NOUN TMA Past Questions and Answers: EC)711 - Advanced Microeconomic Theory

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Jed
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NOUN TMA Past Questions and Answers: EC)711 - Advanced Microeconomic Theory

Postby Jed » Thu Aug 12, 2021 4:52 am

NOUN TMA Past Questions and Answers: EC)711 - Advanced Microeconomic Theory



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[ECO711] The supply of land is ___
Fixed

[ECO711] When total utility begins to fall, marginal utility is ____
Negative

[ECO711] Rent is that portion of produce of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil. Tjis is a definition as propounded by ____
David Ricardo

[ECO711] A consumer is said to be a ____ person
Rational

[ECO711] The ratio of the marginal utility of two commodities consumed is referred to as ____
Marginal Rate of Substitution

[ECO711] The term convexity means that as marginal utility ____ , consumption ____
Falls/rises

[ECO711] Which of these is not an assumption of the ordinal utility?
Additivity

[ECO711] In economics, getting the maximum possible output from given resources is referred to as ____
Efficiency

[ECO711] In the cardinal utility approach consumer is at equilibrium when ____ is maximized
Utility

[ECO711] In the graphical method of solving linear programming, you begin by converting the constraint
Inequalities to equalities



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Jed
Posts: 1654
Joined: Tue Oct 10, 2017 6:37 pm
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Re: NOUN TMA Past Questions and Answers: EC)711 - Advanced Microeconomic Theory

Postby Jed » Thu Aug 12, 2021 4:53 am

Email: Solutions2tma@gmail.com
Whatsapp/ Telegram/ SignalApp: 08155572788


[ECO711] With other input kept constant, the rate of change of output when there is a change in labour is referred to as ____
Marginal Product of Labour

[ECO711] The Pareto Criterion was propounded by ____
Vilfredo Pareto

[ECO711] The divergent cobweb is unstable when price and quantity changes move away from the ____ position
Equilibrium

[ECO711] ____ is used to determine options that provide the best approach to achieve benefits while preserving savings
Cost Benefit Analysis

[ECO711] There are two widely known methods of solving linear programming problems, ___ and ___ methods
Graphical and Simplex

[ECO711] John Nash is known as a pioneer who brought to fore _______
Game theory

[ECO711] The criterion which states that a change in social welfare constitutes an improvement if those who benefit from it could compensate those who are hurt, and still be left with some net gain is referred to as ____ compensation criterion.
Kaldor-Hicks

[ECO711] The larger the level of investment, the greater the rate at which____ grows
Capital

[ECO711] The consequences of an economic activity experienced by unrelated third party is referred to as ___
Externality

[ECO711] Marginal Revenue Product (MRP) =
MPP x MR



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[
Jed
Posts: 1654
Joined: Tue Oct 10, 2017 6:37 pm
Contact:

Re: NOUN TMA Past Questions and Answers: EC)711 - Advanced Microeconomic Theory

Postby Jed » Thu Aug 12, 2021 4:55 am

Email: Solutions2tma@gmail.com
Whatsapp/ Telegram/ SignalApp: 08155572788



======
ECO711
======

1. In dynamic equilibrium, prices _____

Are fixed

Are equal to zero

Are negative

--->> Constantly changing

2. Higher indifference curve gives a higher _____

--->> Utility

Price

Budget line

Consumption

3. Oligopolies are typically characterized by mutual _____

Dependence

--->> Interdependence

Benefit

None of the option

4. The summation of all the satisfaction derived from consuming a particular commodity is referred to as _____

Average Utility

--->> Total Utility

Marginal Utility

Diminishing Marginal Utility

5. The price of a factor of production is governed by its marginal productivity is known as the Marginal Productivity Theory of ___

--->> Distribution

Production

Consumption

Investment

6. Which of these is not a characteristic of monopsony?

--->> Free entry and exit

No alternative buyers

A single firm buying all output in a market

Restrictions on entry into the industry

7. Which of these is not an assumption of the cardinal utility?

The marginal utility of money is constant:

Utility is additive

Utility is measurable and quantifiable

--->> Diminishing Marginal Rate of Substitution

8. When a coefficient is positive, we say we have a monotonic _____ function

--->> Increasing

Decreasing

Neutral

None of the options

9. Stackelberg Model was introduced by a ____ economicst

Italian

English

--->> German

French

10. The Theory of Rent was first developed by _____

John Keynes

Adam Smith

Robert Malthus

--->> David Ricardo



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