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Economics Cerification Guide: Mock Test 71

Total Revenue and Price Elasticity of Demand Notes Questions with Answers PDF Download - 71

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Total Revenue & Price Elasticity of Demand Quiz with Answers PDF Download: MCQs 71

MCQ: 351

Total revenue is being computed by the multiplication of

  1. aggregate demand and aggregate supply
  2. isoquant and indifference curve
  3. price and quantity
  4. average revenue and marginal revenue
MCQ: 352

The difference between the total amount that consumers are willing and able to pay and the amount they actually pay is known as

  1. producer surplus
  2. producer shortage
  3. consumer surplus
  4. consumer shortage
MCQ: 353

If a member country complains about dumping by a non-member country to the European Union, then the European Councils conducts and investigation for

  1. 2 months
  2. 10 months
  3. 15 months
  4. quarterly
MCQ: 354

A formal agreement between two or more companies or countries that agree on certain ideas and operate internationally is known as

  1. cartel
  2. dumping
  3. international cartel
  4. anti-dumping
MCQ: 355

Trade is basically dependent on having a

  1. comparative disadvantage
  2. comparative advantage
  3. absolute disadvantage
  4. absolute advantage

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