1.Consider the following statements about oligopoly. 1. A market where industry or sales are dominated by a small group of sellers. 2. The cigarette industry, airlines and wheat producing farmers are examples of Oligopoly. Which of the above statements is/are correct?
2.Which of the following best describes “Production Possibility Frontier”?
3.Consider the following statements. 1. In centrally planned economy, self interest is the prime consideration. 2. Social interest is behind every activity in market economy Which of the statements above is/are correct?
4.Which of the following best defines “Opportunity cost”?
5.Which of the following is not related to Microeconomics?
6.The statement “supply creates its own demand” is given by?
7.The “Invisible hand” refers to
8.Which of the following is/are not feature/s of the perfect competitive industry? 1. There is no government intervention in the Industry 2. Producers set the price of their products freely. 3. The industry consists of many firms producing similar products. Select the correct answer using the codes given below
9.‘Elasticity’ in economics is
10.Which of the following conclusions is true about the statement “Rich people should be taxed more”?
