Showing posts with label Quiz. Show all posts
Showing posts with label Quiz. Show all posts

MGt101 Quiz No. 02 Solution and Discussion Fall 2016

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MGt101 Quizz No. 02 Fall 2016 

Here are the some helping material for MGT101 Online Quiz No 02 Solution and Discussion Due Date:06-12-2016. Dear Virtual University Students. As You may know Quiz no. 02 was opened on December 1, 2016 and last date to attempt quiz is be December 6, 2016.

Also Read: MGT101 short notes for Mid term papers

MGt101 Quizz No. 02 Solved Questions:

Here are few questions that came in today quiz with answers.

Which of the following are recorded in Cash Book?
  • Receipts and payments
A wrong entry on the debit side of the Cash Book would lead to:
  • Cash Book showing more Balance
Which of the following account summarizes the profitability of business for a specific accounting period?
  • Profit & Loss account
Which of the following is NOT considered a part of financial statements?
  • General Journal
If Salaries Rs. 12, 000, Rent Rs. 5,000, Gross profit Rs. 58,000 and Discount received Rs. 10, 000. What will be the amount of Net Profit?
  • 51000
Which of the following is fiscal Year of Government of Pakistan?
  • 1st july to 30th june
In case of Income and Expenditure account, Excess of income over expenses in a specified accounting period is called:
  • surplus
surplus = income > expenses

What will be debited, if business purchased Vehicle on cash?
  • vehicle a/c
Cost of goods manufactured + opening finished goods – ending finished goods =?
  • cost of goods sold
What will be debited, if business bought goods on credit from Mr. Ali

  • purchase a/c
Also Read: MGT101 Solved Material Mega Folder
MGt101 Quizz No. 02 Fall 2016 Screenshot 1
MGt101 Quizz No. 02 Fall 2016 Screenshot 1

MGt101 Quizz No. 02 Fall 2016 Screenshot 2
MGt101 Quizz No. 02 Fall 2016 Screenshot 2

MGt101 Quizz No. 02 Fall 2016 Screenshot 3
MGt101 Quizz No. 02 Fall 2016 Screenshot 3

MGt101 Quizz No. 02 Fall 2016 Screenshot 4
MGt101 Quizz No. 02 Fall 2016 Screenshot 4

MGt101 Quizz No. 02 Fall 2016 Screenshot 5
MGt101 Quizz No. 02 Fall 2016 Screenshot 5

MGt101 Quizz No. 02 Fall 2016 Screenshot 6
MGt101 Quizz No. 02 Fall 2016 Screenshot 6

MGt101 Quizz No. 02 Fall 2016 Screenshot 7
MGt101 Quizz No. 02 Fall 2016 Screenshot 7

MGt101 Quizz No. 02 Fall 2016 Screenshot 8
MGt101 Quizz No. 02 Fall 2016 Screenshot 8

MGt101 Quizz No. 02 Fall 2016 Screenshot 9
MGt101 Quizz No. 02 Fall 2016 Screenshot 9

You Can Also Download 
Solved Mid Term PapersShort NotesAssignment SolutionsLecture Wise Questions Answers FilesSolved MCQsSolved Quiz , Solved Mid Term Subjective Papers , Solved Mid Term Objective Papers From This Discussion For Preparation Mid Term Papers of Fall 2015-16.

ENG201 Quiz No. 01 Solution / Discussion Fall 2016

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ENG201 Quiz No. 01

Here is the Solution / Discussion of ENG201 Online Quiz No 01. Due Date: Nov 16, 2016. ENG201 - Business and Technical English Writing Quiz No. 1 Solution Fall 2016.

ENG201 Quiz Instructions:

Dear VU Students.
Read the following instructions carefully before attempting the Quiz:
  1. You have to attempt the online Quiz No. 1 on Nov.15 – Nov. 16, 2016. You can start attempting the quiz any time within given dates by clicking the quick link for Quiz on VU-LMS as it will become enabled within the mentioned dates. As soon as the time is over, it will automatically be disabled and will not be available to attempt it.
  2. Quiz will be based upon Multiple Choice Questions (MCQs) and will cover lesson No. 1 to 10.
  3. Each question has a fixed time of 90 seconds. So you have to save your answer before 90 seconds. But due to unstable internet speed, it is recommended to save your answer within 60 seconds. 
  4. While attempting a question, keep an eye on the remaining time. 
  5. Attempting a quiz is unidirectional. Once you move forward to the next question, you cannot go back to the previous one. Therefore before moving to the next question, make sure that you have selected the best option. 

You may also Read:

Eng 201 Quiz No. 01 Solution / Discussion

Question no. 01 : Which of the following is/are the main aspect/s of written accuracy?
Question no. 02 : Which of the following font should be used on Overhead projection transparencies (OHPs)?
Question no. 03 : Fill in the blank with appropriate option to ensure CLARITY:

He ________ a new job.
Question no. 04 : ________ is important, not only because it genuinely improves the reader's ability to understand your material, but also because it gives the reader confidence in your ability to assert control over detail.
Question no. 05 : Dividing an audience into various subgroups is known as_______
Question no. 06 : It has been stated that the world of Communication is the world of …………
Question no. 07 : A clear problem statement and a preliminary outline play an important part in cultivating document accuracy.
Question no. 08 : Which of the following is the most appropriate line about ownership of a person’s communication at workplace?
Question no. 09 : A ______ resume emphasizes the functions and tasks the applicant can perform.

Question no. 10 :  Which of the following statements is most accurate with respect to sentence length in business writing?
  1. Business audiences tend to prefer longer sentences because these sentences provide more information.
  2. Business audiences tend to prefer longer sentences because these sentences are more impressive.
  3. Business audiences tend to prefer text in which long sentences are never used.
  4. Business audiences tend to prefer simple, efficient sentences over long, complex ones.

CS101 Introduction to Computing Quiz No 2

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Here we have CS101 quiz no 2 with Screen shots.
Introduction to Computing Quiz No 2 Solution and Discussion




















You Can Download CS101 Solved Mid Term / Final Term Papers, CS101 Short Notes, Lecture Wise Questions Answers Files, CS101 Solved MCQs, CS101 Solved Quizzes , CS101 Solved Mid Term/Final Term Subjective Papers , CS101 Solved Mid Term/Final Term Objective Papers From This Discussion For Preparation Mid Term/Final Term Papers.

For important helping material related to the subject ( Solved MCQs, Assignments, Short Notes, Solved Past Papers, E-Books, Recommended Books, FAQs, Help & Tutorials , Short Questions Answers & more). You must view all the featured discussion in this subject group.

MGT101 Quiz # 02 - last date June 11

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MGT101 Quiz # 02 Opened on June 10, 2015 and last date to attempt quiz will be June 11, 2015.

Important Announcement

Quiz # 02

FINANCIAL ACCOUNTING (MGT101)


Dear Students!
This is to inform that Quiz # 02 will be opened on June 10, 2015 and last date to attempt quiz will be June 11, 2015.

Short Demo:
If you want to know how to attempt a Quiz on VULMS, watch the following short demo on VU Facebook page.


Instructions:
  • You can start attempting the quiz at any time but within given date(s) by clicking the quick link for Quiz on VU-LMS as it will become enabled within the mentioned dates.  As soon as the time will be over, it will automatically be disabled and will not be available to attempt it.
  • Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 1 to 18.  
  • Each question has a fixed time limit of 90 seconds. So you have to save your answer before 90 seconds. But due to unpredictable/unstable Internet speed, it is strongly recommended that you save your answer within 60 seconds to avoid any inconvenience. While attempting a question, keep an eye on the remaining time.
  • Attempting quiz is unidirectional. Once you have moved forward to the next question, you will not be able to go back to the previous one. Therefore before moving to the next question, make sure that you have selected the best option and saved your answer.
  • DO NOT press back button of your browser or refresh the page while attempting a question. Otherwise you will lose the chance of attempting the current question and a new question will be loaded.
  • DO NOT try to disable “Java Script” in your browser; otherwise you will not be able to attempt the quiz.
  • If for any reason, you lose access to Internet (like power failure or disconnection of Internet); you will be able to attempt the quiz again but from the next question where you left in last attempt. But remember that you have to complete the quiz before expiry of the deadline.
  • If you failed to attempt the quiz in given time then no re-take or off line quiz will be held as compensation/replacement.


Note related to load shedding: Please be proactive

Dear Students!

As you know that Pre Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

ECO401 - Economics Online Quiz

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How to Use This Group: Before asking about any assignment/GDB/online quiz solution to others, you should be checked the Discussion Forum topic list to avoid the lean in this group. You can also search the assignment/GDB/online quiz solution by the subject code or name through discussion search bar that is available on the discussion forum.
When you have questions for your fellow Friends, Please start a new Discussion. I think this will help get more attention to your questions, quicker. EVERYONE, please feel free to start your own Discussions.

Tips to Use This Group:
  • Before asking about any assignment/GDB/online quiz solution to others, you should be checked the Discussion Forum topic list to avoid the lean in this group. You can also search the assignment/GDB/online quiz solution by the subject code or name through discussion search bar that is available on the discussion forum.
  • When you have questions for your fellow Friends, Please start a new Discussion. I think this will help get more attention to your questions, quicker. EVERYONE, please feel free to start your own Discussions.

Read more at http://vustudents.ning.com/group/eco401economics#pQVZ2VffCbuTDmHd.99




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MGT401 QUIZ NO.3 SPRING 2013 FILE 1

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MGT401 QUIZ NO.3 SPRING 2013 FILE 1



MGT401 QUIZ NO.3










For important helping material related to the subject ( Solved MCQs, AssignmentsShort Notes, Solved Past Papers, E-Books, Recommended Books, FAQs, Help & Tutorials , Short Questions Answers & more). You must view all the featured discussion in this subject group.

MGT401 1ST QUIZ SPRING 2013

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MGT401 Financial Accounting II



Quiz Start Time: 05:49 PM  Time Left  53
sec(s)  

MGT401 Financial Accounting QUIZ


Question # 1 of 15 ( Start time: 05:49:17 PM )  Total Marks: 1
Which of the following option is/are TRUE with respect to the Disclosure requirement for intangible assets acquired by the way of Government grants?
Select correct option:

 The fair value initially recognized
 Disclosure for carrying amount
 Disclosure for the amount of commitments for acquisition of intangible assets
 All of the given options


 
Quiz Start Time: 05:49 PM  Time Left  76
sec(s) 

Question # 2 of 15 ( Start time: 05:50:43 PM )  Total Marks: 1
Which of the following is the ability to govern the financial and operating policies of an enterprise so as to obtain from its activities?
Select correct option:

 Control
 Significant Influence
 Direct Subsidiary
 Indirect Subsidiary

MGT401 Financial Accounting QUIZ

Quiz Start Time: 05:49 PM  Time Left  87
sec(s) 


Question # 3 of 15 ( Start time: 05:52:09 PM )  Total Marks: 1
Which one of the following methods for inventory valuation is NOT suitable for homogeneous units?
Select correct option:

 FIFO Method
 LIFO Method
 Weighted Average Method
 Specific Identification Method

MGT401 Financial Accounting QUIZ


Quiz Start Time: 05:49 PM  Time Left  83
sec(s) 


Question # 4 of 15 ( Start time: 05:53:40 PM )  Total Marks: 1
Which of the following meeting is held once in the life of a company?
Select correct option:

 Statutory Meeting
 Annual General Meeting
 Extraordinary Meeting
 Board Meeting

Quiz Start Time: 05:49 PM  Time Left  85
sec(s) 


Question # 5 of 15 ( Start time: 05:55:11 PM )  Total Marks: 1
Which of the following is INCORRECT with respect to Perpetual Inventory System?
Select correct option:

 Receipt of inventory is debited to Stock Account
 Issuance of inventory is credited to Stock Account and Debited to Material Consumption Account
 Receipt of inventory is debited to Purchase Account
 Material Consumption Account becomes the part of Trading Account

MGT401 Financial Accounting QUIZ

Quiz Start Time: 05:49 PM  Time Left  85
sec(s) 


Question # 6 of 15 ( Start time: 05:56:16 PM )  Total Marks: 1
Which of the following business is formed by the approval of Ministry of Interior?
Select correct option:

 Money Exchange Company
 Non Banking Finance Corporation
 Security Services Providing Company
 Corporate Brokerage House

MGT401 Financial Accounting QUIZ

Quiz Start Time: 05:49 PM  Time Left  74
sec(s) 


Question # 7 of 15 ( Start time: 05:57:41 PM )  Total Marks: 1
The closing balance of inventory will be if: Opening inventory will Rs.1, 000, purchases will Rs.10, 000 and cost of sales will Rs.10,500.
Select correct option:

 Rs. 1,000
 Rs. 500
 Rs. 1,500
 Rs. 950

Quiz Start Time: 05:49 PM  Time Left  83
sec(s) 


Question # 8 of 15 ( Start time: 05:58:52 PM )  Total Marks: 1
Which of the following IAS deals with the Borrowing Costs?
Select correct option:

 IAS 23
 IAS 07
 IAS 01
 IAS 16

MGT401 Financial Accounting QUIZ

Question # 9 of 15 ( Start time: 05:59:23 PM )  Total Marks: 1
On which certificate, the birth date of a company is mentioned?
Select correct option:

 Certificate of Corporation
 Certificate of Incorporation
 Certificate of Quality
 Certificate of Excellence

Quiz Start Time: 05:49 PM  Time Left  88
sec(s) 

MGT401 Financial Accounting QUIZ

Question # 10 of 15 ( Start time: 06:00:33 PM )  Total Marks: 1
Who sign the Articles of Association (AOA) of a company?
Select correct option:

 Managers of the company
 Employees of the company
 Sponsors of the company
 All of the given options


Question # 11 of 15 ( Start time: 06:01:54 PM )  Total Marks: 1
Which of the following is NOT the method of stock valuation?
Select correct option:

 FIFO Method
 Weighted Average Method
 Specific Identification Method
 Straight Line Method

 Quiz Start Time: 05:49 PM  Time Left  86
sec(s)  

MGT401 Financial Accounting QUIZ


Question # 12 of 15 ( Start time: 06:02:12 PM )  Total Marks: 1
Which one of the following is a method of stock valuation?
Select correct option:

 Diminishing Balance Method
 Written Down Value Method
 Specific Identification Method
 Sum of Year Digit Method


     Quiz Start Time: 05:49 PM  Time Left  87
sec(s)  

MGT401 Financial Accounting QUIZ


Question # 13 of 15 ( Start time: 06:02:47 PM )  Total Marks: 1
Which of the following statement is/are INCORRECT under the Cost Method for recognition of investment in associated companies?
Select correct option:

 Any distribution of profits by the investee company is recorded as an expense
 Any distribution of profits by the investor company is recorded as an income
 The carrying amount of the investment is increased or decreased to reorganize the investor’s share of profits or losses of the investee after the date of acquisition
 All of the given options


    

MGT401 Financial Accounting QUIZ


Quiz Start Time: 05:49 PM  Time Left  75
sec(s) 


Question # 14 of 15 ( Start time: 06:03:48 PM )  Total Marks: 1
In case of calling Extraordinary General Meeting (EOGM), at least how much voting right is required by any director or share holder of a company according to Companies Ordinance 1984?
Select correct option:

 5%  voting rights
 10% voting rights
 15% voting rights

 20% voting rights

 Start Time: 05:49 PM  Time Left  75
sec(s) 


Question # 15 of 15 ( Start time: 06:04:10 PM )  Total Marks: 1
LIFO means?
Select correct option:

 Last-In-First-Out
 Large Integrated Financial Organization
 The Last-In-First-Out method of approximating the cost of stock
 None of the given options


For important helping material related to the subject ( Solved MCQs, AssignmentsShort Notes, Solved Past Papers, E-Books, Recommended Books, FAQs, Help & Tutorials , Short Questions Answers & more). You must view all the featured discussion in this subject group.

MGT401 1ST QUIZ SPRING 2013

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MGT401 1ST QUIZ SPRING 2013

Please read the following instructions carefully!
  1. Quiz will be based upon Multiple Choice Questions (MCQs).
  2. You have to attempt the quiz online. You can start attempting the quiz any time within given date(s) of a particular subject by clicking the link for Quiz in VULMS.
  3. Each question has a fixed time of 90 seconds. So you have to save your answer before 90 seconds. But due to unstable internet speeds, it is recommended that you should save your answer within 60 seconds. While attempting a question, keep an eye on the remaining time.
  4. Attempting quiz is unidirectional. Once you move forward to the next question, you can not go back to the previous one. Therefore before moving to the next question, make sure that you have selected the best option.
  5. DO NOT press Back Button / Backspace Button while attempting a question, otherwise you will lose that question.
  6. DO NOT refresh the page unnecessarily, specially when following messages appear
    • Saving...
    • Question Timeout: Now loading next question...
  7. Javascript MUST be enabled in your browser; otherwise you will not be able to attempt the quiz.
  8. If for any reason, you lose access to internet (like power failure or disconnection of internet), you will be able to attempt the quiz again from the question next to the last shown question. But remember that you have to complete the quiz before expiry of the deadline.
  9. If any student failed to attempt the quiz in given time then no re-take or offline quiz will be held.  
For important helping material related to the subject ( Solved MCQs, AssignmentsShort Notes, Solved Past Papers, E-Books, Recommended Books, FAQs, Help & Tutorials , Short Questions Answers & more). You must view all the featured discussion in this subject group.

ECO402 Final Term Solved Quiz Part 4

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81. Deadweight loss refers to:
http://virtualstudysolutions.blogspot.com
Select correct option:
Losses in consumer surplus associated with excess government regulations.
Situations where market prices fail to capture all of the costs and benefits of a policy.
Net losses in total surplus.
Losses due to the policies of labor unions.

82. the marginal product of an input is:

Select correct option:
Total product divided by the amount of the input used to produce this amount of output.
The addition to total output that adds nothing to profit.
The addition to total output due to the addition of one unit of all other inputs.
The addition to total output due to the addition of the last unit of an input, holding all other inputs constant.

83. If the isoquants are straight lines, then:

Select correct option:
Inputs have fixed costs at all use rates.
The marginal rate of technical substitution of inputs is constant.
Only one combination of inputs is possible.
There are constant returns to scale.

84. Consider the following statements when answering this question: I. "In the long run equilibrium of a perfectly competitive market, a firm's producer surplus equals the sum of the economic rents earned on its inputs to production." II. "In the long run equilibrium of a perfectly competitive market, the amount of economic profit earned can differ across firms, but not the amount of producer surplus."

Select correct option:
I and II are true.
I is true, and II is false.
I is false, and II is true.
I and II are false.

85. The amount of output that a firm decides to sell has no effect on the market price in a competitive industry because:

Select correct option:
The market price is determined (through regulation) by the government.
The firm supplies a different good than its rivals.
The firm's output is a small fraction of the entire industry's output.
The short run market price is determined solely by the firm's technology.http://virtualstudysolutions.blogspot.com 18

86. Producer surplus is measured as the:

Select correct option:
Area under the demand curve above market price.
Entire area under the supply curve.
Area under the demand curve above the supply curve.
Area above the supply curve up to the market price.

87. price ceilings:

Select correct option:
Always increase consumer surplus.
May decrease consumer surplus if demand is sufficiently elastic.
May decrease consumer surplus if demand is sufficiently inelastic.
Always decrease consumer surplus.

88. An individual consumes only two goods, X and Y. Which of the following expressions represents the utility maximizing market basket?

Select correct option:
MRSxy is at a maximum.
Px/Py = money income.
MRSxy = money income.
MRSxy = Px/Py.

89. In the long run, a firm’s producer surplus is equal to the:

Select correct option:
Economic rent it enjoys from its scarce inputs.
Revenue it earns in the long run.
Positive economic profit it earns in the long run.
Difference between total revenue and total variable costs.
90. The marginal product of an input is:

Select correct option:
Total product divided by the amount of the input used to produce this amount of output.
The addition to total output that adds nothing to profit.
The addition to total output due to the addition of one unit of all other inputs.
The addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
http://virtualstudysolutions.blogspot.com 19

91. Assume that two investment opportunities have identical expected values of $100,000. Investment A has a variance of 25,000, while investment B's variance is 10,000. We would expect most investors (who dislike risk) to prefer investment opportunity:

Select correct option:
A because it has less risk.
A because it provides higher potential earnings.
B because it has less risk.
B because of its higher potential earnings.

92. The price elasticity of demand for a demand curve that has a zero slope is:

Select correct option:
Zero.
One.
Negative but approaches zero as consumption increases.
Infinity.

93. A firm's producer surplus equals its economic profit when:

Select correct option:
Average variable costs are minimized.
Marginal costs equal marginal revenue.
Fixed costs are zero.
Total revenues equal total variable costs.

94. The long run supply curve in a constant-cost industry is linear and:

Select correct option:
Upward-sloping.
Downward-sloping.
Horizontal.
Vertical.
http://virtualstudysolutions.blogspot.com

95. Prospective sunk costs:

Select correct option:
Are relevant to economic decision-making.
Are considered as investment decisions.
Rise as output rises.
Do not occur when output equals zero. 4th

96. An isoquant:

Select correct option:
Must be linear.
Cannot have a negative slope.
Is a curve that shows all the combinations of inputs that yield the same total output.
Is a curve that shows the maximum total output as a function of the level of labor input.
3rd

97. Which of the following would cause a shift to the right of the supply curve for gasoline? I. A large increase in the price of public transportation. II. A large decrease in the price of automobiles. III. A large reduction in the costs of producing gasoline.

Select correct option:
I only.
II only.
III only.
II and III only.
2nd

98. If price is between AVC and ATC, the best and most practical thing for a perfectly competitive firm to do is:

Select correct option:
Raise prices.
Lower prices to gain revenue from extra volume.
Shut down immediately, but not liquidate the business.
Continue operating, but plan to go out of business.
1st

99. The amount of output that a firm decides to sell has no effect on the market price in a competitive industry because:
http://virtualstudysolutions.blogspot.com
Select correct option:
The market price is determined (through regulation) by the government.
The firm supplies a different good than its rivals.
The firm's output is a small fraction of the entire industry's output.
The short run market price is determined solely by the firm's technology.
1st

100. The law of diminishing returns applies to:

Select correct option:
The short run only.
The long run only.
Both the short and the long run.
Neither the short nor the long run.
3rd

101. In an unregulated, competitive market consumer surplus exists because some:

Select correct option:
Sellers are willing to take a lower price than the equilibrium price.
Consumers are willing to pay more than the equilibrium price.
Sellers will only sell at prices above equilibrium price (or actual price).
Consumers are willing to make purchases only if the price is below the actual price.

102. Which of the following is a positive statement?

Select correct option:
The minimum wage should not be increased, because to do so would increase unemployment.
Smoking should be restricted on all airline flights.
All automobile passengers should be required to wear seatbelts in order to protect them against injury.
None of the given options.

103. Which of the following is true concerning the income effect of a decrease in price?

Select correct option:
It will lead to an increase in consumption only for a normal good.
It always will lead to an increase in consumption.
It will lead to an increase in consumption only for an inferior good.
It will lead to an increase in consumption only for a Giffen good.

104. Generally, long-run elasticities of supply are:

Select correct option: http://virtualstudysolutions.blogspot.com 22
Greater than short-run elasticities, because existing inventories can be exploited during shortages.
Greater than short-run elasticities, because consumers have time to find substitutes for the good.
Greater than short-run elasticities, because firms can make alterations to plant size and input combinations to be more flexible in production.
Smaller than short-run elasticities, because the firm has made long-term commitments it cannot easily modify.
http://virtualstudysolutions.blogspot.com

ECO402 Final Term Solved Quiz Part 3

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51. Compared to a tariff, an import quota, which restricts imports to the same amount as the tariff, will leave the country as a whole:

Worse off than a comparable tariff.
Not as bad off as a comparable tariff.
About the same as a comparable tariff.
Any of the above can be true.

52. Any combination of products inside the production possibility frontier is:

Allocatively inefficient
Consumer inefficient
Productively inefficient
None of the given option.

53. : In the long run, which of the following is considered a variable cost?

Expenditures for wages.
Expenditures for raw materials.
Expenditures for capital machinery and equipment.
All of the given options.
54. Two firms, each producing different goods, can achieve a greater output than one firm producing both goods with the same inputs. We can conclude that the production process involves:
http://virtualstudysolutions.blogspot.com
: Diseconomies of scope.
Economies of scale.
Decreasing returns to scale.
Increasing returns to scale.

55. The change in the quantity demanded of a good resulting from a change in relative price with the level of satisfaction held constant is called the ______________ effect.

Select correct option:
Giffen
Real price
Income
Substitution

56. If a competitive firm's marginal cost always increases with output, then at the profit maximizing output level, producer surplus is:

Select correct option:
Zero because marginal costs equal marginal revenue.
Zero because price equals marginal costs.
Positive because price exceeds average variable costs.
Positive because price exceeds average total costs.

57. The concept of a risk premium applies to a person that is:

Select correct option:
Risk averse.
Risk neutral.
Risk loving.
All of the given options.

58. Governments may successfully intervene in competitive markets in order to achieve economic efficiency:

Select correct option:
At no time; competitive markets are always efficient without government intervention.
In cases of positive externalities only.
In cases of negative externalities only.
In cases of both positive and negative externalities. http://virtualstudysolutions.blogspot.com 12

59. What happens in a perfectly competitive industry when economic profit is greater than zero?

Select correct option:
Existing firms may get larger.
New firms may enter the industry.
Firms may move along their LRAC curves to new outputs.
All of the given options.

60. Which of the following is NOT true about price floors?

Select correct option:
Consumer surplus is always lower than it would be in the competitive equilibrium.
Producer surplus could be lower, higher, or the same as it would be in competitive equilibrium.
Producer surplus could be negative as the result of a price floor.
Producers will often respond to a price floor by cutting production to the point at which price equals marginal cost.

61. Indifference curves that are convex to the origin reflect:

Select correct option:
An increasing marginal rate of substitution.
A decreasing marginal rate of substitution.
A constant marginal rate of substitution.
A marginal rate of substitution that first decreases, then increases.

62. Which of the following statements is true regarding the differences between economic and accounting costs?

Select correct option:
Accounting costs include all implicit and explicit costs.
Economic costs include implied costs only.
Accountants consider only implicit costs when calculating costs.
Accounting costs include only explicit costs. http://virtualstudysolutions.blogspot.com 13

63. Rabia and Samina are shopping for new cars (one each). Rabia expects to pay $15,000 with 1/5 probability and $20,000 with 4/5 probability. Samina expects to pay $12,000 with 1/4 probability and $20,000 with 3/4 probability. Refer to the above scenario, Rabia's expected expense for his car is:

Select correct option:
$20,000.
$19,000.
$18,000.
$17,500.

64. A decreasing-cost industry has a downward-sloping:

Select correct option:
Long-run marginal cost curve.
Short-run average cost curve.
Short-run marginal cost curve.
Long-run industry supply curve.

65. Producer surplus is measured as the:

Select correct option:
Area under the demand curve above market price.
Entire area under the supply curve.
Area under the demand curve above the supply curve.
Area above the supply curve up to the market price.

66. In a constant-cost industry, an increase in demand will be followed by:

Select correct option:
No increase in supply.
An increase in supply that will not change price from the higher level that occurs after the demand shift.
An increase in supply that will bring price down to the level it was before the demand shift.
An increase in supply that will bring price down below the level it was before the demand shift.http://virtualstudysolutions.blogspot.com 14

67. The "perfect information" assumption of perfect competition includes all of the following except one. Which one?

Select correct option:
Consumers know their preferences.
Consumers know their income levels.
Consumers know the prices available.
Consumers can anticipate price changes.

68. A Giffen good:

Select correct option:
Is always the same as an inferior good.
Is the special subset of inferior goods in which the substitution effect dominates the income effect.
Is the special subset of inferior goods in which the income effect dominates the substitution effect.
Must have a downward sloping demand curve

69. The object of diversification is:

Select correct option:
To reduce risk and fluctuations in income.
To reduce risk, but not to reduce fluctuations in income.
To reduce fluctuations in income, but not to reduce risk.
Neither to reduce risk, nor to reduce fluctuations in income.

70. A price support may be pictured by:

Select correct option:
Shifting the demand curve to the right by the amount of the government purchase.
Shifting the demand curve to the left by the amount of the government purchase.
Shifting the supply curve to the right by the amount of the government purchase.
Shifting the supply curve to the left by the amount of the government purchase.

71. Ali and Sarah decide to go into business together as economic consultants. Ali believes they have a 50-50 chance of earning $200,000 a year, and that if they don't, they'll earn $0. Sarah believes they have a 75% chance of earning $100,000 and a 25% chance of earning $10,000. Refer to the scenario, the probabilities discussed in the information above are:

Select correct option: http://virtualstudysolutions.blogspot.com 15
Objective because they are single numbers rather than ranges.
Objective because they have been explicitly articulated by the individuals involved.
Subjective because the event hasn't happened yet.
Subjective because they are estimates made by individuals based upon personal judgment or experience.

72. The law of diminishing returns refers to diminishing:

Select correct option:
Total returns.
Marginal returns.
Average returns.
All of the given options.

73. The marginal rate of technical substitution is equal to the:

Select correct option:
Slope of the total product curve.
Change in output minus the change in labor.
Change in output divided by the change in labor.
Ratio of the marginal products of the inputs.

74. Boeing Corporation and Airbus Industries are the only two producers of long-range commercial aircraft. This market is not perfectly competitive because:

Select correct option:
Each company has annual sales over $10 billion.
Each company can significantly affect prices.
Airbus cannot sell aircraft to the United States government.
All of the given options.

75. In a short run production process, the marginal cost is rising and the average total cost is falling as output is increased. Thus, marginal cost is:

Select correct option:
Below average total cost.
Above average total cost.
Between the average variable and average total cost curves.
Below average fixed cost.

76. In the short run, a perfectly competitive profit maximizing firm that has not shut down:

Select correct option:
Is operating on the downward-sloping portion of its AVC curve.
Is operating at the minimum of its AVC curve. http://virtualstudysolutions.blogspot.com 16
Is operating on the upward-sloping portion of its AVC curve.
Is not operating on its AVC curve.

77. When the federal government installs a price support program that requires the government to purchase all of a good not bought in the private economy at the support price, changes in producer surplus:

Select correct option:
Are negative.
Are positive, but more than offset by the cost to consumers and the government.
Are positive, and not offset by the cost to consumers and the government.
None of the given options.

78. Rabia and Samina are shopping for new cars (one each). Rabia expects to pay $15,000 with 1/5 probability and $20,000 with 4/5 probability. Samina expects to pay $12,000 with 1/4 probability and $20,000 with 3/4 probability. Refer to the above scenario, Rabia's expected expense for his car is:

Select correct option:
$20,000.
$19,000.
$18,000.
$17,500.

79. Marginal utility measures:

Select correct option:
The slope of the indifference curve.
The additional satisfaction from consuming one more unit of a good.
The slope of the budget line.
The marginal rate of substitution.

80. The endpoints (horizontal and vertical intercepts) of the budget line:

Select correct option:
Measure its slope.
Measure the rate at which one good can be substituted for another.
Measure the rate at which a consumer is willing to trade one good for another.
Represent the quantity of each good that could be purchased if all of the budget were allocated to that good.

ECO402 Final Term Solved Quiz Part 2

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21. Indifference curves that are convex to the origin reflect:

An increasing marginal rate of substitution.
A decreasing marginal rate of substitution.
A constant marginal rate of substitution.
A marginal rate of substitution that first decreases, then increases.

22. The endpoints (horizontal and vertical intercepts) of the budget line:
http://virtualstudysolutions.blogspot.com
Measure its slope.
Measure the rate at which one good can be substituted for another.
Measure the rate at which a consumer is willing to trade one good for another.
Represent the quantity of each good that could be purchased if all of the budget were allocated to that good.

23. Consider the following statements when answering this question: I. "In the long run equilibrium of a perfectly competitive market, a firm's producer surplus equals the sum of the economic rents earned on its inputs to production." II. "In the long run equilibrium of a perfectly competitive market, the amount of economic profit earned can differ across firms, but not the amount of producer surplus."

I and II are true.
I is true, and II is false.
I is false, and II is true.
I and II are false.

24. Suppose that the prices of good A and good B were to suddenly double. If good A is plotted along the horizontal axis:

The budget line will become steeper.
The budget line will become flatter.
The slope of the budget line will not change.
The slope of the budget line will change, but in an indeterminate way.

25. A country's government would like to raise the price of one its most important agricultural crops, coffee beans. Which of the following government programs will result in higher prices for coffee beans?

Select correct option:
An import quota on coffee beans.
An acreage limitation program which provides coffee bean farmers financial incentives to leave some of their acreage idle.
An import tariff on coffee beans.
All of the given options.

26. Which of the following is NOT a generally accepted measure of the riskiness of an investment?
http://virtualstudysolutions.blogspot.com
Select correct option:
Standard deviation.
Expected value.
Variance.
None of the given options.

27. Which of the following is a positive statement?

Select correct option:
When the price of a good goes up, consumers buy less of it.
When the price of a good goes up, firms produce more of it.
When the Federal government sells bonds, interest rates rise and private investment is reduced.
All of the given options.

28. Rabia knows average total cost and average variable cost for a given level of output. Which of the following costs can she not determine given this information?

Select correct option:
Average fixed cost
Fixed cost
Variable cost
Rabia can determine all of the above costs given the information provided.

29. Which of the following is NOT true about price floors?

Select correct option:
Consumer surplus is always lower than it would be in the competitive equilibrium.
Producer surplus could be lower, higher, or the same as it would be in competitive equilibrium.
Producer surplus could be negative as the result of a price floor.
Producers will often respond to a price floor by cutting production to the point at which price equals marginal cost.
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30. A production function in which the inputs are perfectly substitutable would have isoquants that are:

Select correct option:
Convex to the origin.
L shaped.
Linear.
Concave to the origin.

31. For an inferior good:

Select correct option:
The price elasticity of demand is negative; the income elasticity of demand is negative.
The price elasticity of demand is positive; the income elasticity of demand is negative.
The price elasticity of demand is negative; the income elasticity of demand is positive.
The price elasticity of demand is positive; the income elasticity of demand is positive.

32. The short run is:

Select correct option:
Less than a year.
Three years.
However long it takes to produce the planned output.
A time period in which at least one input is fixed.

33. Any combination of products inside the production possibility frontier is:

Select correct option:
Allocatively inefficient
Consumer inefficient
Productively inefficient
None of the given option.

34. Which of the following is NOT an assumption regarding people's preferences in the theory of consumer behavior?

Select correct option:
Preferences are complete.
Preferences are transitive.
Consumers prefer more of a good to less.
None of the given options.
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35. In 1970s the federal government imposed price controls on natural gas. Which of the following statements is true?

Select correct option:
These price controls caused a chronic excess supply of natural gas.
Consumers gained from the price controls, because consumer surplus was larger than it would have been under free market equilibrium.
Producers gained from the price controls because producer surplus was larger than it would have been under free market equilibrium.
This episode of price controls was unusual, because it resulted in no deadweight loss to society.

36. A production function defines the output that can be produced:

Select correct option:
At the lowest cost, given the inputs available.
With the fewest amount of inputs.
If the firm is technically efficient.
In a given time period if no additional inputs are hired.

37. A firm never operates:

Select correct option:
At the minimum of its ATC curve.
At the minimum of its AVC curve.
On the downward-sloping portion of its ATC curve.
On the downward-sloping portion of its AVC curve.

38. Two firms, each producing different goods, can achieve a greater output than one firm producing both goods with the same inputs. We can conclude that the production process involves:
http://virtualstudysolutions.blogspot.com
Select correct option:
Diseconomies of scope.
Economies of scale.
Decreasing returns to scale.
Increasing returns to scale.

39. In long-run competitive equilibrium, a firm that owns factors of production will have an:

Select correct option:
Economic profit = $0 and accounting profit > $0.
Economic and accounting profit = $0.
Economic and accounting profit > $0.
Economic and accounting profit can take any value.

40. When a product transformation curve is bowed outward, there are _______________ in production.

Economies of scope
Economies of scale
Diseconomies of scope
Diseconomies of scale

41. The marginal rate of technical substitution is equal to the:

Slope of the total product curve.
Change in output minus the change in labor.
Change in output divided by the change in labor.
Ratio of the marginal products of the inputs.

42. Consider two goods X and Y available for consumption. Assume that the price of X changes while the price of Y remains fixed. For these two goods, the price-consumption curve illustrates the:

Relationship between the price of X and consumption of Y.
Utility-maximizing combinations of X and Y for each price of X.
Relationship between the price of Y and the consumption of X.
Utility-maximizing combinations of X and Y for each quantity of X.
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43. Assume that two investment opportunities have identical expected values of $100,000. Investment A has a variance of 25,000, while investment B's variance is 10,000. We would expect most investors (who dislike risk) to prefer investment opportunity:

A because it has less risk.
A because it provides higher potential earnings.
B because it has less risk.
B because of its higher potential earnings.

44. The law of diminishing returns refers to diminishing:

: Total returns.
Marginal returns.
Average returns.
All of the given option

45. : If the isoquants are straight lines, then:

: Inputs have fixed costs at all use rates.
The marginal rate of technical substitution of inputs is constant.
Only one combination of inputs is possible.
There are constant returns to scale.
H99s1: 4th

46. : The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the variable cost?

: 200
5Q
5
5 + (200/Q)

47. The demand curve facing a perfectly competitive firm is:

The same as the market demand curve.
Downward-sloping and less flat than the market demand curve.
Perfectly horizontal.
Perfectly vertical.

48. : The cost-output elasticity is used to measure:

Economies of scope.
Economies of scale.
The curvature in the fixed cost curve.
Steepness of the production function.
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:
49. The budget line in portfolio analysis shows that:

The expected return on a portfolio increases as the standard deviation of that return increases.
The expected return on a portfolio increases as the standard deviation of that return decreases.
The expected return on a portfolio is constant.
The standard deviation of a portfolio is constant.

50. A Rolling Stones song goes: “You can’t always get what you want.” This echoes an important theme from microeconomics. Which of the following statements is the best example of this theme?

Consumers must make the best purchasing decisions they can, given their limited incomes.
Workers do not have as much leisure as they would like, given their wages and working conditions.
Workers in planned economies, such as North Korea, do not have much choice over jobs.
Firms in market economies have limited financial resources.
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