vu eco401 Mid Term - Quiz No.10
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 Mid 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 price elasticity of demand measures the responsiveness of quantity demanded to:
Quantity demanded.
Quantity supplied.
Price.
Output.
Question 2: Unemployment benefits may increase the unemployment rate because unemployment benefits:
Reduce the cost of job search.
Encourage people to quit their jobs.
Reduce the benefits of additional job searching.
Enable people to quit searching for work.
Question 3: The market structure in which there is interdependence among firms is:
Monopolistic competition.
Oligopoly.
Perfect competition.
Monopoly.
Question 4: The average propensity to consume is the ratio of:
A change in consumption to a change in disposable income.
A change in consumption to total disposable income at a specific income level.
Total consumption to total disposable income at a specific income level.
Total consumption to a change in disposable income.
Question 5: When the demand curve is downward sloping, marginal revenue is:
Equal to price.
Equal to average cost.
Less than price.
More than price.
Question 6: Which of the following is not an assumption of ordinal utility analysis?
Consumers are consistent in their preference.
Consumers can measure the total utility received from any given basket of good .
Consumers are non-satiated with respect to the goods they confront.
All are necessary.
Question 7: Other things being equal, expected income can be used as a direct measure of well-being:
No matter what a person's preference to risk.
If and only if individuals are not risk-loving.
If and only if individuals are risk averse.
If and only if individuals are risk neutral.
Question 8: When drawing demand and supply curves, economists are assuming that the primary influence on production and purchasing decisions is:
Price.
Cost of production.
The overall state of the economy.
Consumer incomes.
Question 9: Which of the following is the requirement of an industry to be perfectly competitive?
There are no restrictions on entry into or exit from the market.
There are multiple restrictions on entry into or exit from the market.
There are many firms selling different products.
Sellers and buyers have imperfect information about prices.
Question 10: The figure that results when goods imports are subtracted from goods exports is:
The capital account balance.
The balance of trade.
Always greater than zero.
Always less than zero.
