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Thread: eco401 mid term solve quiz april 2011

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    Icon51 eco401 mid term solve quiz april 2011

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    full solve paper in attachment


    Question # 1 of 15 ( Start time: 09:09:15 AM )
    The production possibilities curve:
    Select correct option:
    Shows all combinations of goods that society most desires.
    Indicates that any combination of goods lying outside the curve is attainable.
    Shows the maximum level of output that an economy can produce with all the available
    resources.
    Shows only those combinations of two goods that reflect "full production".
    Question # 2 of 15 ( Start time: 09:10:19 AM )
    If the supply of a product decreases and supply curve shifts leftward, and the demand for
    that product simultaneously increases and demand curve shifts rightward, then
    equilibrium:
    Select correct option:
    Price must rise.
    Price must fall.
    Quantity must rise.
    Question # 3 of 15 ( Start time: 09:11:45 AM )
    Income elasticity of demand for the normal goods is usually
    Positive.
    Question # 4 of 15 ( Start time: 09:12:43 AM )
    When oligopolists collude, they are able to:
    Select correct option:
    Raise price, but not restrict output
    Raise price and restrict output, but not attain the monopoly profit
    Raise price and restrict output, and therefore attain the monopoly profit
    Restrict output, but not raise price
    Question # 5 of 15 ( Start time: 09:13:09 AM )
    Consider two commodities X and Y. If the cross-elasticity of demand is positive, it means
    the goods are:
    Select correct option:
    Independent.
    Complements.


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    Ab ki bar main ap ko Zip kar dunga.....

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    acha ap khud bhi tu zip i hai na.

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