CA Foundation Economics - Mega Mock
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var Q=[
{s:"Demand & Supply",q:"Demand for a commodity refers to:",o:["desire backed by ability to pay","need and willingness to pay","quantity demanded at a certain price","quantity demanded during a period at a price"],a:3},
{s:"Demand & Supply",q:"If quantity demanded remains unchanged regardless of price, demand curve is:",o:["Horizontal","Vertical","Positively sloped","Negatively sloped"],a:1},
{s:"Demand & Supply",q:"Price of hot dog rises 22 percent, quantity demanded falls 25 percent. Demand is:",o:["Elastic","Inelastic","Unitary elastic","Perfectly elastic"],a:0},
{s:"Demand & Supply",q:"Cross elasticity of beef w.r.t. chicken price (+20 percent) when beef demand rises 5 percent:",o:["-0.25","0.25","-4","4"],a:1},
{s:"Demand & Supply",q:"Total consumer expenditure increases when:",o:["Demand is unitary and price falls","Demand is elastic and price rises","Demand is inelastic and price falls","Demand is inelastic and price rises"],a:3},
{s:"Demand & Supply",q:"Price elasticity of demand measures responsiveness of:",o:["Price to quantity","Quantity demanded to price","Price to income","Quantity to income"],a:1},
{s:"Demand & Supply",q:"Price elasticity of demand is calculated as:",o:["percent change in quantity divided by percent change in price","percent change in price divided by percent change in quantity","Change in quantity divided by change in price","Change in price divided by change in quantity"],a:0},
{s:"Demand & Supply",q:"Movies: price 120 to 200, attendance 300 to 200. Arc elasticity approx:",o:["0.5","0.8","1.0","1.2"],a:1},
{s:"Demand & Supply",q:"Silverware: price 300 to 200, demand 3000 to 5000. Elasticity =",o:["0.8","1.0","1.25","1.50"],a:2},
{s:"Demand & Supply",q:"Pizzeria: price 60 to 100, demand 700 to 100. Elasticity =",o:["0.67","1.5","2.0","3.0"],a:2},
{s:"Demand & Supply",q:"If electricity demand is inelastic and rates rise:",o:["Quantity falls largely","Quantity falls slightly","Quantity rises short run","Quantity falls then rises"],a:1},
{s:"Demand & Supply",q:"Demand for a good is more inelastic if:",o:["Many substitutes","It is a luxury","Small part of income","Long time to adjust"],a:2},
{s:"Demand & Supply",q:"Income elasticity less than 1 for necessaries means:",o:["Spending rises proportionately","Spending rises less than proportionately","Spending falls","No change"],a:1},
{s:"Demand & Supply",q:"Potato chips and popcorn are substitutes. Rise in chips price will:",o:["Increase popcorn demand and sales","Increase demand, decrease sales","Decrease both","Decrease demand, increase sales"],a:0},
{s:"Demand & Supply",q:"Elasticity of supply equals percent change in quantity supplied divided by:",o:["percent change in income","percent change in quantity demanded","percent change in price","percent change in taste"],a:2},
{s:"Demand & Supply",q:"Income elasticity of education = 3.6. This indicates education is:",o:["Necessity","Luxury","Inferior","Giffen"],a:1},
{s:"Demand & Supply",q:"Point elasticity is used when price change is:",o:["Large","Finite","Infinitesimally small","Infinite"],a:2},
{s:"Demand & Supply",q:"Price elasticity at midpoint of straight-line demand curve:",o:["0","1","1.5","2"],a:1},
{s:"Demand & Supply",q:"When Pepsi price rises, Coca Cola demand curve:",o:["Shifts left","Shifts right","Stays same","Rotates"],a:1},
{s:"Demand & Supply",q:"Leftward shift of demand curve may be due to:",o:["Fall in income","Fall in substitute price","Decrease in population","Any of the above"],a:3},
{s:"Demand & Supply",q:"Movement along same demand curve due to price change is:",o:["Change in demand","Change in quantity demanded","Shift of demand","Rotation"],a:1},
{s:"Demand & Supply",q:"Rightward shift of demand curve is caused by:",o:["Rise in substitute price","Fall in substitute price","Rise in own price","Fall in own price"],a:0},
{s:"Demand & Supply",q:"Price falls 6 to 4, quantity rises 10 to 15. Price elasticity =",o:["3","2","1","4"],a:2},
{s:"Demand & Supply",q:"If percent rise in quantity is less than percent fall in price, elasticity is:",o:["equal to 1","greater than 1","less than 1","Zero"],a:2},
{s:"Demand & Supply",q:"Decrease in price increases total revenue if demand is:",o:["Inelastic","Elastic","Unitary","Perfectly inelastic"],a:1},
{s:"Demand & Supply",q:"Increase in price increases total revenue if demand is:",o:["Elastic","Inelastic","Unitary","Perfectly elastic"],a:1},
{s:"Demand & Supply",q:"A perfectly inelastic demand curve is:",o:["Horizontal","Vertical","Downward sloping","Upward sloping"],a:1},
{s:"Demand & Supply",q:"Law of demand states inverse relationship between:",o:["Income and demand","Price and quantity demanded","Supply and price","Demand and supply"],a:1},
{s:"Demand & Supply",q:"Giffen goods violate:",o:["Law of supply","Law of demand","Law of returns","Law of variable proportions"],a:1},
{s:"Demand & Supply",q:"Expansion of demand occurs when:",o:["Price falls","Price rises","Income rises","Taste changes"],a:0},
{s:"Demand & Supply",q:"Contraction of demand occurs when:",o:["Price falls","Price rises","Income falls","Population falls"],a:1},
{s:"Demand & Supply",q:"Supply curve slopes upward because:",o:["Law of demand","Law of diminishing returns","Higher price induces more production","Government policy"],a:2},
{s:"Demand & Supply",q:"Equilibrium occurs where:",o:["Demand is greater than Supply","Demand is less than Supply","Demand equals Supply","Price is maximum"],a:2},
{s:"Demand & Supply",q:"If both demand and supply increase, equilibrium quantity:",o:["Falls","Rises","Uncertain","Stays same"],a:1},
{s:"Demand & Supply",q:"If demand rises and supply falls, equilibrium price:",o:["Falls","Rises","Uncertain","Stays same"],a:1},
{s:"Production & Cost",q:"Average product is at maximum when:",o:["MP greater than AP","MP equals AP","MP less than AP","MP equals 0"],a:1},
{s:"Production & Cost",q:"Marginal product is best described as:",o:["Total product divided by variable input","Additional output from one-unit increase in variable input","Additional output from both inputs","Ratio of variable to fixed input"],a:1},
{s:"Production & Cost",q:"If MP of labour is below AP of labour:",o:["MP is negative","MP is zero","AP is falling","AP is negative"],a:2},
{s:"Production & Cost",q:"Law of variable proportions assumes:",o:["Technology changes","Some inputs fixed","Only monetary inputs","Technology stable"],a:3},
{s:"Production & Cost",q:"Short run is defined as period when:",o:["less than 6 months","less than 5 years","All inputs fixed","At least one input fixed"],a:3},
{s:"Production & Cost",q:"Decreasing returns to scale means all inputs up 10 percent gives output:",o:["down 10 percent","up 10 percent","up less than 10 percent","up more than 10 percent"],a:2},
{s:"Production & Cost",q:"Diminishing marginal returns shown by TP sequence:",o:["50,50,50,50","50,110,180,260","50,100,150,200","50,90,120,140"],a:3},
{s:"Production & Cost",q:"At point of inflexion, marginal product is:",o:["Increasing","Decreasing","Maximum","Negative"],a:2},
{s:"Production & Cost",q:"In third stage of production:",o:["MP positive slope","MP below AP","TP increases","MP negative"],a:3},
{s:"Production & Cost",q:"When MC is below ATC:",o:["AFC rising","ATC falling","ATC rising","ATC minimized"],a:1},
{s:"Production & Cost",q:"Long-run average cost curve is:",o:["Identical to LRMC","LR supply curve","Tangent to all short-run ATC curves","Always downward"],a:2},
{s:"Production & Cost",q:"Expanding scale initially leads to:",o:["Diseconomies","Economies of scale","Constant returns","Negative returns"],a:1},
{s:"Production & Cost",q:"Increasing returns to scale means:",o:["Doubling inputs doubles output","Inputs up 50 percent, output up 25 percent","Inputs up 25 percent, output up 33 percent","None of these"],a:2},
{s:"Production & Cost",q:"MC of 9th unit = 20, AC at same level = 15. This means:",o:["Both falling","Both rising","MC rising, AC falling","Impossible to tell"],a:1},
{s:"Production & Cost",q:"Implicit cost is:",o:["Money paid to non-owners","Money not paid for self-owned factors","Money paid to owners","Explicit payments"],a:1},
{s:"Production & Cost",q:"Which is production in Economics?",o:["Tiling soil","Singing for friends","Preventing child from falling","Painting for pleasure"],a:2},
{s:"Production & Cost",q:"Hours 0,1,2,3; TP blank,100,blank,240; MP of 2nd = 80. TP when 2 hours:",o:["80","100","180","200"],a:2},
{s:"Production & Cost",q:"Output 0 to 6; TC 240,330,410,480,540,610,690. AFC at 2 units:",o:["80","85","120","205"],a:2},
{s:"Production & Cost",q:"7 units, ATC=150, fixed cost=350. Variable cost per unit:",o:["200","50","300","100"],a:1},
{s:"Production & Cost",q:"Isoquant shows combinations of two inputs yielding:",o:["Same profit","Same total product","Same cost","Same revenue"],a:1},
{s:"Production & Cost",q:"TP: 200,350,450,500 for 4 units. MP of 3rd unit:",o:["150","100","50","120"],a:1},
{s:"Production & Cost",q:"Which is incorrect?",o:["LAC is planning curve","TR equals Price times Quantity","Opportunity cost equals alternative cost","TR divided by units equals MR"],a:3},
{s:"Production & Cost",q:"Law of diminishing returns applies in:",o:["Long run only","Short run","Both runs","Neither"],a:1},
{s:"Production & Cost",q:"Total fixed cost in short run:",o:["Varies with output","Remains constant","Zero at zero output","Equals variable cost"],a:1},
{s:"Production & Cost",q:"Shape of TVC is:",o:["Straight line","S-shaped initially then rises steeply","Horizontal","U-shaped"],a:1},
{s:"Production & Cost",q:"MC curve intersects AC curve at:",o:["Maximum AC","Minimum AC","Maximum MC","Origin"],a:1},
{s:"Production & Cost",q:"Economies of scale arise due to:",o:["Specialization","Technical improvements","Managerial efficiency","All of the above"],a:3},
{s:"Production & Cost",q:"Entrepreneur functions include:",o:["Initiating business","Risk bearing","Innovating","All of the above"],a:3},
{s:"Production & Cost",q:"Fixed costs continue even when:",o:["Output rises","Output falls","Production stops in short run","Firm exits"],a:2},
{s:"Production & Cost",q:"AP equals TP divided by:",o:["MP","Units of variable input","Total cost","Fixed input"],a:1},
{s:"Production & Cost",q:"Returns to scale is a:",o:["Short-run concept","Long-run concept","Both runs","Neither"],a:1},
{s:"Production & Cost",q:"AC equals AFC plus:",o:["MC","AVC","MR","TFC"],a:1},
{s:"Production & Cost",q:"Marginal cost is change in TC when output increases by:",o:["Two units","One unit","Ten units","Zero"],a:1},
{s:"Production & Cost",q:"Opportunity cost is also called:",o:["Sunk cost","Alternative cost","Fixed cost","Money cost"],a:1},
{s:"Production & Cost",q:"Production function relates inputs to:",o:["Cost","Maximum output","Revenue","Profit"],a:1},
{s:"Price Determination",q:"Equilibrium price when P=4, D=700, S=700:",o:["2","3","4","5"],a:2},
{s:"Price Determination",q:"PC technology improves and new uses discovered. Equilibrium:",o:["Price up, quantity indeterminate","Price down, quantity indeterminate","Quantity up, price indeterminate","Quantity down, price indeterminate"],a:2},
{s:"Price Determination",q:"Perfectly competitive firms are small meaning:",o:["less than 10 employees","Downward demand curve","Assets less than 20 lakh","Cannot affect market price"],a:3},
{s:"Price Determination",q:"Allocative efficiency means:",o:["MC equals MR","MC equals AC","MC equals AR","AR equals MR"],a:2},
{s:"Price Determination",q:"Hand tools dominated by 3 firms is:",o:["Monopolistic competition","Monopoly","Oligopoly","Perfect competition"],a:2},
{s:"Price Determination",q:"Market in Economics refers to:",o:["Place where buyers and sellers bargain","Place without bargaining","Place without sellers","None"],a:0},
{s:"Price Determination",q:"Market for ultimate consumers is:",o:["Wholesale","Regulated","Unregulated","Retail"],a:3},
{s:"Price Determination",q:"Which is incorrect?",o:["Under monopoly firm equals industry","Monopolist restricts output","Perfect competition has heterogeneous goods","Product differentiation is monopolistic competition"],a:2},
{s:"Price Determination",q:"MR equals MC is condition for:",o:["Maximum loss","Maximum profit","Minimum cost","Break-even"],a:1},
{s:"Price Determination",q:"MC curve must cut MR from below for:",o:["Unstable equilibrium","Stable equilibrium","Shutdown","Entry"],a:1},
{s:"Price Determination",q:"Perfect competition features:",o:["Many buyers and sellers","Homogeneous product","Free entry and exit","All of the above"],a:3},
{s:"Price Determination",q:"In perfect competition, AR = MR =",o:["MC","AC","Price","Profit"],a:2},
{s:"Price Determination",q:"Demand curve equals MR curve in:",o:["Monopoly","Monopolistic competition","Oligopoly","Perfect competition"],a:3},
{s:"Price Determination",q:"If PC firm makes losses, continue if covers:",o:["Fixed costs","Variable costs","Total costs","Sunk costs"],a:1},
{s:"Price Determination",q:"Zero economic profit occurs when:",o:["AR greater than ATC","AR equals ATC","MR equals ATC","MR equals MC"],a:1},
{s:"Price Determination",q:"Which is not correct about perfect competition?",o:["Homogeneous goods","Marketing costs exist","No transport costs","Perfect mobility"],a:1},
{s:"Price Determination",q:"Firm has no price control under:",o:["Monopoly","Oligopoly","Monopolistic competition","Perfect competition"],a:3},
{s:"Price Determination",q:"Price elasticity is infinite under:",o:["Monopoly","Perfect competition","Oligopoly","Monopolistic competition"],a:1},
{s:"Price Determination",q:"Short-run supply curve of competitive firm is:",o:["AC curve","AVC curve","MC curve above AVC","AFC curve"],a:2},
{s:"Price Determination",q:"Agricultural markets closely resemble:",o:["Perfect competition","Oligopoly","Monopoly","Monopolistic competition"],a:0},
{s:"Price Determination",q:"Which is not a competitive market characteristic?",o:["Many buyers and sellers","Similar goods","Long-run supernormal profits","Free entry and exit"],a:2},
{s:"Price Determination",q:"Market with many firms selling similar products:",o:["Monopoly","Oligopoly","Monopolistic competition","Perfect competition"],a:3},
{s:"Price Determination",q:"Market closest to perfect competition:",o:["Electricity","Cable TV","Cola","Milk"],a:3},
{s:"Price Determination",q:"Pure competition requires:",o:["Many buyers and sellers, free entry","Homogeneous product","Both a and b","Product differentiation"],a:2},
{s:"Price Determination",q:"Monopoly has:",o:["Many sellers","One seller","Few sellers","Two sellers"],a:1},
{s:"Price Determination",q:"Monopolistic competition features:",o:["Homogeneous products","Product differentiation","One seller","No competition"],a:1},
{s:"Price Determination",q:"Oligopoly is characterized by:",o:["One firm","Few large firms","Many small firms","No firms"],a:1},
{s:"Price Determination",q:"Price discrimination is possible under:",o:["Perfect competition","Monopoly","Both","Neither"],a:1},
{s:"Price Determination",q:"In long run, perfect competition earns:",o:["Supernormal profit","Normal profit","Losses","Monopoly profit"],a:1},
{s:"Price Determination",q:"Kinked demand curve is associated with:",o:["Monopoly","Oligopoly","Perfect competition","Monopolistic competition"],a:1}
];
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function startScreen(){app.innerHTML='<div class="main start"><h1>CA Foundation Economics - Mega Mock</h1><p><b>'+Q.length+' Questions</b> - <b>120 Minutes</b></p><p>+1 correct | -0.25 wrong | 0 skipped</p><p style="margin-top:10px;font-size:12px;color:#64748b">Demand & Supply - Production & Cost - Price Determination</p><button onclick="startQuiz()">Start Test</button></div>'}
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function tick(){if(sub)return;tGame Source: CA Foundation Economics - Mega Mock
Creator: StealthTiger71
Libraries: none
Complexity: moderate (158 lines, 19.5 KB)
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