Introductory Economics Quiz

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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'?

Elasticities (Continued) Signup and view all the answers

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

Producer Behavior: Production Side Analysis 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?

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

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

Constant, increasing, and decreasing returns to scale. 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?

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

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

When one factor is fixed. Signup and view all the answers

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

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

Introductory Economics Quiz

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Questions and Answers

What is covered in Lesson 01 of ECO401?

What is covered in Lesson 02 of ECO401?

Which topic is covered in the section 'Demand, Supply and Equilibrium Analysis'?

What is covered in the section 'Elasticities'?

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

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

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

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

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

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

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