Econ 101_Set 7

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U.E.T Taxila *

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Economics

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Nov 24, 2024

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1. The opportunity cost of a decision is: a) The price paid for a good or service b) The value of the next best alternative forgone c) The total cost of production d) The profit earned from the decision 2. Which of the following is an example of a positive externality? a) Pollution from a factory b) Vaccination programs c) Traffic congestion d) Income inequality 3. The World Trade Organization (WTO) is an international organization that deals with: a) Monetary policy b) Trade disputes and negotiations c) Climate change agreements d) Poverty alleviation 4. The concept of comparative advantage suggests that countries should specialize in producing goods or services in which they have: a) The highest production costs b) The lowest production costs c) An absolute advantage d) Price controls 5. Which of the following is a characteristic of a monopolistic competition market structure? a) Many sellers and differentiated products b) A single seller and a unique product c) Only a few sellers and identical products d) A small number of sellers and high barriers to entry 6. The total revenue of a firm is calculated by multiplying the: a) Quantity demanded by the price b) Quantity supplied by the price c) Marginal cost by the price d) Marginal revenue by the price 7. The Phillips curve illustrates the relationship between: a) Inflation and unemployment b) Interest rates and investment c) Supply and demand d) GDP and economic growth

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