vu eco401 Final Term - Quiz No.11
vu eco401 Economics Quiz
This quiz belongs to book/course code vu eco401 Economics of vu organization. We have 33 quizzes available related to the book/course Economics. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: In a free-market economy, the allocation of resources is determined by:
Votes taken by consumers
A central planning authority
Consumer preferences
The level of profits of firms
Question 2: A normative economic statement is a statement:
of fact
Used to test economic theory
Of what ought to be, not what is
Of what will occur if certain assumptions are true
Question 3: If central bank increased the money supply, then what will be happen to IS curve?
IS curve will Shifts rightward
IS curve will Shifts leftward
IS curve will remain unaffected
IS curve will become vertical
Question 4: Which of the following shows the inverted-U shape when plotted on a graph?
Consumption curve.
Supply curve.
Laffer curve.
Investment curve
Question 5: Which of the following is NOT an account in the balance of payments?
Capital account
Financial account
Current account
Future account
Question 6: Which of the following avoids uncertainty and volatility and making international transactions easier?
Fixed exchange rate.
Flexible exchange rate.
Fixed interest rate.
Flexible interest rate.
Question 7: The firms demand for labor is:
The marginal revenue product curve
The marginal input cost curve
The marginal cost curve
Undetermined
Question 8: When a person gives his judgment, assessment or evaluation of something, what it will be called?
Fact
vision
Analysis
Opinion
Question 9: Which of the following is the term that economists use to describe how consumers rank different goods and services?
Satisfaction index
Goodness
Utility
None of the given options
Question 10: Since bread and butter are complements. When the price of bread goes down, the demand curve for butter:
Shifts to the left
Shifts to the right
Remains constant.
Shifts to the right initially and then returns to its original position.
