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Tutorial 1 - ECO120
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Questions in this quiz (10)
1Opportunity cost is
- Athe cost that we forgo or give when we make a choice or decision.
- Ba cost that cannot be avoided regardless of what is done in the future.
- Cthe additional cost of producing one additional unit of output.
- Dthe additional cost of buying one additional unit of output.
22. The basic economic problem of “For whom to produce?” is concerned with
- Athe determination of resources and technique or production to be used.
- Bthe distribution of good and services produced.
- Cthe alternatives of collection of goods and services to be produced.
- Dthe quantities of the goods and services shall be produced.
3Technological advancement normal results in
- Aa larger quantity being offered for sale than before at each price
- Ban increase in supply
- Ca rightward shift of the supply curve
- Dall the above
44. Economists make a distinction between change in quantity supplied and change in supply:
- Abecause the demand curve shifts whenever there is a change in supply.
- Bbecause the supply shifts whenever there is a change in quantity supplied
- Cto distinguish a movement along a supply curve from a shift in supply.
- Dto distinguish a shift in demand from a shift in supply.
5A maximum price result in
- Aa shortage
- Ba surplus
- Cequilibrium
- Dnone of the above
6A simultaneous shift in demand and supply to the right will lead to
- Aa lower equilibrium quantity
- Ba higher equilibrium quantity
- Ca similar equilibrium quantity
- Da moderate equilibrium quantity
7In order to protect producer’s income, government should set a price floor
- Aabove the equilibrium price
- Bbelow the equilibrium price
- Cequal to the equilibrium price
- Dnone of the above
8The greater the price elasticity of demand the
- Amore likely the product is necessity
- Bsmaller the responsiveness of quantity demanded to price
- Cgreater the percentage change in price over the percentage change in quantity demanded
- Dgreater responsiveness of quantity demanded to price
9The price elasticity of demand of a horizontal demand curve is
- Aperfectly elastic
- Bperfectly inelastic
- Cunitary elastic
- Dinelastic
10If your income increases, but your consumption of sardine decreases, then sardine is
- Aa normal goods
- Ba luxury goods
- Can inferior goods
- Da substitute
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- Tutorial 1 - ECO120
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- Eco OnTheGo
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- English
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