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Quiz # 01 will be opened on May 21, 2015 and last date to attempt quiz will be May 25, 2015. Quiz will cover Lessons 01-10
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1 In a free market economy, resources are allocated on the basis of:
a) vote taken by consumer
b) a central planning authority
c) consumers preferences
d) the level of profit of firm
2 Accounts office of Z&X corporations has paid Rs.250000 on account of profit in the month of August 2011. Which of the following the accounts office has paid for?
3 If the quantity demanded of mangoes exceeds the quantity supplied of mangoes:
a)there is a surplus of mangoes
b) market force will cause the price to fall
c) market force will cause the price to rise
d) the market is in equilibrium
4The process by which we limit the supply or amount of some economic factor which is scarcely available is called:
c) price floor
d) price ceiling
5A point on a nation’s production possibility frontier shows:
a) an undesirable combination of goods and services
b) an unattainable combination of goods and services
c) That resources are fully employed in producing particulars goods and services
d) the level of production that will cause both unemployment and inflation
6 Which of the following factors would cause leftward shift in supply curve for bicycles?
a) Decrease in wages
b) increase in price of input
c) Decrease in price of input
d) use the latest technology in production of bicycle
7 Measurement of elasticity is made in percentage terms because:
a) it is easy to calculate
b) the resulting measurement is unit free
c) it give a more accurate answer
d) the answer is always negative way
8 Suppose quantity demanded of chicken increases by 5 percent in response to 2 percent increase in price of beef. The cross-price elasticity of demand for chicken with respect to price of beef is:
9 Normally the shape of production possibility frontier is:
a) Positive (not confirm)
10 If desk lamps and bulbs are complementary goods, a fall in price of desk lamps will shift the demand curve for:
a) bulbs to the right
b) bulbs to the right
c) Desk lamps to the right
d) desk lamps to the left
what is the answer of Q5
i think in Q5
option C is correct
Production Possibility Frontier (PPF):
Production possibility frontier (PPF) is the curve which joins all the points showing the
maximum amount of goods and services which the country can produce in a given time with
limited resources, given a specific state of technology
yes i agree. Q5 option C is seem correct one
Is this Quiz recent/ fresh ?
PREPARE THIS IT COVERS ALL OF THE QUIZ NO.1 QUESTIONS.
that's not true