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Generate QuizEasy Level – GK Questions
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Transfer payments are included in GDP.
- True
- False
Answer: False
No goods or services are produced in exchange for transfers.
NNP at factor cost is known as ___.
- below
- National Income
- collusion
- frictional
Answer: National Income
It is the purest measure of a country's national income.
GNP includes net factor income from abroad.
- True
- False
Answer: True
GNP = GDP + Net Factor Income from Abroad (NFIA).
Total cost = Total fixed cost + ___.
- Foreign Currency Assets (FCA)
- Total variable cost
- 1998
- Okun's
Answer: Total variable cost
TC is the sum of TFC and TVC.
Fixed cost changes with output.
- True
- False
Answer: False
Fixed cost remains constant regardless of output level.
Isoquants intersect.
- True
- False
Answer: False
Isoquants never intersect, similar to ICs.
Long run has fixed costs.
- True
- False
Answer: False
All costs are variable in the long run.
Short run has at least one ___ factor.
- Variable
- Fixed
- Sunk
- None
Answer: Fixed
In the short run, some inputs cannot be changed.
Oligopoly has no barriers to entry.
- True
- False
Answer: False
Oligopoly has significant barriers to entry.
Duopoly has ___ sellers.
- two
- Diminishing Marginal
- middle-income (and creditworthy low-income)
- Refinery Products
Answer: two
Duopoly means exactly two sellers dominate the market.
Price taker exists in monopoly.
- True
- False
Answer: False
A monopolist is a price maker, not a price taker.
Monopoly has close substitutes.
- True
- False
Answer: False
Monopoly is characterized by having no close substitutes.
Perfect competition has?
- Differentiated products
- Homogeneous products
- Single seller
- Barriers
Answer: Homogeneous products
All firms produce identical/homogeneous products.
Necessities have highly elastic demand.
- True
- False
Answer: False
Necessities have highly inelastic demand.
Price elasticity > 1 means demand is?
- Inelastic
- Elastic
- Unitary
- Perfectly inelastic
Answer: Elastic
Ed > 1 indicates relatively elastic demand.
Indifference curves intersect.
- True
- False
Answer: False
ICs never intersect due to the property of transitivity.
Cardinal utility is measurable.
- True
- False
Answer: True
Cardinal approach assigns exact numerical values to utility.
Rightward shift in demand curve means ___ in demand.
- technological
- 66
- balance (or sum to zero)
- increase
Answer: increase
Rightward shift indicates higher demand at the same price.
Movement along demand curve is due to change in price.
- True
- False
Answer: True
Shifts are due to non-price factors like income.
Veblen goods are also known as ___ goods.
- snob
- 1965
- Net Factor Income from Abroad (NFIA)
- Ways and Means
Answer: snob
Snob/prestige goods violate the basic law of demand.