ECO 121 (CBT 1)

In a market where 100 people sell all the network airtime, the sellers become ____________

Price maker

Price giver

Price taker

All of the options

All except _________ is wrong about perfect market.

MC > MR, and expansion possible

Demand curve is upward sloping

MR = 0

MR = P

Economics is the study of _______________

How society manages its scarce resources

How society manages its unlimited resources

How to fully satisfy our unlimited wants

How to reduce our wants until we are satisfied

If 20 percent increase in price of needle drives down quantity demanded by 2 percent, elasticity for needle is calculated as ___________

0.1

0.2

0.3

-0.1

__________ demand is a demand wherein quantity demanded does not respond at all to price change.

Perfectly inelastic

Imperfectly inelastic

Perfectly elastic

Imperfectly elastic

Perfectly inelastic demand is also known as ___________

Positive elastic demand

Elastic demand

Unit elastic demand

Zero elastic demand

If 10 percent decrease in price of fish led to a decrease in the quantity of meat supplied by 50 percent, the unit of cross elasticity is __________

0.2

Individuals and _________ work together to answer basic economic problems in relation to the scarce resources in the society.

Firms

Societies

Government

Institutions

Suppose you find N20. If you choose to use the N20 to go to a football match, your opportunity cost of going to the game is ___________

N20 (because you could have used the N20 to buy other things)

N20 (because you could have used the N20 to buy other things) plus the value of your time spent at the game

N20 (because you could have used the N20 to buy other things) plus the value of your time plus the value of the lunch you had at the game

All of the options

The following are determinants of demand elasticity, EXCEPT ____________

Consumers' income

Importance of a commodity

Level of technology

Addict or habit

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ECO 121 (CBT 1)

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