2016: Felipe Sil
Quiz by , created more than 1 year ago

A test on elasticity

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2016: Felipe Sil
Created by 2016: Felipe Sil almost 9 years ago
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Microeconomics

Question 1 of 10

1

What is an example of a homogenous product?

Select one of the following:

  • Water

  • Cellphones

  • Shoes

  • Computers

Explanation

Question 2 of 10

1

An increase in income would shift the demand curve

Select one of the following:

  • To the right

  • to the left

  • wouldnt shift it

Explanation

Question 3 of 10

1

If the total fixed cost is 40000, what would be the average fixed cost for 160 products

Select one of the following:

  • 800

  • 250

  • 640000

  • 25

Explanation

Question 4 of 10

1

Poor communication, Lack of motivation, lack of direction are examples of:

Select one of the following:

  • External D.O.S

  • External E.O.S

  • Internal D.O.S

  • Internal E.O.S

Explanation

Question 5 of 10

1

What is an example of an inelastic good

Select one of the following:

  • Cellphones

  • Shoes

  • Cigarettes

  • Airplane tickets

Explanation

Question 6 of 10

1

Which curve shows all SRATC curves together

Select one of the following:

  • SRAS

  • LRATC

  • AD

  • AS

Explanation

Question 7 of 10

1

At perfect competition how many firms are assumed to exist

Select one of the following:

  • None

  • 1

  • 100

  • Infinite

Explanation

Question 8 of 10

1

To measure elasticity demand, one has to divide change in quantity demanded by...

Select one of the following:

  • change in supply

  • change in income

  • change in price level

  • quantity

Explanation

Question 9 of 10

1

What is the economic term for the profit that could have been made?

Select one of the following:

  • Explicit costs

  • implicit costs

  • Total revenue

  • accounting profit

Explanation

Question 10 of 10

1

There are no barriers of entry and exit in a...

Select one of the following:

  • Monopoly

  • Duopoly

  • Multiple firm market

  • Perect competition market

Explanation

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