621. The branch of economics concerned with the behavior of markets, firms, and households is known as:
A) Microeconomics
B) Macroeconomics
C) Econometrics
D) Bayesian Economics
622. An economy is producing efficiently when no individual’s economic welfare can be improved unless:
A) Supply is increased
B) Demand is increased
C) Someone else is improved
D) Someone else is made worse off
623. Taxes are used to discourage __ of a commodity.
A) Consumption
B) Production
C) Saving
D) Inflation
624. The slope of the budget line shows the price ratios of:
A) Many goods
B) Two goods
C) Few goods
D) A few goods
625. An IC normally slopes downward from:
A) Left to right
B) Right to left
C) Both of them
D) None of the above
626. Utilities can be multiplied according to:
A) Classical approach
B) Cardinal approach
C) Neo-classical approach
D) None of the above
627. Marginal utility is only meant for:
A) Half utility
B) Additional utility
C) Full utility
D) Multiplied utility
628. According to classical theory, utility:
A) Can be ranked
B) Can be counted
C) Can be expressed in numbers
D) Cannot be expressed in numbers
629. From analysis, it is clear that both Marshal and Walras market models are:
A) Unstable
B) Variable
C) Stable
D) Fluctuating
630. The partial equilibrium model keeps other things:
A) Variable
B) Increasing
C) Constant
D) Decreasing
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