4169491
Frage 1
Frage
Profit is the main motive in free-market economies.
Antworten
- True
- False
Frage 2
Frage
The idea that since sonsumers act towars self-interest, it results in an allocation of resources in the economy is known as
Antworten
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Invisible hand
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Market mechanism
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Functions of price
Frage 3
Frage
One of the greatest advantages of a command economy is that there are monopolies under close government supervision.
Antworten
- True
- False
Frage 4
Frage
What is the equation to calculate productivity?
Antworten
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production/labor and time
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labor and time/production
Frage 5
Frage
The maximum possible output that can be achieved given a fixed set of resources is also known as
Antworten
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opportunity cost
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efficient production
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production possibilities frontier
Frage 6
Frage
Which factor shapes the PPF?
Antworten
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introduction of new resources
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comparative advantage
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demand for a certain product
Frage 7
Frage
"The government only supplies goods and services to those who bribe it. Its corruption has destroyed our economy."
This is an example of a normative statement
Antworten
- True
- False
Frage 8
Frage
"Colombian coffee has been described as one of the best in the world."
This is an example of a value judgement.
Antworten
- True
- False
Frage 9
Frage
What does the equi-marginal principle show you?
Antworten
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How to maximize your utility when you have more than one good
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How to measure the amount of satisfaction gained from a certain good or service.
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How an increase in production results in a decrease of the average costs.
Frage 10
Frage
Which of the following economies of scale are not internal?
Antworten
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Financial Economies of Scale
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Risc Bearing Economies of Scale
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Marketing Economies of Scale
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Technical/Production Economies of Scale
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Vertical Integration Economies of Scale
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