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ENG301 Business Communication MCQs

ENG301-Business Communication study material for students of virtual university of Pakistan. Download Past(old) Papers solved/unsolved, past assignments, quiz, mcqs, lecture notes, video lectures, handouts, books of ENG301-Business Communication

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The slope of an indifference curve reveals:
  • That preferences are complete.
  • The marginal rate of substitution of one good for another good.
  • The ratio of market prices.
  • That preferences are transitive.
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A supply curve reveals:
  • The quantity of output consumers are willing to purchase at each possible market price.
  • The difference between quantity demanded and quantity supplied at each price.
  • The maximum level of output an industry can produce, regardless of price.
  • The quantity of output that producers are willing to produce and sell at each possible market price.
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Which of the following is a positive statement?
  • Intermediate microeconomics should be required of all economics majors in order to build a solid foundation in economic theory.
  • The minimum wage should not be increased, because to do so would increase unemployment.
  • Smoking should be restricted on all airline flights.
  • None of the above.
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The magnitude of the slope of an indifference curve is:
  • Called the marginal rate of substitution.
  • Equal to the ratio of the total utility of the goods.
  • Always equal to the ratio of the prices of the goods.
  • All of the above.
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A curve that represents all combinations of market baskets that provide the same level of utility to a consumer is called:
  • A budget line.
  • An isoquant.
  • An indifference curve.
  • A demand curve.
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In the long run, new firms can enter an industry and so the supply elasticity tends to be:
  • More elastic than in the short?run.
  • Less elastic than in the short?run.
  • Perfectly elastic.
  • Perfectly inelastic.
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Which of the following statements about the diagram below is true?
  • Demand is infinitely elastic.
  • Demand is completely inelastic.
  • Demand becomes more inelastic the lower the price.
  • Demand becomes more elastic the lower the price.
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The income elasticity of demand is the:
  • Absolute change in quantity demanded resulting from a one?unit increase in income.
  • Percent change in quantity demanded resulting from the absolute increase in income.
  • Percent change in quantity demanded resulting from a one percent increase in income.
  • Percent change in income resulting from a one percent increase in quantity demanded.
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Assume that the current market price is below the market clearing level. We would expect:
  • A surplus to accumulate.
  • Downward pressure on the current market price.
  • Upward pressure on the current market price.
  • Lower production during the next time period.
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Which of these measures the responsiveness of the quantity of one good demanded to an increase in the price of another good?
  • Price elasticity.
  • Income elasticity.
  • Cross?price elasticity.
  • Cross?substitution elasticity.
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