ECO401 Solved MCQs Mega Collection

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ECO401 Question no 1

A partial explanation for the inverse relationship between price and
quantity demanded is that a:
► Lower price shifts the supply curve to the left.
► Higher price shifts the demand curve to the left.
► Lower price shifts the demand curve to the right.
► Higher price reduces the real incomes of buyers.

ECO401  Question no 2

The total utility curve for a risk neutral person will be:
► Straight line.
► Convex.
► Concave.
► None of the given options.

ECO401 Question no 3

A welfare loss occurs in monopoly where:
► The price is greater than the marginal cost.
► The price is greater than the marginal benefit.
► The price is greater than the average revenue.
► The price is greater than the marginal revenue.

ECO401 Question no 4

Which of the following is NOT a factor of production?
► Labour.
► Land.
► Capital.
► Investment.

ECO401 Question no 5

Which of the following does NOT refer to macroeconomics?
► The study of the aggregate level of economic activity.
► The study of the economic behavior of individual decision-making
units such as consumers, resource owners, and business firms.
► The study of the cause of unemployment.
► The study of the cause of inflation.

ECO401 Question no 6

Demand is elastic when the elasticity of demand is:
► Greater than 0 but less than 1.
► Greater than 1.
► Less than 0.
► Equal to 1.

ECO401 Question no 7

An individual whose attitude towards risk is known as:
►Risk averse.
► Risk loving.
► Risk neutral.
► None of the given options.

ECO401 Question no 8

The concept of a risk premium applies to a person that is:
► All of the given options.
►Risk averse.
► Risk neutral.
► Risk loving.

ECO401 Question no 9

An individual whose attitude towards risk is known as:
►Risk averse.
► Risk loving.
► Risk neutral.
► None of the given options.
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