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• 1- The change in the quantity demanded of a good resulting from a change in relative price with the level of satisfaction held constant is called: A. Giffen effect. B. Real price effect. C. Income effect. D. Substitution effect. 2- As the price of good X increases from Rs.5 to Rs.8, quantity demanded falls from 100 to 80. Based upon this information, we can conclude that the demand for X is: A. Elastic. B. Inelastic. C. Unit inelastic. D. Insufficient information for judgment. 3- When the price of wood (which is an input in the production of furniture) falls, the consumer surplus associated with the consumption of furniture: A. Increases. B. Decreases. C. Does not change. D. Insufficient information for judgment. 4- When the snob effect exists, a change in price is likely to: A. Change total revenue less than if there were no network externalities. B. Change total revenue more than if there were no network externalities. C. Change total revenue by the same amount as if there were no network externalities. D. Not change total revenue at all. 5- Assume that one of two possible outcomes will follow a decision. One outcome yields a Rs.75 payoff and has a probability of 0.3; the other outcome has a Rs.125 payoff and has a probability of 0.7. In this case, the expected value is: A. Rs.85. B. Rs.60. C. Rs.110. D. Rs.35. 6- An investment opportunity has two possible outcomes, and the value of the investment opportunity is Rs.250. One outcome yields Rs.100 payoff and has a probability of 0.25. What is the probability of the other outcome? A. 0. B. 0.25. C. 0.5. D. 0.75. 7- A person with a diminishing marginal utility of income: A. Will be risk averse. B. Will be risk neutral. C. Will be risk loving. D. Cannot decide without more information. 8- Salman would prefer a certain income of Rs.20, 000 to a gamble with a 0.5 probability of Rs.10, 000 and a 0.5 probability of Rs.30, 000. Based on this information: A. We can infer that Salman is risk neutral. B. We can infer that Salman is risk averse. C. We can infer that Salman is risk loving. D. We cannot infer Salman’s risk preferences. 9- The correlation between an asset's real rate of return and its risk (as measured by its standard deviation) is usually: A. Positive. B. Strictly linear. C. Flat. D. Negative. 10- The indifference curve between expected return and the standard deviation of return for a risk-averse investor: A. Is downward-sloping. B. Is upward-sloping. C. Is horizontal. D. Is vertical. 11- When labor usage is at 12 units, output is 36 units. From this we may infer that: A. The marginal product of labor is 3. B. The total product of labor is 1/3. C. The average product of labor is 3. D. None of the given options. 12- What describes the graphical relationship between average product and marginal product? A. An average product cuts a marginal product from above, at the maximum point of marginal product. B. An average product cuts a marginal product from below, at the maximum point of marginal product. C. Marginal product cuts average product from above, at the maximum point of average product. D. An average and marginal product does not intersect. 13- L-shaped isoquant: A. Is impossible. B. Would indicate that the firm could not switch from one output to another. C. Would indicate that capital and labor cannot be substituted for each other in production. D. Would indicate that capital and labor are perfect substitutes in production. 14- In a production process, all inputs are increased by 10%; but output increases less than 10%. This means that the firm experiences: A. Decreasing returns to scale. B. Constant returns to scale. C. Increasing returns to scale. D. Negative returns to scale. 15- Fixed costs are fixed with respect to changes in: A. Output. B. Capital expenditure. C. Wages. D. Time. 16- Which of the following costs always decline as output increases? A. Average cost. B. Fixed cost. C. Average fixed cost. D. Average variable cost. 17- Assume that a firm spends Rs.500 on two inputs, labor (graphed on the horizontal axis) and capital (graphed on the vertical axis). If the wage rate is Rs.20 per hour and the rental cost of capital is Rs.25 per hour, the slope of the isocost curve will be: A. 500. B. 25/500. C. 4/5. D. 25/20 or 5/4. 18- Rabia knows average total cost and average variable cost for a given level of output. Which of the following costs can she not determine given this information? A. Average fixed cost. B. Fixed cost. C. Variable cost. D. Rabia can determine all of the above costs given the information provided. 19- Suppose that the price of labor (PL) is Rs.10 and the price of capital (PK) is Rs.20. What is the equation of the isocost line corresponding to a total cost of Rs.100? A. PL + 20PK. B. 100 = 10L + 20K. C. 100 = 30(L+K). D. None of the given options. 20- The cost-output elasticity is used to

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