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ECO404 Current Final Term Papers Fall 2011 ( 03 Feb to 16 Feb 2012 )

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Had Ec0's paper today... Pattern as far as i remember: 56 or 57 mcqz 4 qz of 5 marks 4 qz of 3 marks Long qz,Public goods (5) A q from Behavioral theory (5) One q was about Costs of production,Analysis and reasons for change in historical n current costs(5) why firms produce more than one product )5) Risk attitudes (3) Change in demand cuvre factors (3) Transfer pricing (3)Marris model assumptions (3)

ECO 404 Final Term Paper on 10 Feb 2012

My ECO 404 Paper 10/02/2012
question 56 Mcq’s and 8 Subjective total 64
Q.No1:- Define Finitely repeated games & Infinitely repeated games Marks 3
Q.No 2:- briefly describe Risk attitude 3 Mark
Q.No3:- calculate profit Function following data given 3 Mark
Qd=120-15p and P=90-0.5Q
Q.No 4:- Price Discrimination and types describe in detail 5 Mark 
Q.No 5:- characteristic of Firm and what is main objective of firm 5 Marks
Q.No 6:- Calculate Profit Function from below data 5 Mark
Q.7 :- Assumption of neoclassical theory 5 Mark
QNo8:- Cost of Capital & Cost of Debt 5Mark
important to note price discrimination aur Game theory main say mcq's zayada thay so please read these chapters 

MCQ’s are difficult 
1:-In Q =In A + a In K + b In L. This is the logarithmic form of: 
Select correct option: 

Investment function 
Cobb Douglas production function page(94)
Simple production function 
Regression function 
2:- Inputs that are Fixed during the production process are known as -------- inputs. 
Select correct option: 

3:- No Cash is define in
implicit cost 
4:- In which of the following games, players decide about their strategy choices at the same time? 
Select correct option: 

Repeated games 
Non-repeated games 
Simultaneous games 
Sequential games 
5:-Public utilities are an example of: 
Select correct option: 

Perfect competition 
Natural monopoly 
Monopolistic competition 

6:- Question # 11 of 20 ( Start time: 06:11:25 PM ) Total Marks: 1 
Y = 3.35 + 2.63X shows slop in this regression equation
Select correct option: 

7:- GNP=C+I+G equation is
Definitional Equation
Behavior equation
8:- Cigarettes are an example of which type of market structure?
Select correct option:

Perfect competition
Monopolistic competition
9:- Which of the following is TRUE for the law of supply'? :
Select correct option:

There is inverse relationship between the price of a good and quantity demanded of that good
There is positive relationship between the price of a good and quantity demanded of that good
There is positive relationship between the price of a good and quantity supplied of that good
10:-There is inverse relationship between income and quantity supplied of a good
Decreasing part of marginal product of labor curve shows which of the following law? 
Select correct option: 
Law of diminishing returns 
Law of diminishing marginal utility 
Law of demand 
Law of supply 



Simultaneous games and Sequential games









Question # 1  

Game which is played repeatedly over a period of time is known as:                                   

Select correct option:                         


            Repeated game          

            Non-repeated game                

            Simultaneous game                

            Sequential game                     


Question # 2  

The questionnaires which include answers like Yes or No are called:                                   

Select correct option: 


            Open ended questionnaires                

            Closed questionnaires            

            Bad questionnaires                 

            Good questionnaires              



Question # 3  

Change in slope of the function can be shown by:                            

Select correct option:                         


First derivative of the function                      

            Second derivative of the function                 

            Elasticity of the function                   

            Tangent of the function                     


Geometrically, the derivative refers to the slope of the function, while the second derivative

refers to the change in the slope of the function. The value of the second derivative can thus be

used to determine whether we have a maximum or a minimum at the point at which the first

derivative (slope) is zero.

The rule is if the second derivative is positive, we have a minimum, and if the second derivative is negative, we have a maximum.


Question # 4  

The questionnaire which allows the respondents to answer according to their own choice is called:                                   

Select correct option: 


            Open ended questionnaire

            Closed questionnaire              

            Bad questionnaire                  

            Good questionnaire                


Question # 5   

Break even output can be calculated as:                                

Select correct option:


            Break even output = Total fixed cost / (Price – Average variable cost)                    

            Break even output = Total variable cost / (Price + Average variable cost)                

            Break even output = Total fixed cost / (Price + Average fixed cost)            

            Break even output = Total fixed cost + (Price – Average variable cost)                   


Question # 6  

Percentage change in profit due to one unit change in sales is known as:                             

Select correct option:                         

            Degree of operating leverage             

            Economies of scale                

            Degree of freedom                 

            Cost elasticity            


Question # 7  

Decreasing part of marginal product of labor curve shows which of the following law?                             

Select correct option:                         

            Law of diminishing returns                

            Law of diminishing marginal utility              

            Law of demand                     

            Law of supply            


Question # 8  

What will happen if there is an increase in wage rate?                                  

Select correct option: 


            Short run cost curve will shift upward                      

            Short run cost curve will shift downward                 

            There is movement along the short run cost curve                 

            No change will happen in the cost curve                   


Any change in the operating environment leads to a shift in short-run cost curves. For example,

a general rise in wage rates leads to an upward shift; a fall in wage rates leads to a downward



Question # 9  

The term of regression was first used by:                              

Select correct option:                         

            Milton Friedman                    

            Francis Galton            

            Dominick Salvatore               

            J M Keynes                


Question # 10  

Monopoly firm breaks even at the point where:                                

Select correct option: 


            Average total cost = Price                  

            Average total cost > Price                  

            Average total cost < Price                  

            Average total cost = Marginal cost                


If ATC = P at best level of output, the monopolist breaks even,

and if ATC > P at the best level of output, the monopolist incur a loss.                                                        

Question # 11  

Which of the following is the similarity of monopolistic competition with perfect competition?                            

Select correct option:                         

            Small number of buyers and sellers               

            Free entry and exit of firms               

            Barriers to entry and exit of firms                 

            Single buyer               


Question # 12  

Price always exceeds marginal revenue in which of the following market structures?                                 

Select correct option:                         

            Perfect competition                


            Monopolistic competition                  



Given a downward sloping monopoly demand curve, price always exceeds marginal revenue

under monopoly


Question # 13  

Given the total revenue equation: TR = 26Q, marginal revenue is:                           

Select correct option:                         




            26 + Q            


Question # 14  

Which of the following type of demand directly satisfy consumer desires?                        

Select correct option: 


            Direct demand           

            Indirect demand                    

            Derived demand                    

            Market demand                      


Direct demand : This model is appropriate for analyzing individual demand for goods and services that directly satisfy consumer desires. This is also labeled as consumer demand


Question # 15  

Marginal product of labor is defined as the:                          

Select correct option:                         


            Change in total product due to one unit change in labor       

            Change in average product due to one unit change in labor              

            Change in total product due to one unit change in average product             

            Change in total product due to one unit change in cost of labor                   


Question # 16  

Average product of labor is defined as the:                          

Select correct option: 


            Total product / Labor input                

            Average product / Input                    

            Total product / Average product                   

            Total product / Cost of labor             


Question # 17  

Cournot oligopoly model was developed in:                         

Select correct option:                         






Cournot oligopoly model                    1838   

BERTRAND MODEL:                        1883

Stackelberg Model                              1934

Sweezy (Kinked-Demand) Model      1939


Question # 18  

If price elasticity of demand for any product is constant, the demand curve of that product will be:                                 

Select correct option:                         



            Rectangular hyperbola                       

            Positively sloped                    


Some demand curves have constant elasticity; the Demand curve assumes the shape of a

rectangular hyperbola


Question # 19  

Parameters of structural equations can not be estimated by -------------------- technique.                              

Select correct option:                         

            Ordinary least square 

            Root mean square error                      

            Simultaneous equation                       

            Behavioral equation               


we cannot use the ordinary least squares technique (OLS) to estimate the parameters of the structural equations                       


Question # 20  

The total cost (TC) function is given as: TC = 200 + 80Q. What is the variable cost?                                 

Select correct option:                         









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