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Economics

by Usman Ali

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics is a field which analyzes what’s viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements

ECO401 Midterm Quiz

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Created on By 493989ac2f5e6167b77ffc6c41e07e7f?s=32&d=monsterid&r=gTayyaba Bibi

ECO401 Midterm Quiz

ECO401 Midterm Quiz 27-06-22

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A firm maximizes profit by operating at the level of output where:

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Suppose supply of agricultural products is price inelastic and government decides to increase taxes on agricultural products. More of the tax burden in this case would fall on:

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Arifa in her recent address in National assembly said that poverty should be reduced in Pakistan. Which category her statement falls in?

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Ghani noticed a new entry of Rs. 110000 under the head of wages in his books of accounts. Which of the following his accountant must have paid to?

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Which of the following is TRUE about the production function?

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Which of the following is TRUE for a monopolistically competitive firm in the short run equilibrium?

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If the price of a good X is increased by 15% and its quantity demanded falls by 25%, the price elasticity of demand is:

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If the price of sugar rises from Rs. 70 to Rs. 72 and quantity demanded decreases by 20%. We can conclude that:

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Final goods are:

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Accounts office of Z&X corporations has paid Rs.250000 on account of profit in the month of August 2011. Which of the following the accounts office has paid for

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The rate at which a firm can substitute capital for labour and hold output constant is the:

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Which of the following defines the opportunity cost?

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ECO 402 Quiz 1

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Created on By 493989ac2f5e6167b77ffc6c41e07e7f?s=32&d=monsterid&r=gTayyaba Bibi

ECO 402 Quiz1

ECO 402 Quiz1 Dated 13-06-22

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If an economy is operating at a point inside the production possibilities curve,

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Which of the following sayings best reflects the concept of

opportunity cost?

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Adam Smith believed that if people were free to pursue their own interests, then

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Which one of the following is a positive economic statement?

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What do economists mean when they state that a good is scarce?

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Economic choice and competitive behavior are the result of

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Rationing is

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The expression, "There's no such thing as a free lunch" implies that

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Which of the following is most clearly consistent with the basic postulate of

economics with regard to human decision making?

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The basic difference between macroeconomics and microeconomics is that

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Economic analysis assumes that

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Introduction to Economics ECO401

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Created on By 7cee2fc077617a43138e5b1bc7f51e2f?s=32&d=monsterid&r=gUsman Ali

Introduction to Economics ECO401

ECO401 Quiz 1

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1) The services of land and capital are exchanged through:

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2) If the demand for a good or service is inelastic then increase in its price:

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3) If price elasticity of supply is zero, then the supply curve will be:

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4) Suppose a good is having elastic demand. If price of a good increases:

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5) Which policy moves the economy from equilibrium to a state of surplus?

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6) Demand tends to be more elastic in the

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7) When the price of wheat rises by 10% the quantity of wheat purchased
falls by 4%. This shows that the demand for wheat is:

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8) The services of land and capital are exchanged through.

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9) Which of the following is a determinant of quantity supplied?

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10) The minimum wage set by the government is an example of:

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