vu eco401 Final Term - Quiz No.7
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 2: A public good is non-excludable because:
One person's use or consumption does not reduce the ability of another to use it.
External costs are generated through its production
External benefits are generated through more consumption.
No one can be effectively excluded from using that good.
Question 3: The accelerator is a related concept which formalizes the investment response to:
Consumption
Interest rate
Output
None of the given options
Question 4: If the income elasticity of demand for bread is 0.4, a 10% increase in consumer income will lead to a __________ in the quantity of bread demanded.
40% increase
40% decrease
4% increase
0.4% increase
Question 5: If consumers' incomes remain constant, then demand for product Y will:
Necessarily remain unchanged
Shift to the right if Y is a complementary good
Shift to the right if Y is a normal good
Shift to the right if Y is an inferior good
Question 6: A tax in which people pay the same percentage of income in taxes regardless of their incomes is called:
Value-added tax.
Regressive tax.
Proportional tax.
Progressive tax.
Question 7: What would cause the supply curve of wheat to shift to the right?
An increase in the prices of inputs
A decrease in the number of wheat growers
An increase in wages paid to agricultural workers
Technological improvement which lowers the costs of production
Question 10: The traditional Phillips Curve shows the:
Inverse relationship between the rate of inflation and the unemployment rate.
Inverse relationship between the nominal and the real wage.
Direct relationship between unemployment and demand-pull inflation.
Tradeoff between the short run and the long run.
