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ECO401 Quiz No.1 Shared by Saif


( All those which i have tried to save)
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Question # 1 of 20 ( Start time: 05:30:41 PM )
Total Marks: 1
If a 4% rise in consumer’s incomes causes an 8% rise in product’s demand, the income elasticity of demand for the product will be:
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Question # 2 of 20 ( Start time: 05:32:03 PM )
Total Marks: 1
Suppose a teacher organizes a study group by reserving a meeting room, compiling study materials and attracting students. The meeting room would most likely be which of the following factors of production?
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Question # 3 of 20 ( Start time: 05:34:23 PM )
Total Marks: 1
If demand for automobiles increases and the supply curve do not shift then result will be:
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Question # 4 of 20 ( Start time: 05:35:57 PM )
Total Marks: 1
Salman makes a plan to see movie with his friends. The cost of ticket is Rs. 300. If he will go, he will have to forego Rs. 500 that otherwise he will get by doing work at that time. The opportunity cost of watching movie is:
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Question # 5 of 20 ( Start time: 05:37:33 PM )
Total Marks: 1
The law of diminishing marginal utility indicates that the demand curve is:
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Question # 6 of 20 ( Start time: 05:39:12 PM )
Total Marks: 1
At the equilibrium price, there will be:
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Question # 7 of 20 ( Start time: 05:41:58 PM )
Total Marks: 1
Assume that the current market price is below the market clearing level. We would expect:
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Question # 8 of 20 ( Start time: 05:43:27 PM )
Total Marks: 1
Economics is different from other social sciences because it is primarily concerned with the study of ________.
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Question # 9 of 20 ( Start time: 05:44:57 PM )
Total Marks: 1
“In order to produce additional units of a particular good, it is necessary for society to sacrifice increasingly larger amounts of alternative goods”. It is the statement of law of:
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Question # 10 of 20 ( Start time: 05:47:52 PM )
Total Marks: 1
When the cross-price elasticity of demand for two goods is less than zero then the goods are___________ goods.
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Question # 11 of 20 ( Start time: 05:49:18 PM )
Total Marks: 1
Sultan is running a logistics business and provides logistics services to the local business community. For his company, truck falls in the category of _______.
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Question # 12 of 20 ( Start time: 05:50:24 PM )
Total Marks: 1
Price floor results in:
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Question # 13 of 20 ( Start time: 05:53:23 PM )
Total Marks: 1
If a 2% rise in consumer’s incomes causes a 4% rise in product’s demand, the income elasticity of demand for the product will be:
Select correct option:

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