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ECO401 Current Mid Term Papers Spring 2012 Date: 11-5-2012 to 22-05-2012

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ECO401 Mid Term Paper  held on 11  May 2012

27  different MCQ's

Sunk Cost - 3 Marks

Maxima and Minima - 5 Marks

Production function - 5 Marks

Total and Average Revenue Calculation - 5 Marks

Good Luck to Every One 17 MiD Term papers of ECO401_ 7 0f 2010 and 10 of 2009 + Current Quizzes +short Questions and notes

MARGINAL RATES OF TECHNICAL SUBSTITUES MEANS ?

Short run equilibrium for perfect competition and monopoly?

Law of diminishing marginal return with respect to lbour and land?

Who are price maker and taker firm?

best of luck!

Thanks brother....:)

........Shared by Ali Ahsan.........

Some are new   but all MCQz 2009 and 2010 midterm papers

Mid Term Paper ECO 401

11 May 11, 2012

Time 11:30 AM

Total MCqz 28

2 question 3 marks

2 question 5 marks

1

Which of the following is considered to be a variable cost in the long run?

► Expenditures for wages.

► Expenditures for research and development.

► Expenditures for raw materials.

All of the given options.

2

A perfectly competitive firm maximizes profit by finding the level of production at which:

Price = Marginal Cost.

► Price = Average Total Cost.

► Average Total Cost = Marginal Cost.

► Price < Marginal Cost.

3

If the cross price elasticity of demand between two goods X and Y is positive; it means that goods are:

► Independent.

► Complements.

Substitutes.

► Inferior.

4

The long-run average total cost curve:

Traces out the points on the lowest short-run average total cost

curve for each level of production.

► Is inversely related to the depth of the short-run marginal cost curve.

► Traces out the midpoints on an average of several short-run average total

cost curves.

► Is downward-sloping under decreasing returns to scale.

5

Marginal profit is equal to:

Marginal revenue minus marginal cost.

► Marginal revenue plus marginal cost.

► Marginal cost minus marginal revenue.

► Marginal revenue times marginal cost.

6

Because of unusual warm weather, the supply of strawberries has

substantially increased. This statement indicates that:

► The demand for strawberries will necessarily rise.

The equilibrium quantity of strawberries will fall.

► The quantity of strawberries that will be available at various prices has

increased.

► The price of strawberries will fall.

7

In a free-market economy, the allocation of resources is determined by:

► A central planning authority.

Consumer preferences.

► The level of profits of firms.

8

We know that the demand for a product is elastic:

► When price rises, total revenue rises.

When price rises, total revenue falls.

► When income rises, quantity demanded rises.

► When income falls, quantity demanded rises.

9

At the profit-maximizing level of output, marginal profit:

► Is positive.

► Is increasing.

Is zero.

► Is also maximized.

10

An individual whose attitude towards risk is known as:

► Risk averse.

Risk loving.

► Risk neutral.

► None of the given options.

11

Question No: 31 ( Marks: 1 ) - Please choose one

What will happen if current output is more than the profit-maximizing

output?

► The next unit produced will increase profit.

The next unit produced will decrease revenue more than it increases

cost.

► The next unit produced will decrease cost more than it increases revenue.

► The next unit produced will increase revenue without increasing cost.

12

Which of the following is TRUE about L-shaped isoquant?

► It indicates that the firm could switch from one output to another costlessly.

► It indicates that the firm could not switch from one output to another.

► It indicates that capital and labor cannot be substituted for each other in

production.

► It is impossible.

13

As price increases total revenue decreases in case of

► Inelastic demand.

► Unit elastic demand.

► Zero elastic demand.

Elastic demand.

14

The break-even point occurs when: http://vustudents.ning.com

► Price < Average Variable Cost.

► Price < Average Total Cost.

► Price = Average Total Cost.

► Price > Average Variable Cost.

15

Which of the following is true about supply curve under

monopoly?

► It is same as the competitive market supply curve.

► It is the portion of marginal cost curve where marginal costs exceed the

minimum value of average variable costs.

► It is the result of market power and production costs.

None of the given statements is true.

16

At the equilibrium price:

► There will be a shortage.

► There will be neither a shortage nor a surplus.

► There will be a surplus.

► There are forces that cause the price to change.

Subjective 100% in lecture no 18 to 22 Monopoly ,

my today's paper was

explain the two main theories of production regarding time marks 5

question 2 was of two parts

A what are effects of price discrimination on profit and loss of the firm?

B there are some conditions for price discrimination what are those?

question 3 how would marginal utility and market demand be effected by a rise in the price of the complimentary good? mark 3

question 4 how monopolists produce lower quantities at higher prices compared with perfect competition firm? mark 3    enjoy ur exams

...........My Today's Paper...........

Time: 60Min
Total Marks: 44 {(28 MCQs) + 2 Questions (3 Marks) + 2 Questions (5 Marks)}

All the MCQ's were new to me....pehaps some of them from past papers
Many of them were in form of Graphs & Tables......:(

What is the relationship between Long run average cost curve and short run average cost curve? (3 Marks)
Monopolistic competition and short run long run...... (3 Marks)
Who are the Price taker and Price maker Firms and where they lie in Market Structure......(5 Marks)

All the very best to all of you...........

where is is remaining 12 mcqs

Eco401 VU Midterm Current Papers Spring 2012 of Virtual University of Pakistan [May 2012]

Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market’s scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following questions:

1.What two policies could you use to reduce the total amount of emissions?

2.Why do you think they each would work?

3.What would the benefits of each action be (besides emissions reduction)?

4.What would the costs of each action be?

5.How would you decide what was the best level of emission reduction?

ECO 401

Spring 2012 midterm 11-May-12

Total questions = 32

Total MCQ’s are 28

3 Marks question = 2

5 marks question = 2

Some of MCQ’s and questions that I remembered have been given below.

Question No: 1    ( Marks: 1 )    - Please choose one

Total costs are the sum of:

► Marginal costs and variable costs.

► Fixed costs and variable costs.

► Fixed costs and marginal costs.

► Average variable costs and marginal costs.

Question No: 2    ( Marks: 1 )    - Please choose one

If the income elasticity of demand is  negative then, the good is:

► A luxury.

► A normal good (but not a luxury).

► An inferior good.

► A Giffen good.

Question No: 3    ( Marks: 1 )    - Please choose one

Suppose the total costs of first four units of an output produced are 10, 20, 30, and 40 respectively. What is the marginal cost of the fourth unit of output?

► 10.

► 20.

► 30.

► 40.

Question No: 4   ( Marks: 1 )    - Please choose one

Suppose the total utilities for the first four units of a good consumed are 13, 23, 33, and 43 respectively. What is the marginal utility of the third unit?

► 10.

► 13.

► 20.

► 33.

Question No: 5 ( Marks: 1 ) - Please choose one

The demand curve for eggs is downward-sloping. Suddenly the price of eggs decreases from Rs.60/- per dozen to Rs.50/- per dozen. This will cause:

► The demand curve for eggs to shift leftward.

► Quantity demanded of eggs to decrease.

► The demand curve for eggs to shift rightward.

► Quantity demanded of eggs to increase.

Question# Marks 3:-

Strategy Maximin and Maximax?

Question# marks 5 :-

Ahmed consumes Potato and good 1.  Draw indifference curve that show equilibrium level that Ahmed gets.

Question:- marks 5:-

Define profit maximization strategies with detail?

MC =MR

AC=AR

ECO401 Midterm Examz All Current papers in one thread Spring May 2012

SHared By Momina

EC0401
12th May 2012
Paper 1
Assalam o Alaikum......

I hope you all are enjoying best of Health & Eman..... My Today's Paper...........

Time: 60Min
Total Marks: 44 {(28 MCQs) + 2 Questions (3 Marks) + 2 Questions (5 Marks)}

All the MCQ's were new to me....pehaps some of them from past papers
Many of them were in form of Graphs & Tables...... What is the relationship between Long run average cost curve and short run average cost curve? (3 Marks)
Monopolistic competition and short run long run...... (3 Marks)
Who are the Price taker and Price maker Firms and where they lie in Market Structure......(5 Marks)