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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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Replies to This Discussion

Which of the following will not shift a country's production possibilities frontier outward?

Select correct option: 

(a)  an advance in technology
(b)  an increase in the labour force
(c)  an increase in the capital stock
(d)  a reduction in unemployment

Which of the following is part of the opportunity cost of going on holiday?

Select correct option: 

(a) the money you spent on a theatre show
(b)  the money you could have made if you had stayed at home and worked
(c)  the money you spent on airline tickets
(d)  the money you spent on food

Positive statements are

Select correct option:

(a)  macroeconomics
(b)  microeconomics 
(c)  statements of description that can be tested
(d)  statements of prescription that involve value judgments

Which of the following statements about microeconomics and macroeconomics is not true?

Select correct option:

(a)  The study of very large industries is a topic within macroeconomics
(b)  Macroeconomics is concerned with economy-wide phenomena
(c)  Microeconomics is a building block for macroeconomics
(d)  Microeconomics and macroeconomics cannot be entirely 

If utility remains the same for original and new combination of goods consumed, the effect of a change in the price of a good on the quantities consumed will be called as:
Select correct option:
Substitution effect.
Real income effect.
Income effect.
Budget effect

Can anyone suggest me  alternative book of economics ? .. These note of vu are not comprehensive?

ECO401_Latest Quizz
Shared By Mania Malik

11:15pm, 25 May 2015

The minimum price that a Government sets to support a desired commodity or service in a society is known as:
Price floor.
If the cross price elasticity of demand between two products is +3.5, then:
The two products are complements.
 
 
An individual who prefers a risky income over a certain income is known as:
Risk averse.
 
 
The total utility curve for the risk averse person would be:
 
 
Which of the following might be considered to be a characteristic of a planned economy?
 
 
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?
 
 
Our economy is characterized by 
Unlimited wants and needs.
 
 
The marginal utility function of TU = 60Q – 4Q2 will be:
 
 
 
A market is said to be in equilibrium when:
Quantity demanded is equal to quantity supplied.
 
 
The demand curve for eggs is downward-sloping. Suddenly the price of eggs increases from Rs.80/- per dozen to Rs.100/- per dozen. This will cause:
The demand curve for eggs to shift leftward. (not sure)
 
 
 
Which best expresses the law of demand?
A higher price reduces quantity demanded. 
 
 
An increase in the total output of a country over time is called:
Economic development
 
If the quantity demanded of mangoes exceeds the quantity supplied of mangoes:
Market forces will cause the price to rise.  
 
 
The concave shape of the production possibility frontier for two goods X and Y illustrates:
Increasing opportunity cost for good X but not for good Y. (not sure)
 
 
If there are 30 percent chances that machine will work well and 70 percent chances that it will not function well, then the odd ratio will be:
2.333. (not sure)
 
 
 
Calculating elasticity at a certain point involves:
Point elasticity of demand.
 
 
If the price of a good X is increased by 40% and its quantity demanded falls by 10%, the price elasticity of demand is:
Price inelastic. (not sure)
 
 
Suppose Saqib spends all his income on magazines. To get maximum level of satisfaction, the marginal utility of last dollar of income spent on magazines must be
Negative.
 
 
The cross-price elasticity of demand of complementary goods is:
Less than 0.
 
 
When the cross-price elasticity of demand for two goods is less than zero then the goods are___________ goods.
inferior
 

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