Spring 2009
ECO401- Economics (Session - 2)
► Risk averse.
► Risk loving.
► Risk neutral.
► None of the given options.
► Is a statement of fact.
► Is a hypothesis used to test economic theory.
► Is a statement of what ought to be, not what is.
► Is a statement of what will occur if certain assumptions are true.
Figure
In figure given above, the marginal utility of income is:
► Independent.
► Complements.
► Substitutes.
► Inferior.
► A reduction in unemployment.
► An increase in the production of capital goods.
► A reduction in discrimination.
► An increase in the production of consumer goods.
► Oligopoly.
► Monopoly.
► Perfect competition.
► Monopolistic competition.
► Purely competitive.
► A monopoly.
► Monopolistically competitive.
► Oligopolistic.
► Significant.
► Extensive.
► Nonexistent.
► Limited.
Increase in number of
suppliers
Increase
Rightward shift
Decrease
Increase
Decrease in number of
suppliers
Decrease
Leftward shift
Increase
Decrease
Improved technology
Increase
Rightward shift
Decrease
Increase
Declined technology
Decrease
Leftward shift
Increase
Decrease