vu eco401 Final Term - Quiz No.16
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.
NVAEducation also facilitates users to contribute in online competitions with other students to make a challenging situation to learn in a creative way. You can create one to one, and group competition on an topic of a book/course code. Also on NVAEducation you can get certifications by passing the online quiz test.
Question 1: A Giffen good is defined as one for which:
Marginal utility is zero.
The demand curve is perfectly elastic.
The substitution effect is positive.
The demand curve is positively sloped.
Question 2: Rationing is needed due to the problem of:
Unemployment.
Inflation.
Scarcity.
Poverty.
Question 3: Development is impossible without:
Incentive to profit.
Foreign aid.
Domestic savings.
Inflation
Question 4: The slope of the consumption function (or line) is the:
Average propensity to save.
Average propensity to consume.
Marginal propensity to save.
Marginal propensity to consume.
Question 5: If there is an increase in the long term economic growth then production possibility frontier will:
Shift inward
Shift outward
Remain the same
Move downward on the same curve
Question 6: In monopoly, which of the following is NOT true?
Products are differentiated.
There is freedom of entry and exit into the industry in the long run.
The firm is a price maker
There is one main seller.
Question 7: Gross domestic product (GDP) is the market value of:
All transactions in an economy during one-year period.
All goods and services exchanged in an economy during one-year period.
All final goods and services exchanged in an economy during one-year period.
All final goods and services produced in a domestic economy during one-year period.
Question 9: Monetarists characterized the long-term tradeoff between output and:
Employment level
Inflation
Foreign direct investment
Deflation
Question 10: Microeconomics is the branch of economics that deals with which of the following topics?
The behavior of individual consumers
Unemployment and interest rates
The behavior of individual firms and investors
The behavior of individual consumers and behavior of individual firms and investors.
