GoConqr has a new look! Let us know what you think.

Sign up free

Quiz

Tutorial 2 - ECO120

Eco OnTheGo 11 questions

Take the quiz

Questions in this quiz (11)

  1. 1Which of the following would be studied in microeconomics?
    1. AThe total number of workers employed in a country
    2. BThe general level of prices in the Malaysian economy
    3. CThe output and price of lamb in Malaysia
    4. DThe production of the entire economy
  2. 2Which of the following would be studied in microeconomics?
    1. AThe total number of workers employed in a country
    2. BThe general level of prices in the Malaysian economy
    3. CThe output and price of lamb in Malaysia
    4. DThe production of the entire economy
  3. 3Which of the following does not illustrate opportunity cost?
    1. AIf spent more on shoes, I must spend less on food
    2. BIf I study today for the test tomorrow, I must give up watching my favorite movie
    3. CIf I buy the PSP, I must do without a 35” television
    4. DAn increment in consumer spending now means more spending in the future
  4. 4Which of the following is not a characteristic of an inelastic demand?
    1. AThere is a large number of substitution goods for customers
    2. BThe period of time for which demand is given is very short
    3. CThe buyer spends a small percentage of his income on a product
    4. DThe product is regarded by consumers as a necessity
  5. 5An increase in demand means that
    1. Athe demand curve has shifted to the left
    2. Bprice has declined and therefore consumers want to purchase more of the product
    3. Cthe demand curve has shifted to the right
    4. Dgiven supply, the price of the product can be expected to decline
  6. 6Ceteris paribus, the supply of flour is positively sloped because
    1. Athe price will increase when farmers get higher profits
    2. Ban increase in the price of flour will cause the quantity supplied to increase at the same rate
    3. Can increase in the demand for flour will cause an increase in the demand of flour
    4. Dthe high price will motivate farmers to increase flour production
  7. 7The price of goods tend to stabilize if quantity
    1. Ademanded exceeds quantity supplied
    2. Bsupplied is stabilize
    3. Cdemanded equals to quantity supplied
    4. Dsupplied exceeds quantity demanded
  8. 8Which of the following is a short run adjustment?
    1. AA local bakery hires two additional workers
    2. BThe number of plantations in Malaysia declines by 5%
    3. CEight new firms enter the electronic industry
    4. DProton constructs a new assembly plant in Malacca
  9. 9The law of diminishing marginal return describes the
    1. ARelationship between inputs and outputs in the short run
    2. BRelationship between total costs and total revenues
    3. CRelationship between inputs and outputs in the long run
    4. DProfit maximizing position of a firm
  10. 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
    1. AMilo and Vico
    2. BNasi lemak and Capati
    3. CStrawberries and Grape
    4. DVideo recorders and video tapes

Information

Description
Quiz on Tutorial 2 - ECO120, created by Eco OnTheGo on 08/09/2014.
Language
English
Views
711
Rating
No ratings yet
Rate this quiz
Rate this quiz

Feedback

What is it about?

What do you think of the new look?

How do you like it?