choose the correct answer

1\ Which one of the following is NOT the objectives due to whichauthorities are fixing the maximum or minimum level of prices:

A\ Full utilization of resources

B\Price stability

C\ Affordable to mostPeople

d\ Maintenance of income

2\Which one of the following is average total cost (ATC) if theoutput is 100 units and total cost is RO 30000?

A\ 300

B| 30100

C\150

D/ 3100

3\Ahmed is working as production manager. Which one of thefollowing formula he can use to find the variable cost?

A\ Total cost - Fixed cost

B\Total cost – Marginal cost

C\Total cost - Average Fixed cost

D\Total cost – Average Total cost

4\ Times of Oman and Oman Observer agree to make their pricesunlikely to change very often. Identify one of the followingRELEVANT market structures?

A \Oligopoly

B\Monopoly

C\ Monopolistic competition

D\Perfect competition

5\ “Economics is a science”. Which one of the following featuressupports this statement?

A\ All of the given options are correct

B\ Relation between cause and effect

C\Formations of laws

D\ Experiments

6When the owner uses his own building for production purpose andno rental payment is made for their use, it is consideredas:

A\ Free resource

B\ Opportunity cost

C\ Implicit cost

D\ Explicit cost

7\ The term used to express the rate of responsiveness of demandtowards change in price is:

A\ Income elasticity

B\ None of the given options

C\ Cross elasticity

D\ Price elasticity

8\Price per tire changed from RO 40 to RO 60 and quantity demandfor vehicles changed from 7500 to 6000. What will be the crosselasticity demand?

A\2.5

B\-0.4

C\ 0.5

D\-2.5

9\All of the following options are related to the effectiveimpact on the market due to the rationing mechanism,except:

A\ Saves buyer time in long lines

B\ Reduce discrimination among buyer

C\ Controls market inequalities

D\Efficient for competitive market

10\ Choose the CORRECT statement in relation to incomeelasticity of demand:

A\ It is the rate of responsiveness of the demand of one productto change in price of another product

B\ It is the rate of responsiveness of the quantity demanded tochange in price

C\It is the rate of responsiveness of the quantity demanded tochange in income

D\ None of the given options are correct