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    Test 2 Eco 1013 Sesi 1 2023 - 2024-Question

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    naqeebsukri
    This document contains an exam for a Microeconomics course with 3 sections - multiple choice questions, short answer questions, and data response questions. Section A contains 10 multiple choice questions testing concepts like the law of demand, normal vs inferior goods, determinants of demand, and supply functions. Section B has 2 short answer questions asking for examples of substitute/complementary goods and an explanation of the law of supply. Section C provides a supply and demand schedule and questions calculating equilibrium, sketching the curves, and showing the effect of a reduction in supply. The exam tests CLO 2 and applies microeconomic theories and concepts to current issues.

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    Test 2 Eco 1013 Sesi 1 2023 - 2024-Question

    Uploaded by

    naqeebsukri
    70 views6 pages
    This document contains an exam for a Microeconomics course with 3 sections - multiple choice questions, short answer questions, and data response questions. Section A contains 10 multiple choice questions testing concepts like the law of demand, normal vs inferior goods, determinants of demand, and supply functions. Section B has 2 short answer questions asking for examples of substitute/complementary goods and an explanation of the law of supply. Section C provides a supply and demand schedule and questions calculating equilibrium, sketching the curves, and showing the effect of a reduction in supply. The exam tests CLO 2 and applies microeconomic theories and concepts to current issues.

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    Test 2 Eco 1013 Sesi 1 2023_2024-Question

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    This document contains an exam for a Microeconomics course with 3 sections - multiple choice questions, short answer questions, and data response questions. Section A contains 10 multiple choice questions testing concepts like the law of demand, normal vs inferior goods, determinants of demand, and supply functions. Section B has 2 short answer questions asking for examples of substitute/complementary goods and an explanation of the law of supply. Section C provides a supply and demand schedule and questions calculating equilibrium, sketching the curves, and showing the effect of a reduction in supply. The exam tests CLO 2 and applies microeconomic theories and concepts to current issues.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    70 views6 pages

    Test 2 Eco 1013 Sesi 1 2023 - 2024-Question

    Uploaded by

    naqeebsukri
    This document contains an exam for a Microeconomics course with 3 sections - multiple choice questions, short answer questions, and data response questions. Section A contains 10 multiple choice questions testing concepts like the law of demand, normal vs inferior goods, determinants of demand, and supply functions. Section B has 2 short answer questions asking for examples of substitute/complementary goods and an explanation of the law of supply. Section C provides a supply and demand schedule and questions calculating equilibrium, sketching the curves, and showing the effect of a reduction in supply. The exam tests CLO 2 and applies microeconomic theories and concepts to current issues.

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    © All Rights Reserved
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    of 6

    KOLEJ PROFESIONAL MARA

    SERI ISKANDAR

    DIPLOMA IN INTERNATIONAL BUSINESS


    DIPLOMA IN MARKETING
    DIPLOMA IN BUSINESS INFORMATION TECHNOLOGY

    COURSE NAME : MICROECONOMICS


    COURSE CODE : ECO 1013
    ACADEMIC SESSION : 1 2023/2024
    TYPE OF ASSESSMENT : TEST 2
    DURATION : 1 HOUR

    CLO 2: Apply appropriate suggestions on theories and concepts to the current issues
    in microeconomics.
    [C3, PLO2]

    INSTRUCTION TO CANDIDATES:

    1. Candidates are required to answer ALL questions.


    2. Candidates are advised to read each question carefully before attempting to answer.
    3. All answers must be written either in BLACK or BLUE ink.
    4. Any cheating or misconduct during the test will be severely penalized.

    Personal Details Section /


    Marks
    Question No.
    Name
    Section A

    Section B
    I/D Number
    Section C

    Total Marks /40m


    Class

    Percentage /15%

    Lecturer

    1
    ECO1013/TEST2/SESI 1 2023/2023
    SECTION A (10 MARKS)
    Multiple Choice Questions, and True or False Questions
    Answer all questions. Choose the correct answer.

    1. The law of demand states that there is a/an __________________relationship


    between price and quantity demand.

    A. elastic
    B. infinite
    C. positive
    D. negative

    2. What is good X if the demand for good X decreases when income increases?

    A. Normal good
    B. Inferior good
    C. Substitute good
    D. Complementary good

    3. Which of the following is not a determinant of demand for petrol?

    A. The price of diesel


    B. The price of petrol
    C. Consumers income
    D. The price of automobile

    2
    ECO1013/TEST2/SESI 1 2023/2023
    4. If the price of goods X decreases, it will make the demand curve for goods Y shift to
    the right. Which of the following is TRUE?

    A. Normal goods will increase.


    B. Inferior goods will increase.
    C. Substitute goods will increase.
    D. Complementary goods will increase.

    Question 5 is based on Table 2

    Price Supplier A Supplier B Supplier C


    (RM) (‘000 units) (‘000 units) (‘000 units)
    4 0 0 0
    8 30 0 30
    12 60 15 75
    16 90 30 120
    20 120 45 165
    Table 2

    5. Supplier A, Supplier B, and Supplier C supplied the healthy products in the market.
    What is the market supply of the healthy product when the price is RM12?

    A. 120,000 units
    B. 150,000 units
    C. 240,000 units
    D. 256,000 units

    Qs= 150 + 5P

    6. Based on the above function, calculate the quantity supplied when the price is RM6.

    A. 120 units
    B. 138 units
    C. 143 units
    D. 180 units

    3
    ECO1013/TEST2/SESI 1 2023/2023
    7. The advantages of the price ceiling is to protect farmers welfare.

    A. True
    B. False

    8. Excess in demand or shortage will lead to existence of black market or illegal


    markets.

    A. True
    B. False

    9. Some sellers of sugar might hoard the sugar during festive season and it is done to
    force the government to reduce the price of commodities.

    A. True
    B. False

    10. Exceptional supply curve is a curve that shows backwards law of supply where an
    increase in price will result in increase in quantity of supplies.

    A. True
    B. False

    (Total : 10 marks)

    4
    ECO1013/TEST2/SESI 1 2023/2023
    SECTION B (10 MARKS)
    Short-Answer Questions
    Answer all questions.

    1. Give one example of


    a) substitute good.
    b) complementary good. (2
    marks)

    2. Explain law of supply. (2 marks)

    3. With a diagram, show the differences between changes in quantity of demand with
    changes in demand. (6 marks)
    (Total : 10 marks)

    SECTION C (20 MARKS)


    Data Response Questions
    Answer all questions.
    The table below shows the demand and supply schedules of sugar per week in Country A.

    Price (RM) Quantity Demand Quantity Supply


    1
    2
    3
    4
    5
    6
    7
    8
    9
    10

    1. Compute:

    a. quantity demand based on demand functions Qd = 100 – 2p. (5 marks)


    b. quantity supply based on supply function Qs = 80 + 3P. (5 marks)

    5
    ECO1013/TEST2/SESI 1 2023/2023
    2. Sketch the curve by using graph paper. (4 marks)

    3. Suppose the producers reduce supply by 10 units at each price level. Construct the
    new table. (4 marks)

    4. On the same graph paper, plot the new supply curve. (2 marks)

    (Total: 20 marks)

    6
    ECO1013/TEST2/SESI 1 2023/2023

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