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Microeconomics 10 Multiple Choice Question Quiz

Question 1 of 10

1

The Law of Diminishing Marginal Returns is not true under these circumstances:

Select one of the following:

  • Constant marginal utility of money, application to money and rare collection.

  • Constant marginal utility of money, diminishing marginal utility and rationality

  • Application to money, rare collection and intoxicants

  • Constant marginal utility of money, intoxicants and rationality

Explanation

Question 2 of 10

1

Which of these costs are variable?

Select one of the following:

  • Electricity, salaries, oil, commissions

  • Salaries, transportation, commissions, insurance

  • Machinery, wages, insurance, maintenance

  • Transportation, wages, commissions, oil

Explanation

Question 3 of 10

1

Order these terms from more competitive to less competitive:

Select one of the following:

  • Perfect Competition—Oligopoly—Monopolistic Competition—Duopoly—Monopoly—Pure Monopoly

  • Perfect Competition—Monopolistic Competition—Oligopoly—Duopoly—Monopoly—Pure Monopoly

  • Perfect Competition—Monopolistic Competition— Duopoly —Oligopoly—Monopoly—Pure Monopoly

  • Perfect Competition—Oligopoly— Duopoly — Monopolistic Competition —Monopoly—Pure Monopoly

Explanation

Question 4 of 10

1

If long run input is 67% and output is 64% it is...

Select one of the following:

  • Economies of scale

  • Diseconomies of scale

  • Diminishing returns to scale

  • Increasing returns to scale

Explanation

Question 5 of 10

1

Which of these does not shift demand?

Select one of the following:

  • Number of buyers

  • Market expectations

  • resource cost

  • Income of buyers

Explanation

Question 6 of 10

1

At what point is a kilo of cheese more elastic?

Select one of the following:

  • $0

  • $1

  • $2

  • $5

Explanation

Question 7 of 10

1

Which of these is upward sloping in Xed?

Select one of the following:

  • Substitutes

  • Complements

  • Normal goods

  • Inferior goods

Explanation

Question 8 of 10

1

Which of these is not a possible gain of specialization?

Select one of the following:

  • Bigger global market

  • More variety of products

  • Prices increase

  • Higher total output

Explanation

Question 9 of 10

1

How is productivity typically measured?

Select one of the following:

  • Total amount of money the firm makes

  • How many utils does the product give the consumer

  • Input of land and capital

  • Output per hour worked

Explanation

Question 10 of 10

1

Ireland produces 30 units of beer and 10 units of coffee. Colombia produces 10 units of beer and 30 units of coffee. What are the terms of trade?

Select one of the following:

  • From 10 to 30

  • From 1/3 to 1

  • From 1 to 3

  • From 3 to 30

Explanation

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