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