1. The opportunity
cost of a good is
A) The time lost in finding it
B) The quantity of
other goods sacrificed to get another unit of that good
C) The expenditure
on the good
D) The loss of
interest in using savings
2. If new firms enter a market, but demand
stays the same, it can be
predicted that:
A)
Consumer surplus will fall
B)
Prices are likely to fall
C)
There will be reduced economic welfare
D)
Prices are likely to rise
3. Time series data show information
A) About the same point in time over different
places
B) About different points in time over the same
variable
C) About different variables over different
places
D) About different points in time over
different places
4. When a market is in equilibrium
A) Quantity demanded equals quantity supplied
B) Excess demand and excess supply are zero
C) The market is cleared by the equilibrium
price
D) All of the above
5. If a price increase of good A increases the
quantity demanded of good B,
then good B is a
A) Substitute good
B) Complementary good
C) Bargain
D) Inferior good
6. Name the economist pictured below:
7. Can
you identify this Nobel Prize winning economist?
Email
your answers with your name and roll number to profKMody@gmail.com
by 23 September 2015
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