Started on Monday, 2 October 2023, 10:46 AM
State Finished
Completed on Monday, 2 October 2023, 11:16 AM
Time taken 30 mins 38 secs
Marks 28.00/30.00
Grade 93.33 out of 100.00
Question 1
Complete
M ark 1.00 out of 1.00
A price consumption curve plots the quantity of the good on the horizontal axis and its price on the vertical axis.
Select one:
True
False
Question 2
Complete
M ark 1.00 out of 1.00
If pizza and hamburgers were substitutes, a decrease drop in the price of pizza would increase the demand for hamburgers.
Select one:
True
False
,Question 3
Complete
M ark 1.00 out of 1.00
At what level of output is the marginal product at its maximum?
a. 30
b. 22
c. 29
d. 6
Question 4
Complete
M ark 1.00 out of 1.00
How does an increase in the price of cooking oil affects the budget line on a graph when cooking oil is on the y-axis?
a. An increase will cause the rotation of the budget line and get more steeper.
b. An increase will cause the budget line to rotate and get flatter.
c. An increase will cause the entire budget line to shift and get flatter.
d. An increase will cause the shift of the budet line and get more steeper.
,Question 5
Complete
M ark 1.00 out of 1.00
When the income-consumption curve has a positive slope throughout its entire length, we can conclude that
a. the good on the horizontal x-axis is inferior.
b. both goods are normal.
c. the good on the vertical y-axis is inferior.
d. both goods are inferior.
Question 6
Complete
M ark 1.00 out of 1.00
If a 2 percent increase in the price of ice cream causes a 4-percent decrease in the quantity demanded, what is the elasticity of demand?
a. -2
b.
2
c.
-0.5
d. 0.5
Question 7
Complete
M ark 1.00 out of 1.00
Which of the following would shift the demand curve for new textbooks to the right?
a. A fall in the price of paper used in publishing texts
b. An increase in the income of students attending college
c. A fall in the price of equivalently used textbooks
d. A fall in the price of new textbooks
, Question 8
Complete
M ark 1.00 out of 1.00
A single price usually prevails in a competitive market.
Select one:
True
False
Question 9
Complete
M ark 1.00 out of 1.00
For a given short-run production function,
a. technology is considered to be constant for a given production relationship.
b. technology is assumed to changed positively until diminishing returns set in.
c. technology is assumed to change as capital changes.
d. technology is assumed to change as labour changes.
Question 10
Complete
M ark 1.00 out of 1.00
Consider two goods, apples and pears, available for consumption. Assume that the price of apples changes while the price of pears remains
fixed. For these two goods, the price-consumption curve illustrates the…
a. relationship between the price of X and consumption of Y.
b. relationship between the price of Y and the consumption of X.
c. utility-maximising combinations of X and Y for each price of X.
d. utility-maximising combinations of X and Y for each quantity of X.
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