‘2129/21, +50 PM POE Quiz I (Set A) 2021-22 First Semester POE Quiz - | (Set A) 2021-22 First Semester Quiz-I(Set A) Max. Marks: 20 Weightage in total: 10 Duration: 20 Minutes Date: 14-09-2021 Instructions: 1. There are total 10 questions. Answer all the questions. 2. Make sure to submit before time. The submission will be disabled in exactly 20 minutes. Requests for late submissions (irrespective of the reason for delay), will not be entertained at all ‘The respondent's email (null) was recorded on submission of this form * Required 1. Email* 2. Email address * 3. ID Number * 4. Name* htpssdocs. google. comiformse1u8_ GdzmidkTnZubTSIOKWUat.Jc8KeNIPOBZIBHXBGBIoct 18‘2129/21, +50 PM POE Quiz I (Set A) 2021-22 First Semester 5. Lecture Section Number * 6. 2 points There are two countries A and B. Each of them can produce food and wine. The following table gives production per mouth for each worker in each country. Produetivity of one worker per A\B month Food 2I}6 Wine 36 | 24 IFA totally specializes In food and wants to Import wine, what should be the terms of trade of ‘wine in terms of food? Mark only one oval. (_) Between 3 and 4 food Between 6 and 12 food Between 0.25 and 0.33 food (_) Between 0.5 and 0.94 food 7. 2points The reoccurrence of contagious diseases should be significantly lower in a technically advanced nation such as the United States. This statement is best described as Mark only one oval. a normative statement. © apositive statement. (__) a descriptive economics statement. —_) an implication of an efficient market. htpssdocs. google. comiformse1u8_ GdzmidkTnZubTSIOKWUat.Jc8KeNIPOBZIBHXBGBIoct 26‘2129/21, +50 PM POE Quiz I (Set A) 2021-22 First Semester 8 2points Which of the follow: 1g statement(s) is/are true? (i) A government policy that tries to minimize inflation and unemployment can best be described as trying to achieve economic equity 19 a more efficient society (ii) Welfare policies of the government resul Mark only one oval. C) only (i) C_) only (ii) (Both True () Both False 9. Studying the determination of prices in land market in Hyderabad is mainly 2 points concern of Mark only one oval. —) Positive economics. ) microeconomics. -) Normative economics. >) macroeconomics. aA htpssdocs. google. comiformse1u8_ GdzmidkTnZubTSIOKWUat.Jc8KeNIPOBZIBHXBGBIoct a6‘2129/21, +50 PM POE Quiz I (Set A) 2021-22 First Semester 10. 2points During this summer you have made the decision to attend summer semester at BITS, which precludes you from working as paid intem in which you normally ean -Rs.60000 for the summer. Your tuition cost is Ris.30000, books and supplies cast Rs. 3000, and room rent costs Rs. 10000. The opportunity cost of attending summer semester is Mark only one oval. (Rs. 103000 (C_) Rs.93000 (Rs. 60000 (rs. 43000 “ 2points The following table gives the productivity of the labour in two countries (Buranda and Qumran) for two products (Oil aud Wheat). Both countries have total of 100 labourers. Country | Oi | Wheat Buranda [4 | 4 Qumran ]2 | 1 Suppose after specialization, the overall production of oil has decreased as compared to the case of without specialization, then which country will do full specialization and which country will do partial specialization? Mark only one oval. (—_) Both Buranda and Qumran- partial specialization (Both Buranda and Qumran full specialization (—) Buranda -full specialization & Qumran -partial specialization ( Buranda -partial specialization & Qumran -full specialization htpssdocs. google. comiformse1u8_ GdzmidkTnZubTSIOKWUat.Jc8KeNIPOBZIBHXBGBIoct 406‘2129/21, +50 PM POE Quiz I (Set A) 2021-22 First Semester 12, 2 points A society can produce two goods: green tea and vitamin water. As this society moves down its production possibility frontier, producing more and more units of vitamin water, the opportunity cost of producing vitamin water increases. The society's production possibilities frontier will be Mark only one oval. () positively sloped and bowed outward. (—) positively sloped and bowed inward. —) negatively sloped and bowed outward. (> negatively sloped and bowed inward, 13, Consider two countries, Estonia and Ukraine. Estonia devotes a larger 2points portion of its production to capital. All other things equal, which of the following statements is most likely true? Mark only one oval. __) Estonia is a poorer country than Ukraine, (—) Estonia is a free market economy and Ukraine is a command economy. —_) Ukraine is producing inside its production possibility frontier, whereas Estonia is producing at a point on its production possibility frontier. __) Estonia's production possibility frontier will shift up and out farther and faster than Ukraine 14, fa society is producing at a point along its production possibility frontier, 2 points then the society Mark only one oval. __)is fully employing its resources so it must be allocatively efficient. (— dis fully employing its resources, but not necessarily being allocatively efficient. (_) is underallocating resources so it must be inefficient. is overallocating resources so efficiency is indeterminate. htpssdocs. google. comiformse1u8_ GdzmidkTnZubTSIOKWUat.Jc8KeNIPOBZIBHXBGBIoct 56‘2129/21, +50 PM POE Quiz I (Set A) 2021-22 First Semester 15 2points Consider two countries producing two good: Auto Rickshaw and Scooter Maximum output (in Country A Country B millions) Auto Rickshaw 60 70 Scooters, 12 42 Which country has absolute and comparative advantage in which commodity? Mark only one oval. (—) Country A has an absolute disadvantage in the production of both the goods and ‘comparative advantage in the production of scooters. c () Country A has an absolute advantage in the production of both the goods and comparative advantage in the production of scooters. () Country has an absolute disadvantage in the production of both the goods and ‘comparative advantage in the production of Auto Rickshaw. ») Country A has an absolute disadvantage in producing both the goods and comparative advantage in the production of Auto Rickshaw. ‘This content is neither cteated nor endorsed by Google Google Forms htpssdocs. google. comiformse1u8_ GdzmidkTnZubTSIOKWUat.Jc8KeNIPOBZIBHXBGBIoct a6