ECO401 – Economics
Online Quiz # 5
February 15, 2010
Total questions: 15
Question # 1 of 15 ( Start time: 09:05:50 PM ) Total Marks: 1
In a free-market economy the allocation of resources is determined by:
Select correct option:
Votes taken by consumers
A central planning authority
By consumer preferences
The level of profits of firms
Question # 2 of 15 ( Start time: 09:06:10 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.
(not 100% sure, but according to me option # 3 is correct)
Question # 3 of 15 ( Start time: 09:07:32 PM ) Total Marks: 1
More output could be produced with available resources if:
Select correct option:
Resources are allocated efficiently
Resources are imperfectly shiftable among alternative uses
Prices are reduced
The economy is operating at a point inside the production possibilities curve.
Question # 4 of 15 ( Start time: 09:08:28 PM ) Total Marks: 1
Final goods are meant for:
Select correct option:
Direct use by the consumers
further processing
The term do not exist
None
Question # 5 of 15 ( Start time: 09:08:42 PM ) Total Marks: 1
The marginal rate of substitution is equal to the:
Select correct option:
Magnitude of the slope of the indifference curve
Relative price
Marginal cost of each good
Slope of the budget line
Question # 7 of 15 ( Start time: 09:10:49 PM ) Total Marks: 1
Monopolistically competitive firms have monopoly power because they:
Select correct option:
Face downward sloping demand curves.
Are great in number.
Have freedom of entry.
Are free to advertise.
Question # 8 of 15 ( Start time: 09:11:44 PM ) Total Marks: 1
An exchange rate that varies according to the supply and demand for the currency in the foreign exchange market is called a(n) _________ exchange rate.
Select correct option:
Overvalued.
Undervalued.
Fixed.
Flexible.
Question # 9 of 15 ( Start time: 09:13:01 PM ) Total Marks: 1
The figure that results when goods imports are subtracted from goods exports is:
Select correct option:
The capital account balance.
The balance of trade.
Always greater than zero.
Always less than zero.
Question # 10 of 15 ( Start time: 09:13:53 PM ) Total Marks: 1
In the United States
Select correct option:
Paper currency and coins.
Paper currency, coins and check- writing deposits.
Paper currency, coins, check- writing deposits and savings deposits.
Paper currency, coins, check- writing deposits, savings deposits and certificates of deposits.
Question # 11 of 15 ( Start time: 09:15:18 PM ) Total Marks: 1
When the price of petrol rises 10%, the quantity of petrol purchased falls by 8%. The demand for petrol is:
Select correct option:
Perfectly elastic
Unit elastic
Elastic
Inelastic
Question # 12 of 15 ( Start time: 09:16:29 PM ) Total Marks: 1
A new technology which reduces costs for firms’:
Select correct option:
Shifts the supply curve to the right
Shifts the supply curve to the left
Reduces the equilibrium quantity
Raises the equilibrium price
Question # 13 of 15 ( Start time: 09:16:46 PM ) Total Marks: 1
Suppose that a farmer grows wheat and sells it to a baker for $1, the baker makes bread and sells it to a store for $2, and the store sells it to the customer for $3. This transaction increases GDP by:
Select correct option:
$1.
$2.
$3.
$6.
Question # 14 of 15 ( Start time: 09:17:58 PM ) Total Marks: 1
The concept of a risk premium applies to a person that is:
Select correct option:
Risk averse
Risk neutral
Risk loving
All of the given options
Question # 15 of 15 ( Start time: 09:18:57 PM ) Total Marks: 1
''Capital widening'' means:
Select correct option:
More capital and more labour, but with the same amount of capital per unit of labour.
More capital per unit of labour.
Increasing the usage of existing capital.
Importing capital from the developed world.
Thanks to those students those send me Assignments and quizzes. If you have any Assignment and quiz kindly send at jamilbookcenter@yahoo.com
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