Tutorial 1 - ECO120

Eco OnTheGo
Quiz by Eco OnTheGo, updated more than 1 year ago
Eco OnTheGo
Created by Eco OnTheGo about 7 years ago
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Tutorial 1 - ECO120

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Question 1

Question
Opportunity cost is
Answer
  • the cost that we forgo or give when we make a choice or decision.
  • a cost that cannot be avoided regardless of what is done in the future.
  • the additional cost of producing one additional unit of output.
  • the additional cost of buying one additional unit of output.

Question 2

Question
2. The basic economic problem of “For whom to produce?” is concerned with
Answer
  • the determination of resources and technique or production to be used.
  • the distribution of good and services produced.
  • the alternatives of collection of goods and services to be produced.
  • the quantities of the goods and services shall be produced.

Question 3

Question
Technological advancement normal results in
Answer
  • a larger quantity being offered for sale than before at each price
  • an increase in supply
  • a rightward shift of the supply curve
  • all the above

Question 4

Question
4. Economists make a distinction between change in quantity supplied and change in supply:
Answer
  • because the demand curve shifts whenever there is a change in supply.
  • because the supply shifts whenever there is a change in quantity supplied
  • to distinguish a movement along a supply curve from a shift in supply.
  • to distinguish a shift in demand from a shift in supply.

Question 5

Question
A maximum price result in
Answer
  • a shortage
  • a surplus
  • equilibrium
  • none of the above

Question 6

Question
A simultaneous shift in demand and supply to the right will lead to
Answer
  • a lower equilibrium quantity
  • a higher equilibrium quantity
  • a similar equilibrium quantity
  • a moderate equilibrium quantity

Question 7

Question
In order to protect producer’s income, government should set a price floor
Answer
  • above the equilibrium price
  • below the equilibrium price
  • equal to the equilibrium price
  • none of the above

Question 8

Question
The greater the price elasticity of demand the
Answer
  • more likely the product is necessity
  • smaller the responsiveness of quantity demanded to price
  • greater the percentage change in price over the percentage change in quantity demanded
  • greater responsiveness of quantity demanded to price

Question 9

Question
The price elasticity of demand of a horizontal demand curve is
Answer
  • perfectly elastic
  • perfectly inelastic
  • unitary elastic
  • inelastic

Question 10

Question
If your income increases, but your consumption of sardine decreases, then sardine is
Answer
  • a normal goods
  • a luxury goods
  • an inferior goods
  • a substitute
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