Economics-401-Current My Quizes

Economics-401-Current My Quizes

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Question # 1 of 10 ( Start time: 01:00:26 PM ) Total Marks: 1

If the income elasticity of demand for bread is 0.4, a 10% increase in consumer income will lead to a ______in the quantity of bread demanded.

Select correct option:

40% increase

40% decrease

4% increase

0.4% increase

Question # 2 of 10 (Start time: 01:01:49 PM) Total Marks: 1

If more substitutes available in the market, the ______demand will be in response to a change in price.

Select correct option:

More elastic

Less elastic

Unit elastic

Infinite elastic

Question # 3 of 10 ( Start time: 01:03:19 PM ) Total Marks: 1

Suppose Ali is consuming 20 units of Apples and 10 units of bananas with his given income. Suddenly his level of income increases and he starts consuming more of both goods. For Ali, both goods are:

Select correct option:

Normal Goods.

Substitutes.

Complements.

Giffen Goods.

Question # 4 of 10 ( Start time: 01:04:30 PM ) Total Marks: 1

Suppose AKJ Company is manufacturing leather goods and has inelastic demand for leather products. In this situation, more of the tax burden would fall on:

Select correct option:

Producers.

Consumers.

Government.

Both producers and consumers.

Question # 5 of 10 ( Start time: 01:05:56 PM ) Total Marks: 1

Suppose we find that the cross-price elasticity of demand for two products is a negative number. We know that the two goods are:

Select correct option:

Normal goods.

Inferior goods.

Substitutes.

Complements.

Question # 6 of 10 ( Start time: 01:06:49 PM ) Total Marks: 1

Demand is elastic when the elasticity of demand is:

Select correct option:

Greater than 0.

Greater than 1.

Less than 1.

Less than 0.

Question # 7 of 10 ( Start time: 01:07:34 PM ) Total Marks: 1

The marginal utility function of TU = 60Q – 4Q2 will be:

Select correct option:

60-8Q.

60-16Q.

60-4Q.

60Q2 -4Q.

Question # 8 of 10 ( Start time: 01:08:45 PM ) Total Marks: 1

If the cost of parts of automobiles rises, then:

Select correct option:

The demand curve for automobiles shifts to the right.

The demand curve for automobiles shifts to the left.

The supply curve for automobiles shifts to the right.

The supply curve for automobiles shifts to the left.

Question # 9 of 10 ( Start time: 01:10:12 PM ) Total Marks: 1

At the c, there will be:

Select correct option:

A shortage.

A surplus.

Neither a shortage nor a surplus.

Forces that cause the price to change.

Question # 10 of 10 ( Start time: 01:10:47 PM ) Total Marks: 1

The study of economics basically focuses on:

Select correct option:

For whom resources are allocated to increase efficiency.

How society spends the income of individuals.

How scarce resources are allocated to fulfill society's goals.

What scarce resources are used to produce goods and services.

Quiz No: 2

Question # 1 of 20 ( Start time: 02:14:17 PM ) Total Marks: 1

The point at which AC intersects MC is where:

Select correct option:

AC is decreasing.

MC is at its minimum.

AC is at its minimum.

AC is at its maximum.

Question # 2 of 20 ( Start time: 02:15:37 PM ) Total Marks: 1

The marginal utility function of TU = 60Q – 4Q2 will be:

Select correct option:

60-8Q.

60-16Q.

60-4Q.

60Q2 -4Q.

Question # 3 of 20 ( Start time: 02:16:59 PM ) Total Marks: 1

Demand is said to be ------when the elasticity of demand is less than 1.

Select correct option:

Increasing

Decreasing

Elastic

Inelastic

Question # 4 of 20 ( Start time: 02:18:14 PM ) Total Marks: 1

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:

Select correct option:

0.5.

1.5.

2.5.

Question # 5 of 20 ( Start time: 02:19:41 PM ) Total Marks: 1

If there are 30 percent chances that machine will work well and 70 chances that it will not function well, then the odd ratio will be:

Select correct option:

2.333.

0.428.

0.40.

0.721.

Question # 6 of 20 ( Start time: 02:21:02 PM ) Total Marks: 1

Which of the following is TRUE for an entrepreneur?

Select correct option:

An innovator.

A risk taker.

Someone who brings resources together and produces a product.

All of the given options are correct.

Question # 7 of 20 ( Start time: 02:22:18 PM ) Total Marks: 1

If two goods were perfect substitute, their indifference curves would be:

Select correct option:

Straight lines.

L-shaped.

Rectangular hyperbolas.

Parabolic.

Question # 8 of 20 ( Start time: 02:23:45 PM ) Total Marks: 1

If inputs used in the production of wheat are increased by 30 percent and wheat production increases by 20 percent, then there must be:

Select correct option:

Increasing returns to factor.

Constant returns to scale.

Increasing returns to scale.

Decreasing returns to scale.

Question # 9 of 20 ( Start time: 02:25:06 PM ) Total Marks: 1

x at a certain point involves:

Select correct option:

Point elasticity of demand.

Cross price elasticity of demand.

Income elasticity of demand.

Arc elasticity of demand.

Question # 10 of 20 ( Start time: 02:26:16 PM ) Total Marks: 1

Suppose Fauji Fertilizer Company Limited produces 5000 bags of Sona Urea and sells each bag at a price of Rs. 350. What is the average revenue this firm gets by selling all units?

Select correct option:

350

1750

1425

1800

Question # 11 of 20 ( Start time: 02:27:43 PM ) Total Marks: 1

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?

Select correct option:

Normative

Positive

Negative

None of the given options

Question # 12 of 20 ( Start time: 02:28:42 PM ) Total Marks: 1

Sugar can be produced from sugar beets. If the price of sugar beets falls, then:

Select correct option:

The demand curve for sugar would shift right.

The demand curve for sugar would shift left.

The supply curve for sugar would shift right.

The supply curve for sugar would shift left.

Question # 13 of 20 ( Start time: 02:30:03 PM ) Total Marks: 1

Ehsan Chappal Store (ECS) is a leading shoes manufacturing company. If quantity supplied of ECS shoes increases more than the increase in price, then one can conclude that the supply curve for shoes is:

Select correct option:

Elastic.

Inelastic.

Perfectly elastic.

Perfectly inelastic.

Question # 14 of 20 ( Start time: 02:31:20 PM ) Total Marks: 1

If a firm operates in a perfectly competitive market, then it will most likely:

Select correct option:

Advertise its product on television.

Have difficult time obtaining information about the market price.

Settle for whatever price is offered.

Have an easy time keeping other firms out of the market.

Question # 15 of 20 ( Start time: 02:32:12 PM ) Total Marks: 1

The percentage change in quantity demanded given a percentage change in consumer's income is known as:

Select correct option:

Price elasticity of demand.

Income elasticity of demand.

Supply price elasticity.

Cross price elasticity.

Question # 16 of 20 ( Start time: 02:33:15 PM ) Total Marks: 1

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

Select correct option:

Both B and C will increase.

For both B and C will decrease.

B will increase while demand for C will decrease.

B will decrease while demand for C will increase.

Question # 17 of 20 ( Start time: 02:34:33 PM ) Total Marks: 1

If sugar and tea are considered to be perfect complements, than a decrease in price of sugar will lead to:

Select correct option:

Decrease in quantity demanded of sugar.

Decrease in quantity demanded of tea.

Increase in quantity demanded of tea.

Increase in quantity supplied of tea.

Question # 18 of 20 ( Start time: 02:36:02 PM ) Total Marks: 1

Suppose a firm operating in perfect competition produces 450 units of output. If this firm gets total revenue equals Rs. 54000 by selling all units of output, then per unit price is:

Select correct option:

130.

115.

125.

120.

Question # 19 of 20 ( Start time: 02:37:26 PM ) Total Marks: 1

If desk lamps and bulbs are complementary goods, a fall in price of desk lamps will shift the demand curve for:

Select correct option:

Bulbs to the right.

Bulbs to the left.

Desk lamps to the right.

Desk lamps to the left.

Question # 20 of 20 ( Start time: 02:38:50 PM ) Total Marks: 1

Suppose a firm uses two factors, labor and capital, the optimum combination of factors can be obtained at the point where:

Select correct option:

PL/MPL > PK/MPK

PL/MPL < PK/MPK

MPL/PL = MPK/PK

MPL/PL < MPK/PK