Which of the following is not concerned with the problem of choice?

Principal characteristic of resources are:

In which of the following situations, does scarcity arise?

Economic problem arises due to the fact that _________________________.

The resources for satisfying human wants are:

Scarcity of resources exists __________________.

Example of microeconomic variable is:

Issues related to unemployment are studied at the ___________________.

Positive economics involves statements which are __

What do you mean by a mixed economy?

‘Economics is the study of mankind in the ordinary business of life’. This definition was given by :

The branch of economic theory, that deals with the problem of allocation of resources is :

A study of how increase in the corporate income tax rate , will affect the natural unemployment rate is an example of :

In which type of economy do consumers and producers make their choices based on the market forces of demand and supply?

Under a free economy, prices are :

Which of the following falls under microeconomics?

In a free market economy, when consumers increase their purchase of a goods and the level of ________________exceeds_______________then prices tend to rise.

A statement which does not offer any suggestion is known as ______________________________.

Normative economics deals with ______________.

Suppose the supply for product is perfectly elastic. If the demand for this product increases:

If the coefficient of income elasticity of demand is higher than 1 and the revenue increases, the share of expenditures for commodity X in total expenditure:

If the demand for agricultural products is inelastic

For a rational consumer who has to choose between two goods in the context of budget constraints, the price change of one of the goods, caeteris paribus, will determine:

The price of the product A was reduced from RM 100 to RM 90 and, as a result, the quantity demanded has increased from 70 to 75 units. The demand is:

Choose the false statement:

If the demand curve for product A moves to the right, and the price of product B decreases, it can be concluded that:

Suppose the price of a good decreases by 10% and the quantity demanded for a certain period of time increases by 15%. In these conditions:

If a price increase of 50% results in an increase in the quantity supplyed of an economic good from 10 to 20 pieces, calculate the coefficient of price elasticity of supply.

The total utility coincides with the marginal utility:

The indifference curve means:

The points located at the intersection of the budget line with the coordinate axes mean:

Which of the following statements are false?

Which of the following is a demand function?

Total costs in the short-term are classified into fixed costs and varibale costs. Which one of the following is a variable cost?

In the short term, when the output of a firm increases, its average fixed cost:

A significant property of the Cobb - Douglas production function is that the elasticity of substitution between inputs is:

Which one of the following is also known as plant curves?

What is the shape of the average fixed cost (AFC) curve?

Identify the correct statement:

A monopolist is able to maximize his profit when:

Which of the following is not an essential condition of perfect competition?

Which is the first-order condition for the profit of a firm to be maximum?

The Kinky demand curve hypothesis is designed to explain in the context of oligopoly:

Which form of market structure is characterized by interdependence in decision-making as between the different competing firms?

Which one of the following is not the assumption of the Marginal Productivity Theory of Distribution?

Economic rent can accrue to:

Which of the following statements is incorrect?

If the supply curve for orange juice is estimated to be Q = 40 + 2p, then, at a price of p=2, the price elasticity of supply is

Electricity accounts for almost 20% of the cost of making steel. A 10% increase in electricity pricesresults in steel firms decreasing production and thereby demanding 5% less electricity. Over manyyears, technological innovations can change the way steel firms make steel and reduce theindustry's energy requirements. This suggests that the steel industry's short-run elasticity ofdemand for electricity is probably:

Suppose the demand curve for a good is downward sloping and the supply curve is upwardsloping. At the market equilibrium, if demand is more elastic than supply in absolute value, RM 1.00 specific tax will raise the price to consumers by

In the case of a good that has no exclusion and no rivalry, private markets fail because

Which of the following best describes the three fundamental economic questions?

Abang Jago has RM 15.00 that he wants to spend on something that entertains him. He was planning to buy a book with this money, but then he decided to watch a new movie with this money. The fact that Mark cannot read the book because he opted for the film is an example of

Combinations of goods outside the production-possibilities curve (PPC) have which of the following characteristics?

Which of the following statements about monopoly is true:

There are differences between monopolistic and perfect competition regarding:

On the market with perfect competition:

Which of the following conditions indicate that a good is produced under perfect competition:

The profit maximization condition for a firm in a market with monopolistic competition is the following (MR is marginal revenue, MC is marginal cost, P is price, ATC is average total cost, TR is total revenue):

Calculate the average fixed cost (AFC), for a level of production Q = 20, knowing that the total cost function is: TC = 200 + 3Q + 2Q2