MPA871 List of Questions
Q1 The quantity of a firmâ??s product that can be sold at a given price over time is known as the ______ for the firmâ??s product.
supply
given
demand
derived
Q2 _______ demand depends mainly on the commodity price, price of their substitutes, current disposable income of the consumers, the consumersâ?? ability to adjust their consumption pattern, and their susceptibility to advertisement of new products.
Long term
short term
medium term
durable
Q3 The demand for ____ goods change linearly, while the demand the demand for durable goods change exponentially as the stock of durable goods changes..
non-durable
durable
perishable
non-perishable
Q4 The ______ of demand can be defined as the degree of responsiveness of demand to changes in the consumerâ??s income.
price-inelasticity
income-elasticity
income-inelasticity
price-elasticity
Q5 _________ is the first derivative of the total revenue (TR) function, and that TR = PQ (P = unit price; Q = quantity sold)
Regional Cost (RC)
Regional Revenue (RR)
Marginal Cost (MC)
Marginal Revenue (MR)
Q6 A _____ firm would be interested in knowing whether increasing or decreasing the commodity price would maximise revenue.
cost-maximising
cost-minimising
revenue-maximising
revenue-minimising
Q7 The ________ about the future product prices, income, and supply position of goods play significant role in the determination of demand for goods and services in the short run.
sellersâ?? expectations
consumersâ?? expectations
Producers’ expectation
Peoples’ expectation
Q8 A rational consumer who expects a high rise in the price of a _____ commodity would buy more of it at the high current price with a view to avoiding the pinch of the high price rise in the future.
nonperishable
perishable
domestic
essential
Q9 Advertising cost helps in increasing product demands in the following areas except:
by informing the potential consumers about the productâ??s availability
by showing the productâ??s superiority over the rival product
by influencing producerâ??s choice against the rival product
by setting new fashions and changing tastes
Q10 _______ are incurred while attempting to promote sales.
Promotion cost
Advertisement costs
Marketing cos
Production cost
Q11 Consumersâ?? tastes and preferences play important role in the determination of the ______ for a product.
demand
supply
price
taste
Q12 All such goods that add to the pleasure and ______ of the consumer without enhancing his or her earning fall in the category of luxury goods.
normal
inferior
prestige
essential consumer goods
Q13 Normal goods are goods demanded in ____ quantities as consumerâ??s income rises.
decreasing
increasing
higher
lower
Q14 inferior goods as goods in which their demands decrease as consumerâ??s ____ increases, beyond a certain level of income.
income
goods
normal
demand
Q15 Economists often begin the analysis of individualâ??s choices by specifying a basic set of postulates (or axioms) that characterize ______ behaviour.
utility
ratio
reason
rational
Q16 _______ is used to refer to situations in which economic agents exert some market power in the determination of prices.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q17 In a ______ price system, we assume the number, n, of well-defined, homogeneous goods in a given economy.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q18 Economists believe that a ______ price system yields an efficient allocation of resources.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q19 The following are the problems of monetary policy except
the uneven incidence of monetary policy
complaince with the treasure
Liquidity Ratio
timing
Q20 ______refers to the interest rate with which the Central Bank can lend money to commercial banks.
Discount Rate
Open Market Operation
Liquidity Ratio
Parity Changes
Q21 The quantity of a firmâ??s product that can be sold at a given price over time is known as the ______ for the firmâ??s product.
supply
given
demand
derived
Q22 _______ demand depends mainly on the commodity price, price of their substitutes, current disposable income of the consumers, the consumersâ?? ability to adjust their consumption pattern, and their susceptibility to advertisement of new products.
Long term
short term
medium term
durable
Q23 The demand for ____ goods change linearly, while the demand the demand for durable goods change exponentially as the stock of durable goods changes.
non-durable
durable
perishable
non-perishable
Q24 The ______ of demand can be defined as the degree of responsiveness of demand to changes in the consumerâ??s income.
price-inelasticity
income-elasticity
income-inelasticity
price-elasticity
Q25 _________ is the first derivative of the total revenue (TR) function, and that TR = PQ (P = unit price; Q = quantity sold)
Regional Cost (RC)
Regional Revenue (RR)
Marginal Cost (MC)
Marginal Revenue (MR)
Q26 A _____ firm would be interested in knowing whether increasing or decreasing the commodity price would maximise revenue.
cost-maximising
cost-minimising
revenue-maximising
revenue-minimising
Q27 The ________ about the future product prices, income, and supply position of goods play significant role in the determination of demand for goods and services in the short run.
sellersâ?? expectations
consumersâ?? expectations
Producers’ expectation
Peoples’ expectation
Q28 A rational consumer who expects a high rise in the price of a _____ commodity would buy more of it at the high current price with a view to avoiding the pinch of the high price rise in the future.
nonperishable
perishable
domestic
essential
Q29 Advertising cost helps in increasing product demands in the following areas except:
by informing the potential consumers about the productâ??s availability
by showing the productâ??s superiority over the rival product
by influencing producerâ??s choice against the rival product
by setting new fashions and changing tastes
Q30 _______ are incurred while attempting to promote sales.
Promotion cost
Advertisement costs
Marketing cos
Production cost
Q31 Consumersâ?? tastes and preferences play important role in the determination of the ______ for a product.
demand
supply
price
taste
Q32 All such goods that add to the pleasure and ______ of the consumer without enhancing his or her earning fall in the category of luxury goods.
normal
inferior
prestige
essential consumer goods
Q33 Normal goods are goods demanded in ____ quantities as consumerâ??s income rises.
decreasing
increasing
higher
lower
Q34 inferior goods as goods in which their demands decrease as consumerâ??s ____ increases, beyond a certain level of income.
income
goods
normal
demand
Q35 Economists often begin the analysis of individualâ??s choices by specifying a basic set of postulates (or axioms) that characterize ______ behaviour.
utility
ratio
reason
rational
Q36 _______ is used to refer to situations in which economic agents exert some market power in the determination of prices.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q37 In a ______ price system, we assume the number, n, of well-defined, homogeneous goods in a given economy.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q38 Economists believe that a ______ price system yields an efficient allocation of resources.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q39 The following are the problems of monetary policy except
the uneven incidence of monetary policy
complaince with the treasure
Liquidity Ratio
timing
Q40 ______refers to the interest rate with which the Central Bank can lend money to commercial banks.
Discount Rate
Open Market Operation
Liquidity Ratio
Parity Changes
Q41 The quantity of a firmâ??s product that can be sold at a given price over time is known as the ______ for the firmâ??s product.
supply
given
demand
derived
Q42 _______ demand depends mainly on the commodity price, price of their substitutes, current disposable income of the consumers, the consumersâ?? ability to adjust their consumption pattern, and their susceptibility to advertisement of new products.
Long term
short term
medium term
durable
Q43 The demand for ____ goods change linearly, while the demand the demand for durable goods change exponentially as the stock of durable goods changes.
non-durable
durable
perishable
non-perishable
Q44 The ______ of demand can be defined as the degree of responsiveness of demand to changes in the consumerâ??s income.
price-inelasticity
income-elasticity
income-inelasticity
price-elasticity
Q45 _________ is the first derivative of the total revenue (TR) function, and that TR = PQ (P = unit price; Q = quantity sold)
Regional Cost (RC)
Regional Revenue (RR)
Marginal Cost (MC)
Marginal Revenue (MR)
Q46 A _____ firm would be interested in knowing whether increasing or decreasing the commodity price would maximise revenue.
cost-maximising
cost-minimising
revenue-maximising
revenue-minimising
Q47 The ________ about the future product prices, income, and supply position of goods play significant role in the determination of demand for goods and services in the short run.
sellersâ?? expectations
consumersâ?? expectations
Producers’ expectation
Peoples’ expectation
Q48 A rational consumer who expects a high rise in the price of a _____ commodity would buy more of it at the high current price with a view to avoiding the pinch of the high price rise in the future.
nonperishable
perishable
domestic
essential
Q49 Advertising cost helps in increasing product demands in the following areas except:
by informing the potential consumers about the productâ??s availability
by showing the productâ??s superiority over the rival product
by influencing producerâ??s choice against the rival product
by setting new fashions and changing tastes
Q50 _______ are incurred while attempting to promote sales.
Promotion cost
Advertisement costs
Marketing cos
Production cost
Q51 Consumersâ?? tastes and preferences play important role in the determination of the ______ for a product.
demand
supply
price
taste
Q52 All such goods that add to the pleasure and ______ of the consumer without enhancing his or her earning fall in the category of luxury goods.
normal
inferior
prestige
essential consumer goods
Q53 Normal goods are goods demanded in ____ quantities as consumerâ??s income rises.
decreasing
increasing
higher
lower
Q54 inferior goods as goods in which their demands decrease as consumerâ??s ____ increases, beyond a certain level of income.
income
goods
normal
demand
Q55 Economists often begin the analysis of individualâ??s choices by specifying a basic set of postulates (or axioms) that characterize ______ behaviour.
utility
ratio
reason
rational
Q56 _______ is used to refer to situations in which economic agents exert some market power in the determination of prices.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q57 In a ______ price system, we assume the number, n, of well-defined, homogeneous goods in a given economy.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q58 Economists believe that a ______ price system yields an efficient allocation of resources.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q59 The following are the problems of monetary policy except
the uneven incidence of monetary policy
complaince with the treasure
Liquidity Ratio
timing
Q60 ______refers to the interest rate with which the Central Bank can lend money to commercial banks.
Discount Rate
Open Market Operation
Liquidity Ratio
Parity Changes
Q61 The quantity of a firmâ??s product that can be sold at a given price over time is known as the ______ for the firmâ??s product.
supply
given
demand
derived
Q62 _______ demand depends mainly on the commodity price, price of their substitutes, current disposable income of the consumers, the consumersâ?? ability to adjust their consumption pattern, and their susceptibility to advertisement of new products.
Long term
short term
medium term
durable
Q63 The demand for ____ goods change linearly, while the demand the demand for durable goods change exponentially as the stock of durable goods changes.
non-durable
durable
perishable
non-perishable
Q64 The ______ of demand can be defined as the degree of responsiveness of demand to changes in the consumerâ??s income.
price-inelasticity
income-elasticity
income-inelasticity
price-elasticity
Q65 _________ is the first derivative of the total revenue (TR) function, and that TR = PQ (P = unit price; Q = quantity sold)
Regional Cost (RC)
Regional Revenue (RR)
Marginal Cost (MC)
Marginal Revenue (MR)
Q66 A _____ firm would be interested in knowing whether increasing or decreasing the commodity price would maximise revenue.
cost-maximising
cost-minimising
revenue-maximising
revenue-minimising
Q67 The ________ about the future product prices, income, and supply position of goods play significant role in the determination of demand for goods and services in the short run.
sellersâ?? expectations
consumersâ?? expectations
Producers’ expectation
Peoples’ expectation
Q68 A rational consumer who expects a high rise in the price of a _____ commodity would buy more of it at the high current price with a view to avoiding the pinch of the high price rise in the future.
nonperishable
perishable
domestic
essential
Q69 Advertising cost helps in increasing product demands in the following areas except:
by informing the potential consumers about the productâ??s availability
by showing the productâ??s superiority over the rival product
by influencing producerâ??s choice against the rival product
by setting new fashions and changing tastes
Q70 _______ are incurred while attempting to promote sales.
Promotion cost
Advertisement costs
Marketing cos
Production cost
Q71 Consumersâ?? tastes and preferences play important role in the determination of the ______ for a product.
demand
supply
price
taste
Q72 All such goods that add to the pleasure and ______ of the consumer without enhancing his or her earning fall in the category of luxury goods.
normal
inferior
prestige
essential consumer goods
Q73 Normal goods are goods demanded in ____ quantities as consumerâ??s income rises.
decreasing
increasing
higher
lower
Q74 inferior goods as goods in which their demands decrease as consumerâ??s ____ increases, beyond a certain level of income.
income
goods
normal
demand
Q75 Economists often begin the analysis of individualâ??s choices by specifying a basic set of postulates (or axioms) that characterize ______ behaviour.
utility
ratio
reason
rational
Q76 _______ is used to refer to situations in which economic agents exert some market power in the determination of prices.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q77 In a ______ price system, we assume the number, n, of well-defined, homogeneous goods in a given economy.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q78 Economists believe that a ______ price system yields an efficient allocation of resources.
Imperfectly competitive
perfectly competitive
competitive price
cost ratio
Q79 The following are the problems of monetary policy except
the uneven incidence of monetary policy
complaince with the treasure
Liquidity Ratio
timing
Q80 ______refers to the interest rate with which the Central Bank can lend money to commercial banks.
Discount Rate
Open Market Operation
Liquidity Ratio
Parity Changes
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