vu eco401 Final Term - Quiz No.2
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: The government supports research in basic science because:
It is a public good.
External costs are created.
Internal benefits are created.
Free markets would do so otherwise.
Question 2: What would result from a depreciation of the pound on the foreign exchange market?
An increase in the price of imported computers.
A fall in the purchasing power of US tourists in London.
A fall in the price of imported computers.
An increase in the purchasing power of UK tourists overseas.
Question 3: If quantity demanded of videocassette players decreases by 15% as a result of 10% increase in its price, then one can conclude that demand for videocassette players is:
Elastic
Inelastic
Perfectly elastic
Perfectly inelastic
Question 4: If the income elasticity of demand for boots is 0.2, a 10% increase in consumer income will lead to a:
20% increase in the quantity of boots demanded.
20% decrease in the quantity of boots demanded.
2% increase in the quantity of boots demanded.
0.2% increase in the quantity of boots demanded.
Question 5: What is meant by freedom of enterprise in pure capitalism?
It means that businesses are free to produce products that consumers want.
It means that consumers are free to buy goods and services that they want.
It means that resources are distributed freely to businesses.
It means that government is free to direct the actions of businesses.
Question 7: In the definition of labor force, economists include:
Only people who are working full-time.
People who are not working but are actively looking for a job and people who are working.
People who are working.
None of the given options.
Question 8: The distribution or allocation of a limited commodity, usually accomplished based on a standard or criterion is known as:
Scarcity
Rationing
Bundling
All of the given
Question 9: Demand tends to be more elastic in the:
Short run time period.
Immediate time period.
Long run time period.
All of the given
Question 10: Which of the following is a primary function of a central bank?
To regulate dividend payments by corporations
To act as a regulator of banks
To control the bond market
To publish statistics on banking and related financial matters
