Test
Tutorial 2 - ECO120
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Preguntas del test (11)
1Which of the following would be studied in microeconomics?
- AThe total number of workers employed in a country
- BThe general level of prices in the Malaysian economy
- CThe output and price of lamb in Malaysia
- DThe production of the entire economy
2Which of the following would be studied in microeconomics?
- AThe total number of workers employed in a country
- BThe general level of prices in the Malaysian economy
- CThe output and price of lamb in Malaysia
- DThe production of the entire economy
3Which of the following does not illustrate opportunity cost?
- AIf spent more on shoes, I must spend less on food
- BIf I study today for the test tomorrow, I must give up watching my favorite movie
- CIf I buy the PSP, I must do without a 35” television
- DAn increment in consumer spending now means more spending in the future
4Which of the following is not a characteristic of an inelastic demand?
- AThere is a large number of substitution goods for customers
- BThe period of time for which demand is given is very short
- CThe buyer spends a small percentage of his income on a product
- DThe product is regarded by consumers as a necessity
5An increase in demand means that
- Athe demand curve has shifted to the left
- Bprice has declined and therefore consumers want to purchase more of the product
- Cthe demand curve has shifted to the right
- Dgiven supply, the price of the product can be expected to decline
6Ceteris paribus, the supply of flour is positively sloped because
- Athe price will increase when farmers get higher profits
- Ban increase in the price of flour will cause the quantity supplied to increase at the same rate
- Can increase in the demand for flour will cause an increase in the demand of flour
- Dthe high price will motivate farmers to increase flour production
7The price of goods tend to stabilize if quantity
- Ademanded exceeds quantity supplied
- Bsupplied is stabilize
- Cdemanded equals to quantity supplied
- Dsupplied exceeds quantity demanded
8Which of the following is a short run adjustment?
- AA local bakery hires two additional workers
- BThe number of plantations in Malaysia declines by 5%
- CEight new firms enter the electronic industry
- DProton constructs a new assembly plant in Malacca
9The law of diminishing marginal return describes the
- ARelationship between inputs and outputs in the short run
- BRelationship between total costs and total revenues
- CRelationship between inputs and outputs in the long run
- DProfit maximizing position of a firm
10A decrease in the price of product X causes an increase in the demand for product Y.
Product X and Y are mostly likely to be- AMilo and Vico
- BNasi lemak and Capati
- CStrawberries and Grape
- DVideo recorders and video tapes
11Assume the government has intervened in the market and imposed a floor price on good YY and a ceiling price on good ZZ.
What would be the effect on the market for good YY and good ZZ?- AShortage in both markets
- BSurplus in both markets
- CA surplus in the good YY market and an increase in the quantity of good ZZ
- DA surplus in the good YY market and a shortage in good ZZ market
Información
- Descripción
- Test sobre Tutorial 2 - ECO120, creado por Eco OnTheGo el 08/09/2014.
- Autor
- Eco OnTheGo
- Idioma
- English
- Visitas
- 711
- Valoración
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