ECO401 Solved MCQs Online Quiz No 01 spring 2021 Solution / Discussion
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ECO401 QUIZ 1 Spring 2021
Consumers can make rational decision by using: Costs and benefits analysis
When railways authority raises its fares, it may experience an increase in total revenue. This suggests that demand is: Perfectly Price elastic (not confirm)
Which one of the following is price taker firm? Perfect Competition
Input price ratio is equal to? Marginal rate of technical substitution
Suppose the total utility derived from first four units of a good consumed are 12, 22, 32, and 42 respectively. What is the marginal utility of the third unit? 10
When producers are unable to meet market demand for the product, this results as: Shortage of Goods
If Nestle Company has elastic demand for Nestle juices, then increase in price of Nestle juices will: Decrease total revenue. Decrease total revenue
The law of supply states that the quantity supplied will go up if: The Price Goes up
What will happen to demand of a good when price of its substitute increases? The Demand will increase ( not confirm)
.......... is sometimes defined as the economics of "what is". Positive Economics
Ahmad spends all of his money on food and clothes. What would happen to Ahmad’s budget line if his income increased by 20 percent holding prices constant? It would shift outward
Ali is running a surgical business and provides surgical tools to the local hospitals. For his company Ali falls in the category of?
alternative OF Resources uses in economics because?
If the government imposes per unit tax on a good produced by a firm, then the equilibrium price of this good will Increase or decrease
Which of the following is a factor of production? All
A shortage is a situation in which: demand exceeds supply
If a decrease in price increases total revenue: Supply is elastic
The increment to total benefit derived from consuming an additional unit of good or service is known as: Marginal benefit
The price elasticity of demand measures the responsiveness of quantity demanded to: price