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Quiz # 02



Dear Students!

This is to inform that Quiz # 02 will be opened on June 11, 2015 and last date to attempt quiz will be June 12, 2015.


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  • Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 1 to 18.  
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Replies to This Discussion

Dear All related to this subject please, share yours quizzes here to help others

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.

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

Marginal utility per dollar spent on each good being equalized across all goods.
The ratio of (marginal utility per unit of the good)/ (price per unit of the good) being
equalized across all goods.
The ratio of marginal utilities being equated to the ratio of prices for all possible
pairs of goods.
All of the given options.

Mujtaba has paid Rs. 75000 as rent last month which in his opinion has increased
slightly as compared to previous months. Which of the following he has paid for?

Revenue is equal to price times:

Quantity minus total cost.
Quantity minus average cost.
Quantity minus marginal cost.

Arifa in her recent address in National assembly said that poverty should be
reduced in Pakistan. Which category her statement falls in?

None of the given options

The law of diminishing marginal utility states:

The supply curve slopes upward.
The elasticity of demand is infinite.
Your utility grows at a slower and slower rate as you consume more and more units
of a good.
Your utility grows at a slower and slower rate as you consume less units of a good.

Suppose a person is willing to give up 20 units of good A (on the vertical axis) for 10
units of good B (on the horizontal axis), and his level of satisfaction is unchanged,
the marginal rate of substitution is:

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?
None of the given options

Asifa while addressing the young parliamentarians said that rising inflation in
Pakistan was due to the high interest rates. Which category her statement falls in?
None of the given options

In a free market economy, resources are allocated on the basis of:

Votes taken by consumers.
A central planning authority.
Consumer preferences.
The level of profits of firms.

If the equilibrium price of Panadol tablet is Rs.2 and government imposes a Rs.1
price ceiling on the price of Panadol tablet, there will be ________ of Panadol tablet.

Increase in production
Decrease in demand

If price of MP3 players rises and as a result, the demand for headphones decreases,
then one can say that MP3 players and headphones are:

Normal goods.
Inferior goods.
A farm can produce 100 kilogram of apples per year with 2 workers and 400
kilogram of apples per year with 3 workers. The marginal product of the third
worker is:

100 kilogram.
300 kilogram.
400 kilogram.
500 kilogram.

If inputs used in the production of wheat are increased by 30 percent and wheat
production increases by 40 percent, then there must be:

Increasing returns to factor.
Constant returns to scale.
Increasing returns to scale.
Decreasing returns to scale.

Microeconomics is the branch of economics that deals with which of the following?

Individual consumers

Individual firms and investors

Unemployment and interest rates
Individual consumers and individual firms and investors

Atif Khan, Young minister for agriculture, has updated in a talk show that rise in
food prices is due to the rising oil prices. Which category his statement falls in?
None of the given options

Our economy is characterized by:

Unlimited wants and needs.
Unlimited material resources.
No energy resources.
Abundant productive labor.

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 inward.
It would shift outward.
It would rotate about the axis for food.
It would rotate about the axis for clothes.

--------------- is the rate at which a firm can substitute capital for labor and hold
output constant.
Diminishing marginal returns
Marginal rate of substitution
Marginal rate of production
Marginal rate of technical substitution

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?


Sultan is running a logistics business and provides logistics services to the local
business community. For parking trucks he has hired an open plot in the mid of the
city. For his company, the open plot falls in the category of _________.

today my quiz

1 Suppose Zahra buys only bread and pizza from the market and both are normal goods.
If price of pizza rises, the substitution effect will imply that:

2 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?

ans It would shift outward.

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

ans zero

4 The total utility curve starts at the origin and reaches the peak when marginal utility is:

5 At the equilibrium price, there will be:

6 “Each firm produces an identical product and there is freedom of entry and exit”. This is TRUE for which of the following market structures?

7 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:

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

9 Demand is elastic when the elasticity of demand is:

10 Suppose a teacher organizes a study group by reserving a meeting room, compiling study materials and attracting students. The meeting room would most likely be which of the following factors of production?

11 When the price of CD players increases, its total revenue decreases. This shows that demand for CD players is:

12 If a good has income elasticity of demand equal to 1/2, the good is:

13 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:

14 The demand curve facing a perfectly competitive firm is:

(6) ky na to question dakhy or na hi answer dyaa

  Mine latest quizz....


If demand for automobiles increases and the supply curve do not shift then result will be:
Higher price and lower quantity of automobiles.
Which of the following is the requirement of an industry to be perfectly competitive?
Product Differentiation.
The law of diminishing returns assumes
There are no fixed factors of production.
An indifference curve is a collection of market baskets that:
Are equally desirable to the consumer.
If government imposes a price ceiling on wheat, which of the following will occur in the market for wheat?
There will be excess demand for wheat.
If the cost of parts of automobiles rises, then 
The supply curve for automobiles shifts to the right.
At the equilibrium price, there will be
Neither a shortage nor a surplus.
Sugar can be produced from sugar beets. If the price of sugar beets falls, then:
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:
If marginal product is below average product:
Average variable costs will fall
Suppose Fauji Fertilizer Company Limited produces 4500 bags of Sona Urea and sells each bag at a price of Rs. 350. What is the total revenue this firm gets by selling 4500 bags?
The total cost (TC) function is given as TC = 200 + 8Q. What is the marginal cost?
The more inelastic the demand, the more of the tax’s burden will fall on
If a decrease in price increases total revenue:
Demand is elastic.
The demand curve faced by an individual firm in a competitive market is 
Which of the following might be considered to be a characteristic of a planned economy?
even income distribution
Calculating elasticity at a certain point involves:
Point elasticity of demand.
If the odd ratio is equal to one then we can say that the odd is:
Fair odd.
A rational person does not act unless
the action produces marginal benefits that exceed marginal costs
Price elasticities are measured in percentage terms because
it gives more accurate answer
Notes: make answers sure yourself.



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