TMA3/ECO231 – Micro Economic Theory I

TMA Quiz Questions
Matric Number:  SCORE=9.50
ECO231 – Micro Economic Theory I
Mr. Adedeji Abiodun Liadi ( )
1 In a market economy with five goods and four resources, there would be a need for
2 The optimal input combination will occur where
3 When the law of diminishing returns begins to operate, the TVC curve begins to
4 Normally, long run and short run expansion path will
5 MC is given by
6 At the point of producer equilibrium
7 The imposition of an effective price ceiling will
8 The dimensions of the production box in the Edge-worth geometric approach are determined by
9 Which of the following is not a necessary condition for a pareto efficient allocation of resources
10 The break-even point is
11 The shutdown point is
12 As output increases, which of the following declines steadily?
13 If a firm’s AFC equals N20 and total cost equals N1000, when output is twenty units, then AVC for twenty units is
14 Which of the following do economists consider a productive economic resource?
15 The price paid for a natural resource that is completely fixed in supply is
16 In total, the supply of land is
17 Which is the minimum return or payment necessary to retain the entrepreneur in some specific line of production?
18 The demand for health care is
19 According to the theory of second best, eliminating a monopoly from one market in the economy
20 The locus of Pareto optimality in production and consumption is given by
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