Match the Following MCQ Quiz

Question 1 of 5

Match each pair of goods in Column I with its type in Column II.

Column I
(i) Movie ticket and popcorn
(ii) Eraser and pencil
(iii) Laptop and desktop computer
(iv) Air conditioner and cooler

Column II
(P) Substitute goods
(Q) Complementary goods

A (i)-Q, (ii)-Q, (iii)-P, (iv)-P B (i)-P, (ii)-P, (iii)-Q, (iv)-Q C (i)-Q, (ii)-P, (iii)-Q, (iv)-P D (i)-P, (ii)-Q, (iii)-P, (iv)-Q

Select one option. Answers are shown after the test.

Question 2 of 5

Match each price situation in Column I with the correct outcome in Column II, based on Table 9.3.

Column I
(i) Rs 40 (Qd = 38 kg, Qs = 6 kg)
(ii) Rs 100 (Qd = 12 kg, Qs = 12 kg)
(iii) Rs 150 (Qd = 8 kg, Qs = 43 kg)

Column II
(P) Market equilibrium
(Q) Excess demand
(R) Excess supply

A (i)-Q, (ii)-P, (iii)-R B (i)-P, (ii)-Q, (iii)-R C (i)-R, (ii)-P, (iii)-Q D (i)-Q, (ii)-R, (iii)-P

Select one option. Answers are shown after the test.

Question 3 of 5

Match each example in Column I with the determinant of demand it illustrates in Column II.

Column I
(i) Salary rises, so more apples are bought
(ii) Sweaters sell well only in winter
(iii) Coffee price rises, so tea is bought more
(iv) People buy gold now, expecting a price rise

Column II
(P) Future price expectations
(Q) Income
(R) Price of related goods (substitutes)
(S) Seasonality

A (i)-Q, (ii)-S, (iii)-R, (iv)-P B (i)-P, (ii)-Q, (iii)-S, (iv)-R C (i)-S, (ii)-R, (iii)-P, (iv)-Q D (i)-R, (ii)-P, (iii)-Q, (iv)-S

Select one option. Answers are shown after the test.

Question 4 of 5

Match each unfair trade practice in Column I with its description in Column II.

Column I
(i) Overcharging
(ii) Hoarding and black marketing
(iii) Monopoly pricing
(iv) False advertising

Column II
(P) A single seller uses its power over price to charge higher prices
(Q) An ad makes false claims about a product
(R) A shopkeeper charges more than the MRP
(S) Goods are stocked up to create a shortage, then sold at a high price

A (i)-R, (ii)-S, (iii)-P, (iv)-Q B (i)-Q, (ii)-P, (iii)-S, (iv)-R C (i)-S, (ii)-R, (iii)-Q, (iv)-P D (i)-P, (ii)-Q, (iii)-R, (iv)-S

Select one option. Answers are shown after the test.

Question 5 of 5

Match each example in Column I with the limitation of government intervention it illustrates in Column II.

Column I
(i) A maximum wheat price below the market price
(ii) A small restaurant needs many licences and permits to open
(iii) Farmers do not invest in better seeds because prices are fixed too low

Column II
(P) Discouraging innovation
(Q) Compliance burden
(R) Price distortion

A (i)-R, (ii)-Q, (iii)-P B (i)-Q, (ii)-R, (iii)-P C (i)-P, (ii)-Q, (iii)-R D (i)-R, (ii)-P, (iii)-Q

Select one option. Answers are shown after the test.

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