ECO401 Midterm MCQs Fall 2021 by Aarish Ali

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Q1. of 10 ( Start time: 07:18:47 PM, 31 December 2021)

A farm can produce 100 kilograms of apples per year with 2 workers and 400 kilograms of apples per year with 3 workers. The marginal product of the third worker is:

100 kilograms.

500 kilograms.

300 kilograrns.

400 kilograms.

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Q2. of 10 ( Start time: 07:19:47 PM, 31 December 2021)

if marginal utility is greater than price, then consumer will increase:

Supply

Production

Consurnption

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Q3. of 10 ( Start time: 07:21:21 PM, 31 December 2021 )

Engel curve shows the positive relationship between quantity demanded of normal good and:

Price.

Money supply.

Income.

Supply.

Q4. of 10 ( start time: 07:22:39 PM, 31 December 2021)

4 firm is producing output by using two inputs Le labor and capital, paying wages to labor and rent to capital. Suppose isocost line has shifted inward, it shows that

Price of labor has been increased

Price of capital has been increased

Price of labor and capitol has been increased

Price of labor and capital has been decreased

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