A. below the demand curve and above the price
B. above the supply curve and below the price
C. below the demand curve and above the supply curve
D. below the supply curve and above the price
E. above the demand curve and below the price
If a benevolent social planner chooses to produce more than the equilibrium quantity of a good, then ?
A. consumer surplus is maximized
B. the cost of production on the last unit produced exceeds the value placed on it by buyers.
C. the value placed on the last unit of production by buyers exceeds the cost of production
D. total surplus is maximized
E. producer surplus is maximized
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 ?
A. One vase will be sold, and consumer surplus is Rs30.
B. One vase will be sold, and consumer surplus is Rs5.
C. Three vases will be sold, and consumer surplus is Rs80
D. Three vases will be sold, and consumer surplus is Rs0.
E. Two vases will be sold, and consumer surplus is Rs5.
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 ?
A. Rs20,000
B. Rs18,000
C. Rs2,000
D. Rs0.
Consumer surplus is the area ?
A. below the demand curve and above the price.
B. above the demand curve and below the price.
C. above the supply curve and below the price.
D. below the supply curve and above the price.
E. below the demand curve and above the supply curve