Price Floor

Q.

Prices are the signals that guide the allocation of society’s resources.

1. True

2. False

Q.

A Price floor is a minimum price allowed by law.

1. True

2. False

Q.

Price floors works exactly how price ceilings work, and hence, have four parallel effects: Surpluses, Lost gains from trade (deadweight loss), Wasteful increases in quality and again misallocation of resources

1. False

2. True

Q.

An example of price floors is the minimum wage law in the labour market, where government, in order to protect the suppliers and interests of laborers, mandates a wage floor or minimum wage.

1. True

2. False

Q. A result of minimum wage is unemployment. With respect to the labour market, this is a case of .

1. excess demand
2. excess supply
3. shortage

Q. Minimum wage is an example of a .

1. tax
2. price ceiling
3. price floor

Q.

If the price of a good decreases while the quantity of the good exchanged on markets decreases, then the most likely explanation is that there has been

1. an increase in demand.

2. a decrease in demand

3. a decrease in supply

4. an increase in supply

Q. In Global Positioning System (G.P.S) there are more than $24$ Nos. of (G.P.S) Satellite moving in circular orbits around the earth with the inclination of

Q. Which of the following software is not used in GIS?

1. Staad Pro
2. Arc Info
3. Gram ++
4. DBMS

Q. The minimum number of operational satellites required for fully operational GPS satellite constellation is

1. 31
2. 4
3. 33
4. 24