4176343
Description
Quiz by 2016: Daniel Mor, updated more than 1 year ago
|
Created by 2016: Daniel Mor
almost 9 years ago
|
|
Question 1
Question
If the price for Good A is 4$ and 9000 units are demanded, if PED is -1.5, and price changes to 6$, what is the change in quantity demanded?
Answer
-
6750
-
2250
-
6650
-
-2250
Question 2
Question
If the income elasticity of demand for a product is -1.2 a firm that produces that product would benefit from a decrease in:
Answer
-
The size of the middle class.
-
The size of the lower class.
-
The size of government staff.
Question 3
Question
If a firm wants to maximise revenue they should produce to the point in which:
Answer
-
Marginal Costs=Average Total Costs
-
Marginal Revenue=0
-
Marginal Utility = 0
Question 4
Question
In a market with perfect competition:
Answer
-
Demand for firms is downward sloping.
-
Demand for the industry is downward sloping.
-
Demand for the firm is perpendicular to quantity demanded.
-
Demand for the firm equals total revenue.
Question 5
Question
In a market economy, the price mechanism:
Answer
-
Helps buyers come in contact with sellers and products.
-
Helps buyers communicate with sellers.
-
Helps sellers adjust to inflation.
Question 6
Question
PED's are useful for firms because:
Answer
-
They help firms make decisions about employment of factors.
-
They inform firms about revenue.
-
They are irrelevant to firms.
Question 7
Question
PED's are least relevant to firms in which of the following market structures:
Answer
-
Monopoly
-
Perfect Competition
-
Oligopolies
Question 8
Question
If a teacher leaves a teaching post with a $50,000 anual salary and opens a doughnut shop for $5,000 that will make $145,000 a year the teacher has made:
Answer
-
$140,000 Economic Profit
-
$95,000 Normal Profit
-
$90,000 Economic Profit
-
An economic profit greater than accounting profit.
Question 9
Question
A firm will leave its industry and change it for another when:
Answer
-
It can't cover its ATC.
-
It can't afford it MC.
-
It's profit does not surpass it's implicit costs.
Question 10
Question
A company with a lot of latent demand might be:
Answer
-
Pepsi
-
Apple
-
Lamborghini
-
Twinnings
Want to create your own Quizzes for free with GoConqr? Learn more.