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ECO401 midterm mcqs preparation 2022

1 / 14

If pen and ink are complements, then an increase in the price of pen will cause:

2 / 14

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

3 / 14

At the equilibrium price:

4 / 14

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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Which of the following is regarded as a general determinant of price elasticity of demand?

7 / 14

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

8 / 14

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

different goods and services?

9 / 14

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

10 / 14

A risk-averse individual has:

11 / 14

As long as all prices remain constant, an increase in money income results in:

12 / 14

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

increase will lead a person to:

13 / 14

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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