eco401 mid term solve paper 2011 virtual university of pakistan

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MIDTERM EXAMINATION
Spring 2010
ECO401- Economics (Session - 2)
Time: 60 min
Question No: 1 ( Marks: 1 ) - Please choose one
Microeconomics is the branch of economics that deals with which of the
following topics?
The behavior of individual consumers► .
► Unemployment and interest rates.
► The behavior of individual firms and investors.
► The behavior of individual consumers and behavior of
individual firms and investors.
Question No: 2 ( Marks: 1 ) - Please choose one
Land is best described as:
► Produced factors of production .
► "Organizational" resources .
► Physical and mental abilities of people .
► "Naturally" occurring resources .
Question No: 3 ( Marks: 1 ) - Please choose one
Aslam decides to stay at home and study for his exam rather than going
out with his friends to a movie. His dilemma is an example of:
► The economic perspective.
► Marginal analysis.
► Allocative efficiency.
► Opportunity cost .
Question No: 4 ( Marks: 1 ) - Please choose one
Price floor results in:
► All of the given options.
► Excess supply
► Equilibrium .
► Excess demand .
Question No: 5 ( Marks: 1 ) - Please choose one
The price elasticity of demand measures the responsiveness of quantity
demanded to:
► Quantity demanded.
► Quantity supplied.
► Price .
Output► .
Question No: 6 ( Marks: 1 ) - Please choose one
The cross price elasticity of demand for complementary goods is:
► Less than 0 .
► Equal to 0.
► Greater than 0.
► Between 0 and 1 .
Question No: 7 ( Marks: 1 ) - Please choose one
In order to calculate the price elasticity of supply, you need to know:
► Two prices and two quantities supplied .
► The slope of the supply curve.
► The equilibrium price and quantity in the market.
► The quantity supplied at two different prices, all else equal.
Question No: 8 ( Marks: 1 ) - Please choose one
We know that the demand for a product is elastic:
► When price rises, total revenue rises.
► When price rises, total revenue falls.
► When income rises, quantity demanded rises.
► When income falls, quantity demanded rises.
Question No: 9 ( Marks: 1 ) - Please choose one
An individual with a constant marginal utility of income will be:
► Risk loving.
► Risk neutral .
► Risk averse.
► Insufficient information for a decision.
Question No: 10 ( Marks: 1 ) - Please choose one
Suppose that the price of a pizza is $10 and price of a jeans is $30. If ratio
of marginal utility of pizza to marginal utility of jeans is 1/4 then to
maximize total utility, a consumer should:
► Buy more pizzas and fewer jeans.
► Buy fewer pizzas and more jeans .
► Continue to buy the same quantities of pizza and jeans.
► Spend more time consuming pizza.
Question No: 11 ( Marks: 1 ) - Please choose one
Increase in pension benefits leads to income and substitution effect which:
► Encourage workers to retire later.
► Encourage workers to work more hours.
► Have no effect on incentive to retire.
► Encourage workers to retire earlier .

[sana.pari]

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