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Tutorial 2 - ECO120

Description

Quiz on Tutorial 2 - ECO120, created by Eco OnTheGo on 08/09/2014.
Eco OnTheGo
Quiz by Eco OnTheGo, updated more than 1 year ago
Eco OnTheGo
Created by Eco OnTheGo almost 8 years ago
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Resource summary

Question 1

Question
Which of the following would be studied in microeconomics?
Answer
  • The total number of workers employed in a country
  • The general level of prices in the Malaysian economy
  • The output and price of lamb in Malaysia
  • The production of the entire economy

Question 2

Question
Which of the following would be studied in microeconomics?
Answer
  • The total number of workers employed in a country
  • The general level of prices in the Malaysian economy
  • The output and price of lamb in Malaysia
  • The production of the entire economy

Question 3

Question
Which of the following does not illustrate opportunity cost?
Answer
  • If spent more on shoes, I must spend less on food
  • If I study today for the test tomorrow, I must give up watching my favorite movie
  • If I buy the PSP, I must do without a 35” television
  • An increment in consumer spending now means more spending in the future

Question 4

Question
Which of the following is not a characteristic of an inelastic demand?
Answer
  • There is a large number of substitution goods for customers
  • The period of time for which demand is given is very short
  • The buyer spends a small percentage of his income on a product
  • The product is regarded by consumers as a necessity

Question 5

Question
An increase in demand means that
Answer
  • the demand curve has shifted to the left
  • price has declined and therefore consumers want to purchase more of the product
  • the demand curve has shifted to the right
  • given supply, the price of the product can be expected to decline

Question 6

Question
Ceteris paribus, the supply of flour is positively sloped because
Answer
  • the price will increase when farmers get higher profits
  • an increase in the price of flour will cause the quantity supplied to increase at the same rate
  • an increase in the demand for flour will cause an increase in the demand of flour
  • the high price will motivate farmers to increase flour production

Question 7

Question
The price of goods tend to stabilize if quantity
Answer
  • demanded exceeds quantity supplied
  • supplied is stabilize
  • demanded equals to quantity supplied
  • supplied exceeds quantity demanded

Question 8

Question
Which of the following is a short run adjustment?
Answer
  • A local bakery hires two additional workers
  • The number of plantations in Malaysia declines by 5%
  • Eight new firms enter the electronic industry
  • Proton constructs a new assembly plant in Malacca

Question 9

Question
The law of diminishing marginal return describes the
Answer
  • Relationship between inputs and outputs in the short run
  • Relationship between total costs and total revenues
  • Relationship between inputs and outputs in the long run
  • Profit maximizing position of a firm

Question 10

Question
A 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
Answer
  • Milo and Vico
  • Nasi lemak and Capati
  • Strawberries and Grape
  • Video recorders and video tapes

Question 11

Question
Assume 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?
Answer
  • Shortage in both markets
  • Surplus in both markets
  • A surplus in the good YY market and an increase in the quantity of good ZZ
  • A surplus in the good YY market and a shortage in good ZZ market
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