ECN 205 CBT PRACTICE

Phil 6 days agoLast Updated: January 15, 2025

0 710 1 minute read

Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ECN 205 exam

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

Note

Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

I wish you success

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ECN 205

1 / 50

1. Differential calculus in economics is used to study:

A. Marginal analysis

B. Constant changes

C. Market structures

D. Static relationships

2 / 50

2. Marginal Propensity to Save (MPS) is defined as:

A. Change in savings due to a change in income

B. The total savings in the economy

C. Average savings per income

D. Change in income due to a change in savings

3 / 50

3. Taxation typically leads to:

A. An increase in equilibrium price

B. Elimination of producer surplus

C. Higher demand for goods

D. A deadweight loss

4 / 50

4. Utility functions are used to measure:

A. Production levels

B. Cost reductions

C. Consumer satisfaction

D. Profit margins

5 / 50

5. Total revenue is maximized when:

A. Average cost equals price

B. Marginal cost is minimized

C. Price elasticity equals zero

D. Marginal revenue equals zero

6 / 50

6. Consumption function refers to the relationship between:

A. Income and consumption

B. Price and supply

C. Cost and revenue

D. Supply and demand

7 / 50

7. The degree of homogeneity in production function indicates:

A. The level of input required

B. The type of returns to scale

C. The elasticity of substitution

D. The efficiency of labor

8 / 50

8. The budget constraint equation is primarily used in:

A. Elasticity calculation

B. Consumer utility maximization

C. Input-output analysis

D. Cost minimization problems

9 / 50

9. Isoquants that are right-angled indicate:

A. Perfect substitutes

B. Variable proportions production

C. Fixed-proportions production

D. Increasing returns to scale

10 / 50

10. The income effect is seen when

A. Demand increases despite a price hike

B. Consumers feel wealthier due to a price decrease

C. Sellers reduce production costs

D. Consumers switch to higher-priced goods

11 / 50

11. The market equilibrium price is determined when:

A. Government imposes price controls

B. Sellers maximize profits

C. Buyers control the market

D. Quantity demanded equals quantity supplied

12 / 50

12. A linear demand curve shows

A. Varying elasticity

B. Constant elasticity

C. Perfect elasticity

D. Inelastic demand only

13 / 50

13. saddle point in calculus represents

A. A local maximum

B. A point of inflection

C. Neither maximum nor minimum

D. A local minimum

14 / 50

14. Lagrange multipliers are used to:

A. Analyze market equilibrium

B. Solve unconstrained problems

C. Optimize under constraints

D. Measure consumer surplus

15 / 50

15. The marginal cost is derived from

A. Total cost divided by quantity

B. Average cost curves

C. The slope of the total cost curve

D. Total revenue divided by price

16 / 50

16. Profit is defined as the difference between:

A. Revenue and cost

B. Supply and demand

C. Price and cost

D. Revenue and quantity

17 / 50

17. Marginal cost is calculated as:

A. Total cost divided by quantity

B. Average cost of all units

C. The difference between fixed and variable costs

D. The first derivative of the cost function

18 / 50

18. Input-output analysis examines:

A. Consumer behavior

B. The elasticity of demand

C. The interaction of various economic sectors

D. Utility maximization

19 / 50

19. Excess demand occurs when:

A. Supply exceeds demand

B. Demand exceeds supply

C. Prices are above equilibrium

D. Markets are saturated

20 / 50

20. Price elasticity of demand is typically:

A. Negative

B. Infinite

C. Zero

D. Positive

21 / 50

21. A demand curve typically:

A. Shifts unpredictably

B. Slopes downwards

C. Remains constant

D. Slopes upwards

22 / 50

22. Elasticity of demand can be defined as:

A. Responsiveness of demand to price changes

B. Constant consumer behavior

C. Revenue divided by cost

D. The slope of the supply curve

23 / 50

23. Buyers and sellers in a perfectly competitive market are known as:

A. Price makers

B. Price takers

C. Arbitrators

D. Price controllers

24 / 50

24. A utility function represents:

A. Costs of production

B. Market supply schedules

C. Consumer preferences and satisfaction

D. Revenue generated by producers

25 / 50

25. Linear programming is a technique used for:

A. Historical analysis

B. Constrained optimization

C. Market forecasting

D. Profit estimation

26 / 50

26. A perfectly competitive market involves:

A. Price-making sellers

B. A government monopoly

C. Homogeneous goods

D. A single seller

27 / 50

27. Indifference curves are:

A. Downward sloping and convex to the origin

B. Constant for all preferences

C. Parallel to each other

D. Upward sloping and concave

28 / 50

28. The function representing revenue in economics is:

A. R = Q × Q

B. R = TC × Q

C. R = P × Q

D. R = MC × P

29 / 50

29. Substitution effect occurs when

A. Buyers switch to cheaper alternatives

B. Sellers increase supply

C. Demand remains unaffected by price

D. Prices of substitutes remain unchanged

30 / 50

30. Consumer surplus is the area:

A. Outside the demand curve

B. Above the equilibrium price

C. Above the supply curve

D. Below the demand curve and above the price

31 / 50

31. The slope of an isoquant curve represents:

A. Profit maximization

B. Marginal cost

C. Marginal rate of technical substitution

D. Revenue generation

32 / 50

32. Mathematical economics primarily uses:

A. Computational methods

B. Philosophical arguments

C. Historical analysis

D. Literary methods

33 / 50

33. Market supply refers to:

A. Total goods sellers are willing to provide at various prices

B. Supply affected only by income changes

C. Buyers' willingness to purchase at different prices

D. Goods produced without cost consideration

34 / 50

34. Elasticity measures:

A. The absolute change in demand due to price

B. Total revenue

C. Sensitivity of one variable to another

D. Fixed supply trends

35 / 50

35. Price ceilings lead to:

A. Excess supply

B. Revenue increases

C. Market surpluses

D. Shortages

36 / 50

36. In the Lagrange method, the multiplier represents:

A. Market equilibrium

B. Total cost

C. The optimal quantity

D. The rate of change in the objective function

37 / 50

37. The law of demand states that

A. Demand remains constant

B. Demand is unrelated to price

C. Demand decreases as price increases

D. Demand increases with price

38 / 50

38. An indifference curve represents:

A. Profit maximization levels

B. Supply and demand equilibrium

C. Combinations of goods providing equal utility

D. Total revenue

39 / 50

39. The marginal utility of a commodity is:

A. The average utility per unit

B. The change in total utility from consuming one more unit

C. Always constant

D. The total utility of consuming all units

40 / 50

40. A demand function expresses the relationship between:

A. Income and savings

B. Price and utility

C. Supply and cost

D. Price and quantity demanded

41 / 50

41. The law of supply indicates that:

A. Lower prices increase supply

B. Higher prices increase supply

C. Higher prices reduce supply

D. Prices do not affect supply

42 / 50

42. A linear demand curve shows:

A. Inelastic demand only

B. Constant elasticity

C. Perfect elasticity

D. Varying elasticity

43 / 50

43. Producer surplus measures:

A. Losses below the demand curve

B. Gains above the supply curve up to the price

C. Revenue minus production costs

D. The total market surplus

44 / 50

44. The saving function shows:

A. Revenue trends in the economy

B. The relationship between income and savings

C. The total demand for goods

D. The cost of producing goods

45 / 50

45. The pioneer in applying mathematics to economics was:

A. Cournot

B. John von Neumann

C. Vilfredo Pareto

D. Alfred Marshall

46 / 50

46. Returns to scale are constant if:

A. Inputs are doubled and output doubles

B. Technology is constant

C. Exponents are greater than one

D. The sum of the exponents in the Cobb-Douglas function equals one

47 / 50

47. Cobb-Douglas production function represents:

A. Fixed inputs and outputs

B. Constant returns to scale only

C. A linear relationship between inputs and outputs

D. A specific form of a production function

48 / 50

48. Marginal revenue is defined as:

A. Total cost minus profit

B. Total revenue divided by quantity

C. Revenue per unit sold

D. The slope of the total revenue curve

49 / 50

49. The marginal utility of a good is the

A. Cost of producing one unit

B. Revenue from selling additional units

C. Additional satisfaction from consuming one more unit

D. Total satisfaction derived from all units consumed

50 / 50

50. Price floors result in:

A. Reduced supply

B. Equilibrium prices

C. Surpluses

D. Shortages

Your score is

The average score is 46%

Phil 6 days agoLast Updated: January 15, 2025

0 710 1 minute read

ECN 205 CBT PRACTICE

Phil

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