eco401 current solve Quiz psting 2011

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full solve Quiz in attachment
Question # 1 of 15 (
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:
Income elasticity of demand for the normal goods is usually
Positive.
Question # 4 of 15 ( Start time:
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.
Substitutes.
Inferior.
Question # 6 of 15 ( Start time: 09:13:33 AM )
If we observe that the production possibilities curve becomes steeper as we move down
along the curve, then:
Select correct option:
Opportunity costs are increasing.
Society's resources are limited.
Society's wants are unlimited.
Society's wants are unlimited.
Question # 5 of 15 ( Start time:
Question # 7 of 15 ( Start time: 09:21:47 AM )
If the cross price elasticity of demand between two products is +3.5, then:
Select correct option:
One of the products is expensive and one is relatively inexpensive.
One product is a normal good and the other is an inferior good.
The two products are complements.
The two products are substitutes.

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