Email: bbcnoun@gmail.com Whatsapp: 08131667008 ECO332 Question: Variables whose values are determined within the model are called Answer: endogenous variables Question: When output is zero, variable costs will be Answer: zero Question: In a demand function, the dependent variable is the Answer: demand for a product Question: In economics the â€"snob effect’ means when people Answer: decrease the use of a commodity because it is common Question: In economics, the Planning Curve which serves as a guide to entrepreneurs in plans to expand production is also called Answer: envelope curve Question: The Survey and Statistical methods are techniques employed in Answer: demand forecasting Question: The quantity of inputs multiplied by their respective unit prices will give the monetary value or the Answer: cost of production Question: In regression models, the determinants of demand are the variables Answer: explanatory Question: Salt, vegetable oil, cooking fuel and housing are considered as Answer: Essential Consumer Goods Question: A decision-making procedure, which employs both the payoff table and prior probabilities associated with the states of nature to arrive at a decision, is referred to as the Monetary Value decision procedure Answer: Expected Question: The three most common forms of demand functions are the linear demand function, non-linear demand function and the demand function Answer: dynamic Question: With size of a firm remaining constant, those costs which change as desired output changes are called costs Answer: Short-Run Question: A production function is based on the following assumptions; perfect divisibility of both inputs and output; there are only two factors of production â€u capital (K) and labour (L); limited substitution of one factor for the other; and Answer: inelastic supply of fixed factors in the short-run Email: bbcnoun@gmail.com Whatsapp: 08131667008