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MIDTERM EXAMS 2022

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Created on By Dilawar

ECO401 midterm mcqs preparation 2022

2 / 14

A good for which income and quantity demanded are inversely related is known as:

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At the equilibrium price:

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A market is said to be in equilibrium when:

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We know that the demand for a product is elastic:

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As more of a good is consumed, then total utility typically:

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Which of the following is the term that economists use to describe how consumers rank

different goods and services?

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The extra value that consumers receive above what they pay for that good is called:

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A risk-averse individual has:

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Assume leisure is a normal good. If income effect equals substitution effect then a wage rate

increase will lead a person to:

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The budget line is the boundary between:

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A perfectly competitive firm maximizes profit by finding the level of production at which:

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