Economics Mcqs

A. free market solutions are efficient
B. free market solutions maximize total surplus
C. all of these answers
D. free market solutions are equitable
E. free market solutions are efficient and free market solutions maximize total surplus

A. maximizes total surplus
B. generates equality among the members of society
C. minimizes total surplus
D. both maximizes total surplus and generates equality among the members of society

A. Rs500
B. Rs300
C. Rs200
D. Rs400

A. none of these answers.
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. the seller’s consumer surplus

A. total surplus is maximized
B. the value placed on the last unit production by buyers exceeds the cost of production.
C. producer 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

A. below the supply curve and above the price
B. below the demand curve and above the supply curve
C. below the demand curve and above the price
D. above the demand curve and below the price
E. above the supply curve and below the price

A. improves the material welfare of the buyers.
B. decrease consumer surplus
C. improves market efficiency.
D. increase consumer surplus.

A. minimum amount they are willing to pay for a good
B. producer surplus.
C. consumer surplus
D. maximum amount they are willing to pay for a good
E. none of these answers

A. efficiency Saleem should receive the glove
B. Efficiency Jamil should receive the glove
C. equity Jamil should receive the glove
D. consumer surplus both should receive a glove

A. everyone has as much as they would like
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. we must cut back on the consumption of other goods.