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Quiz

Tutorial 1 - ECO120

Eco OnTheGo 10 perguntas

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Perguntas do quiz (10)

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

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Tutorial 1 - ECO120
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English
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