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# ECO401 Online Quiz No 03 Solution & Discussion Last Date:11-12-2014

ECO401 Online Quiz No 03 Solution & Discussion Last Date:11-12-2014

ECO401 - Economics Online Quiz 3 Solution Fall 2014 of Virtual University (VU)

Quiz # 03

ECO401 - Economics

Dear Students!

This is to inform that Quiz # 03 will be opened on December 09, 2014 and last date to attempt quiz will be December 11, 2014

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### Replies to This Discussion

Please all students related this subject Share your online Quizzes here to help each other.thanks

Please share the question and their answers of this quiz if anyone has done.
Thanks.

someone plzz share quiz files ....

inshallah

Quiz 2

The study of economics basically focuses on:

Select correct option:

 Correct

The demand for books is expressed as: Qd = 100 - P The supply of books is expressed as: Qs = 4P Refer to the above scenario, if the equilibrium price of books is Rs. 20, the equilibrium quantity of books is:

Select correct option:

 Correct

uppose Akram is a risk neutral person and is making plan to buy a laptop from the market. The probability of laptop being working well is 70% and the probability that it will not function well is 30%. He decides to buy laptop because odd ratio is:

Select correct option:

 Correct

Suppose firm A is producing 100 units of toys by employing 5 units of capital and 10 units of labor. Let’s suppose units of capital and labor are increased by 50 percent. The increasing returns to scale will imply that:

Select correct option:

 Correct

Suppose Ali derives total utility equals to 10 utils from the consumption of 1 bottle of Pepsi. When he consumes another bottle of Pepsi, he gets total utility equals 25 utils. His marginal utility in this case will be:

Select correct option:

 Correct

If a 2% rise in consumer’s incomes causes a 4% rise in product’s demand, the income elasticity of demand for the product will be:

Select correct option:

 Correct

Zafar Iqbal stated in his opening note at University of Economics that food prices should be controlled for a comfortable living. Which category his statement falls in?

Select correct option:

 Correct

If the cross price elasticity of demand between two products is +3.5, then:

Select correct option:

 correct

“In order to produce additional units of a particular good, it is necessary for society to sacrifice increasingly larger amounts of alternative goods”. It is the statement of law of:

Select correct option:

 correct

Which of the following shows the condition for consumer's equilibrium?

Select correct option:

Measurement of elasticites is made in percentage terms because:

Select correct option:

 Correct

Ghani noticed a new entry of Rs. 110000 under the head of wages in his books of accounts. Which of the following his accountant must have paid to?

Select correct option:

 Correct

The demand for books is expressed as: Qd = 100 - P The supply of books is expressed as: Qs = 4P Refer to the above scenario, the equilibrium price of books is:

Select correct option:

 correct

If quantity demanded of videocassette players decreases by 15% as a result of 10% increase in its price, then one can conclude that demand for videocassette players is:

Select correct option:

 Correct

Suppose a firm uses labor and capital as factors of production and MPL/PL > MPK/PK, the firm should use more:

Select correct option:

 Correct… Doubted

Goods A and B are complements while goods A and C are substitutes. If the supply of good A decreases then demand for:

Select correct option:

 Correct

When railways authority raises its fares, it may experience an increase in total revenue. This suggests that demand is:

Select correct option:

 Correct

f the quantity demanded of computers exceeds the quantity supplied of computers:

Select correct option:

 Correct

Last Quiz Solution:

Attachments:
 If the quantity demanded of computers exceeds the quantity supplied of computers: Select correct option: I think the answer is option No. 1; i.e market forces will cause the price to rise Correct me if I am wrong

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