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ECE321 NOUN E-exam Past Question & Answers

Question
The negative slope of the demand curve indicates ——-

Answer
More is demanded at a lower price

Question
The demand curve is always downward slopy from the left to the right

Answer
FALSE

Question
The demand curve facing the monopolist is ——-

Answer
downward

Question
The pure monopolist is when the monopolist has —— in the industry.

Answer
large economies of scale

Question
In profit-making, the monopolist profit could be ——– both in short and long runs

Answer
Abnormal

Question
In an imperfectly competitive market, a monopoly stands out as a kind.

Answer
Yes

Question
The key economic problem is that human wants are ———-, while resources are ———-

Answer
limitless, limited

Question
Return to scale law is applicable in the ———

Answer
long run

Question
The law of diminishing returns or variable proportion is only applicable in the ——-

Answer
short-run

Question
Equilibrium point determine, equilibrium ——- and ———-

Answer
price, quantity

Question
Income and substitution effects are better used in explaining the link between —- and —–.

Answer
demand and price

Question
Free market economy or market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households, and businesses in the economy_mechanism

Answer
through the price

Question
In a Mixed economy, the economic decision on what to produce; how and where to produce; for whom to produce; is made jointly by the —- and —- sectors in the economy.

Answer
government and the private

Question
—– and —— work together to answer basic economic problems in relation to the resources in the society and its _

Answer
Individual and institutions, scarcity

Question
An economic system consists of ——, ———-and their interaction in the process of answering basic_.

Answer
individual, institutions; economic problems

Question
——- has its influence on human behavior which determines their decisions in answering basic _.

Answer
Social institutions, economic problem

Question
The main problems of any economy are, what to produce and how to produce.

Answer
FALSE

Question
The need for economics is beckoned on scarce resources, if all resources are abundantly available, there should be no need for the study of economics

Answer
FALSE

Question
The following are types of demand except ———-

Answer
Component

Question
A market economy system is otherwise known as ——-

Answer
capitalist

Question
The negative slope of the demand curve indicates ——-

Answer
More is demanded at a lower price

Question
The demand curve is always downward slopy from the left to the right

Answer
FALSE

Question
The demand curve facing the monopolist is ——-

Answer
downward

Question
The pure monopolist is when the monopolist has —— in the industry.

Answer
large economies of scale

Question
In profit-making, the monopolist profit could be ——– both in short and long runs

Answer
Abnormal

Question
In an imperfectly competitive market, a monopoly stands out as a kind.

Answer
Yes

Question
The key economic problem is that human wants are ———-, while resources are ———-

Answer
limitless, limited

Question
Return to scale law is applicable in the ———

Answer
long run

Question
The law of diminishing returns or variable proportion is only applicable in the ——-

Answer
short-run

Question
Equilibrium point determine, equilibrium ——- and ———-

Answer
price, quantity

Question
Income and substitution effects are better used in explaining the link between —- and —–.

Answer
demand and price

Question
Free market economy or market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households, and businesses in the economy_mechanism

Answer
through the price

Question
In a Mixed economy, the economic decision on what to produce; how and where to produce; for whom to produce; is made jointly by the —- and —- sectors in the economy.

Answer
government and the private

Question
—– and —— work together to answer basic economic problems in relation to the resources in the society and its _

Answer
Individual and institutions, scarcity

Question
An economic system consists of ——, ———-and their interaction in the process of answering basic_.

Answer
individual, institutions; economic problems

Question
——- has its influence on human behavior which determines their decisions in answering basic _.

Answer
Social institutions, economic problem

Question
The main problems of any economy are, what to produce and how to produce.

Answer
FALSE

Question
The need for economics is beckoned on scarce resources, if all resources are abundantly available, there should be no need for the study of economics

Answer
FALSE

Question
The following are types of demand except ———-

Answer
Component

Question
A market economy system is otherwise known as ——-

Answer
capitalist

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