Introductory Economics Quiz
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Questions and Answers

What is covered in Lesson 01 of ECO401?

  • Consumer Behavior: Consumption Side Analysis
  • Introduction to Economics (correct)
  • Demand, Supply and Equilibrium Analysis
  • Elasticities
  • What is covered in Lesson 02 of ECO401?

  • Introduction to Economics (Continued) (correct)
  • Producer Behavior: Production Side Analysis
  • Elasticities (Continued)
  • Demand, Supply and Equilibrium Analysis (Continued)
  • Which topic is covered in the section 'Demand, Supply and Equilibrium Analysis'?

  • Demand, Supply and Equilibrium Analysis (Continued) (correct)
  • Elasticities
  • Consumer Behavior: Consumption Side Analysis
  • Producer Behavior: Cost Analysis
  • What is covered in the section 'Elasticities'?

    <p>Elasticities (Continued)</p> Signup and view all the answers

    Which topic is covered in the section 'Producer Behavior: Cost Analysis'?

    <p>Producer Behavior: Production Side Analysis</p> Signup and view all the answers

    According to the short run productivity theory, what happens as the amount of a variable factor is increased with a fixed factor?

    <p>Initially the output will increase, but afterwards there will be diminishing marginal returns.</p> Signup and view all the answers

    In the long run productivity theory, what are the possibilities in terms of returns to scale?

    <p>Constant, increasing, and decreasing returns to scale.</p> Signup and view all the answers

    When all factors are variable in the long run, what can be expected if population is increasing and output remains constant?

    <p>Diminishing returns set in, and average per capita production/consumption can be expected to fall.</p> Signup and view all the answers

    In the short run productivity theory, when does the theory apply?

    <p>When one factor is fixed.</p> Signup and view all the answers

    What is the main difference between short run productivity theory and long run productivity theory?

    <p>The fixed factor in the short run versus all factors being variable in the long run.</p> Signup and view all the answers

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