1. False
2. True
3. False
4. True
5. True
6. False
Mid-Exam of Intraduction to Economics
Course title: Introduction to Economics
Course Code: Econ1011
Academic Year: 2022 G.C. 2014 E.C.; Semester: I
Target group: Economics 1" Year (Evening)
Time Allotted: 1:30 Hrs.
General Instructions
Attempt all questions clearly and neatly
Show all the necessary steps and formulas for the work out part
Write your answer on provided answer sheet Write your name on both question paper and answer sheet
Name
DECIDE HAIW
ID. NO.
Signature
Part 1: Write 'True' if the statement is correct and 'false' if the statement is wrong.
1. Microeconomics deals with the behavior of aggregate economic units.
2. A society is said to be inefficient when it can't produce more of one good without producing less of another.
3. If two goods are complements, citrus paribus price of one and the demand for the other are inversely related.
4. The only factor that can cause a change in quantity demanded is the price of the commodity.
5. The law of supply states that, ceteris paribus, as price of a product increase, quantity supplied of the product decreases and as price decreases, quantity supplied increases.
6. A rise in the price of one good leads to increase quantity demanded of its substitute good,Other things being equal.
1 answer
6 answers