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This document contains a practice test for a fundamentals of economics class. It includes 20 multiple choice questions testing concepts such as demand and supply, elasticity, shifts versus movements of demand curves, and opportunity cost. It also includes short answer questions asking to write notes on demand versus supply, calculating price elasticity of demand, and other economic topics. The test is for 1 hour and is worth a total of 100 marks.
This document contains a practice test for a fundamentals of economics class. It includes 20 multiple choice questions testing concepts such as demand and supply, elasticity, shifts versus movements of demand curves, and opportunity cost. It also includes short answer questions asking to write notes on demand versus supply, calculating price elasticity of demand, and other economic topics. The test is for 1 hour and is worth a total of 100 marks.
This document contains a practice test for a fundamentals of economics class. It includes 20 multiple choice questions testing concepts such as demand and supply, elasticity, shifts versus movements of demand curves, and opportunity cost. It also includes short answer questions asking to write notes on demand versus supply, calculating price elasticity of demand, and other economic topics. The test is for 1 hour and is worth a total of 100 marks.
IER + GPP | Class Test-1 | 27.12.2014 | Time: 1 hour | Total Marks: 100 Q-A: Write notes on any four the followings (4X5 = 20). a) b) c) d) e)
Demand vs. Supply
Arch method of calculating elasticity Price elasticity of demand Shift vs. movement of demand curve Opportunity cost
Q-B: Choose the correct answer.
1. Which of the following is not true? a. Scarce resources can be abundant over time. b. Optimum use of scarce resources are important in economics. c. Abundant resources can be scarce over time. d. For optimum use of scarce resources, having rational mind is not important. 2. Households area. Consumers b. Supplier of factors of production c. Both 3. Positive view deals witha. Ethics and morality b. Facts and reality c. Both 4. Which of the following is true? a. A market is a place where buyers and sellers meet with potential to trade. b. A market can be a virtual place. c. Both. 5. Inputs for production are available at thea. Factor market b. Product market c. Wholesalers
6. Suppose your office has requested you
to conduct a study on the readymade garments industry of Bangladesh. It will be aa. Microeconomic study b. Macroeconomic study 7. Suppose, you are looking at a graph in which a line is shown sloping upward from left to right quantity on the X-axis and price on the Y-axis. No other information is available. What kind of graph you are looking ata. Demand curve b. Supply curve c. Can be both. 8. For supply, price and quantity are relateda. Positively b. Inversely 9. Which of the following is not truea. Demand will shift if price of substitute good changes b. Demand will shift if price of that good reduces c. Demand will shift if taste of the consumer changes d. All of the above.
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10. If a cyclone hits and as a result a large
amount crops are destroyed, thena. Supply curve will shift to the left b. Supply curve will shift to the right 11. If population increases, then there will be aa. Movement along the demand curve b. Shift of the demand curve. 12. If people expect that price of orange will rise in future, it might result into aa. Movement along the demand curve for orange b. Shift of the demand curve for orange. c. We shall go to Bhutan. 13. Suppose, your car runs both on gas and octane. If your income rises and you decide that to protect the engine of the car you will use only octane, then which of the following statement is true? a. Octane is a Giffen good b. Gas is an inferior good 14. Elasticity indicatesa. Responsiveness of price when quantity changes b. Responsiveness of quantity when price changes c. Can be both. 15. In economics, there area. Two types of elasticity measurement b. Three types of elasticity measurement c. Four types of elasticity measurement 16. Suppose after calculating, you have found the value of elasticity of demand as ( 0.9). We can say thata. Demand is elastic b. Demand is inelastic c. Demand is unit elastic
17. If the sign of the value of price elasticity
of demand is positive, we can say thata. It is calculated for an inferior good b. It is calculated for a Giffen good c. It can never happen. 18. For infinitely elastic demand, the demand curve isa. Vertical b. Horizontal c. Slopes downward 19. Which of the following is not always truea. If demand is elastic, then increasing price will decrease revenue b. If demand is elastic, decreasing price will increase revenue c. If demand is inelastic, then increasing price will increase revenue 20. If calculated value of cross elasticity of demand is negative, then we can say that the value has been calculated with respect toa. Substitute good b. Complementary good
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