vu eco401 Mid Term - Quiz No.14
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 7 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.
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: Which of the following is true about the total cost curve?
It relates output with total cost.
It is usually upward sloping.
Gets steeper as output rises, due to diminishing marginal product of an input.
All of the given options are true.
Question 2: The concept of a risk premium applies to a person that is:
Risk averse
Risk neutral
Risk loving
All of the given options
Question 3: Assume that the current market price is below the market clearing level. We would expect:
A surplus to accumulate.
Downward pressure on the current market price.
Upward pressure on the current market price.
Lower production during the next time period.
Question 4: The principle economic difference between a competitive and a non-competitive market is:
The number of firms in the market.
The extent to which any firm can influence the price of the product .
The size of the firms in the market.
The annual sales made by the largest firms in the market.
Question 5: In the complete classical model, a rightward shift of the labor supply curve will:
Decrease the price level and increase the nominal wage
Decrease the nominal wage and increase the price leve
Decrease both the price level and the nominal wage
Increase both the price level and the nominal wage
Question 6: The upward-sloping aggregate supply curve indicates that:
As firms increase their level of output, the cost of producing an extra unit increases
An increase in aggregate demand causes little, if any increase in real output
The economy is operating in the long run
Any increase in aggregate demand causes the output of producers to fall because the general price level rises
Question 7: Cartels are:
Organizations of independent firms, producing similar products, that work together to raise prices and restrict output
Organizations of interdependent firms
Oligopolies
All of the above
