Eco 401 Quiz No 2
Eco 401 Quiz No 2
Eco 401 Quiz No 2
Q # 1 of 10 Total Marks: 1
A schedule which shows the various amounts of a product consumers are willing and able to
purchase at each price in a series of possible prices during a specified period of time is called:
Supply
Demand
Quantity supplied
Quantity demanded
Shortages
Surpluses
Equilibrium
None of the given options.
Independent.
Complements.
Substitutes.
Inferior.
Other Quiz No # 2
Question # 1 of 10 ( Start time: 05:38:06 PM ) Total Marks: 1
A schedule which shows the various amounts of a product consumers are willing and able to
purchase at each price in a series of possible prices during a specified period of time is
called:
Supply
Demand
Quantity supplied
Quantity demanded
Standardized
Differentiated
Differentiated if industrial goods
Differentiated if consumer goods
Equilibrium
Excess demand
Excess supply
All of the given options
External costs
Transaction costs
Fixed inputs
Marginal returns
q/10
0/q
q
1
Other Quiz No # 2
Question # 1 of 10 ( Start time: 07:20:57 PM ) Total Marks: 1
Goods X and Y are complements while goods X and Z are substitutes. If the supply of good X
increases:
Scale economies.
Patents.
Strategic actions by incumbent firms.
All of the given options are true.
Is a statement of fact.
Is a hypothesis used to test economic theory.
Is a statement of what ought to be, not what is.
Is a statement of what will occur if certain assumptions are true.
Producer surplus
Utility
Marginal utility
Consumer surplus
AC is decreasing.
MC is at its minimum.
AC is at its minimum.
AC is at its maximum.
A luxury.
A normal good (but not a luxury).
An inferior good.
A Giffen good.
Other Quiz No # 2
Question # 1 of 10 ( Start time: 10:19:18 PM ) Total Marks: 1
The cross elasticity of demand of complements goods is:
Less than 0.
Equal to 0.
Greater than 0.
Between 0 and 1.
Cournot
Stackelberg
Dminant firm
kinked demand
A luxury.
A normal good (but not a luxury).
An inferior good.
A Giffen good.
AC is decreasing.
MC is at its minimum.
AC is at its minimum.
AC is at its maximum.
It says, "At a minimum point of ATC (Average total cost) curve, MC curve intersects ATC curve
from below, that is when ATC is minimum, MC is equal to ATC"
Scale economies.
Patents.
Strategic actions by incumbent firms.
All of the given options are true.
Other Quiz # 2
Question # 1 of 10 ( Start time: 01:14:57 AM ) Total Marks: 1
Demand is elastic when the elasticity of demand is:
Greater than 0
Greater than 1
Less than 1
Less than 0
The same as its average revenue curve but not the same as its marginal revenue curve.
The same as its average revenue curve and its marginal revenue curve.
The same as its marginal revenue curve but not its average revenue curve.
Not the same as either its marginal revenue curve or its average revenue curve.
Risk averse.
Risk loving.
Risk neutral.
None of the given is necessarily correct.
Demand is elastic
Demand is inelastic
Supply is elastic
Supply is inelastic
Question # 8 of 10 ( Start time: 01:22:05 AM ) Total Marks: 1
A self-employed accountant spends a lot of money identifying clients and advertising her
services. These activities are an example of:
External costs
Transaction costs
Fixed inputs
Marginal returns
Shortages
Surpluses
Equilibrium
None of the given options.
Other Quiz No # 2
Question # 1 of 10 ( Start time: 02:57:52 AM ) Total Marks: 1
Due to capacity constraints, the price elasticity of supply for most products is:
Perfect competitor
Oligopolist
Monopolist
Economist
Is a statement of fact.
Is a hypothesis used to test economic theory.
Is a statement of what ought to be, not what is.
Is a statement of what will occur if certain assumptions are true.
Income effect
Budget effect
Substitution effect
Real income effect
Purely competitive
A monopoly
Monopolistically competitive
Oligopolistic