Quentity change B Movement along the devise phi quartity demanded discreases tents The price elasticity of deman is Electic Unitary clastin D Instanties A Perfect 10. Which one of the follow ving is not start accommontion of into Therenew curve analysia? A. Rationalit B. Onlins I unilits Subiect ivity D Transit wity of choice II Which of the following Isses defines Circuse Domestic Product COUPY A. the total value of an records and vervices produced in a simule year B. the rotel value of all final gcods and serv ices oroduced in a sinule year C. the total value of capital good a and services produced in a single usual D. the total value of all labor produ ced in a single year 12 Which of the following is not a featur of a economy? A right to pri vate pr sperty C. freeds m of enterprise R maximum social welfare D inequality of income 13 What might cause a movement along the supply curve? A. a change in techno logy C. a chang in in expectatio ns about future prices D.a change in the price of the product B a change in input prices 14 The Law of Dir price Marginal Unility states that as amount consumed of a ce other things being constant,marginal utility A Increases,Decreases B. Increases.Increases D.Decreas es. increases C. Decreas es. decreases 5 When the short-run marginal product of labour is greater than the average produc . API . is increasing C. APL is equal to zero D .None of these APL decreasing . Suppose the average product of 6 workers is 150 units of a good and that of 7 its.The mp of the seventh worker eauals: B 270 C 290 D 220 200 In the short run, a perfectly competitiv e firm maximise s its profit if: C is less than TR C MR=MC=AR and MC is fa IR=MC=AR and MC is rising D. A and C market moves towards its equilibriun through adjustments in __ D.Supply B . Demand C .Price lantity lppose that the total utilities correspondir g to the first five units of a 25,29,and 32 respectively . The marginal utility of the third unit is: D.6. B.4. C.2. n economy moves from producing 10 metric tons of Wheat and 4 m ng 7 metric tons of Wheat and 5 metric tons of Maize,then t g one more metric ton of Maize is: B. 10 C.3 I:M IATC HIN G lT EMS best phras from column A to the iter

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Quentity change B Movement along the devise phi quartity demanded discreases tents The price elasticity of deman is Electic Unitary clastin D Instanties A Perfect 10. Which one of the follow ving is not start accommontion of into Therenew curve analysia? A. Rationalit B. Onlins I unilits Subiect ivity D Transit wity of choice II Which of the following Isses defines Circuse Domestic Product COUPY A. the total value of an records and vervices produced in a simule year B. the rotel value of all final gcods and serv ices oroduced in a sinule year C. the total value of capital good a and services produced in a single usual D. the total value of all labor produ ced in a single year 12 Which of the following is not a featur of a economy? A right to pri vate pr sperty C. freeds m of enterprise R maximum social welfare D inequality of income 13 What might cause a movement along the supply curve? A. a change in techno logy C. a chang in in expectatio ns about future prices D.a change in the price of the product B a change in input prices 14 The Law of Dir price Marginal Unility states that as amount consumed of a ce other things being constant,marginal utility A Increases,Decreases B. Increases.Increases D.Decreas es. increases C. Decreas es. decreases 5 When the short-run marginal product of labour is greater than the average produc . API . is increasing C. APL is equal to zero D .None of these APL decreasing . Suppose the average product of 6 workers is 150 units of a good and that of 7 its.The mp of the seventh worker eauals: B 270 C 290 D 220 200 In the short run, a perfectly competitiv e firm maximise s its profit if: C is less than TR C MR=MC=AR and MC is fa IR=MC=AR and MC is rising D. A and C market moves towards its equilibriun through adjustments in __ D.Supply B . Demand C .Price lantity lppose that the total utilities correspondir g to the first five units of a 25,29,and 32 respectively . The marginal utility of the third unit is: D.6. B.4. C.2. n economy moves from producing 10 metric tons of Wheat and 4 m ng 7 metric tons of Wheat and 5 metric tons of Maize,then t g one more metric ton of Maize is: B. 10 C.3 I:M IATC HIN G lT EMS best phras from column A to the iter

Answer 1

1. The correct answer for the movement along the demand curve due to price elasticity is "B. Movement along the demand curve." 2. The assumption most commonly used in economic analysis is "A. Rationality." 3. The definition of Gross Domestic Product (GDP) is "B. the value of all final goods and services produced in a single year." 4. A feature that is not part of a capitalistic economy is "B. maximum social welfare." 5. A movement along the supply curve is caused by "D. a change in the price of the product." 6. Marginal Utility states that as the amount consumed increases, marginal utility "A. Decreases." 7. When the short-run marginal product of labor is greater than the average product, "A. APL is increasing." 8. If the average product of 6 workers is 150 units and that of 7 workers is 160 units, the marginal product of the seventh worker equals "A. 160." 9. In the short run, a perfectly competitive firm maximizes its profit if "$MR=MC=AR$ and MC is rising." 10. The market moves towards its equilibrium through adjustments in "C. Price." 11. The marginal utility of the third unit when total utilities are 10, 18, 25, 29, and 32 is "B. 4." 12. If an economy moves from producing 10 metric tons of Wheat and 4 metric tons of Maize to producing 7 metric tons of Wheat and 5 metric tons of Maize, the opportunity cost of one more metric ton of Maize is "A. 3."

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