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Thread: ECO401 Economics part 2 mid term paper 2011

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    NEW ECO401 Economics part 2 mid term paper 2011

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    ful solve paper in attachment

    Marks: 47
    Question No: 1 ( Marks: 1 ) - Please choose one
    If pen and ink are complements, then an increase in the price of pen will
    cause:
    An increase in the price of ink► .
    ► Less ink to be demanded at each price .
    ► A decrease in the demand for pen.
    ► A rightward shift in the demand curve for ink.
    Question No: 2 ( Marks: 1 ) - Please choose one
    A good for which income and quantity demanded are inversely related is
    known as:
    ► Inferior good .
    ► Complementary good.
    ► Normal good.
    ► None of the given options.
    Question No: 3 ( Marks: 1 ) - Please choose one
    At the equilibrium price:
    ► There will be a shortage.
    ► There will be neither a shortage nor a surplus.
    ► There will be a surplus.
    ► There are forces that cause the price to change.
    Question No: 4 ( Marks: 1 ) - Please choose one
    A market is said to be in equilibrium when:
    ► Demand equals output.
    ► There is downward pressure on price.
    ► The amount consumers wish to buy at the current price equals the
    amount
    producers wish to sell at that price.
    ► All buyers are able to find sellers willing to sell to them at the current price.
    Question No: 5 ( 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: 6 ( Marks: 1 ) - Please choose one
    Which of the following is regarded as a general determinant of price
    elasticity of demand?
    ► Nature of the good (luxury versus necessity).
    ► Availability of close substitutes.
    ► Share of consumer's budget and passage of time.
    ► All of the given options.
    Question No: 7 ( Marks: 1 ) - Please choose one
    As more of a good is consumed, then total utility typically:
    ► Increases at a decreasing rate.
    ► Decreases as long as marginal utility is negative.
    ► Decreases as long as marginal utility is positive.
    ► Is negative as long as marginal utility is decreasing.
    Question No: 8 ( Marks: 1 ) - Please choose one
    Which of the following is the term that economists use to describe how
    consumers rank
    different goods and services?
    ► Satisfaction index.
    ► Goodness.
    ► Utility.
    ► None of the given options.\
    Question No: 9 ( Marks: 1 ) - Please choose one
    The extra value that consumers receive above what they pay for that good
    is called:
    ► Producer surplus.
    ► Utility.
    ► Marginal utility.
    ► Consumer surplus .
    Question No: 10 ( Marks: 1 ) - Please choose one
    A risk-averse individual has:
    ► A diminishing marginal utility of income.
    ► An increasing marginal utility of risk.
    ► An increasing marginal utility of income.
    ► A diminishing marginal utility of risk .
    Question No: 11 ( Marks: 1 ) - Please choose one
    As long as all prices remain constant, an increase in money income results
    in:
    ► An increase in the slope of the budget line.


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