4169274
Descripción
Test por 2016: Tomas Urru, actualizado hace más de 1 año
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Creado por 2016: Tomas Urru
hace más de 8 años
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Pregunta 1
Pregunta
The substitutes available for a certain product help determine its Price Elasticity of Demand
Respuesta
- True
- False
Pregunta 2
Pregunta
The equation for calculating price elasticity of demand is: (%change of quatity demanded)/(%change in income)
Respuesta
- True
- False
Pregunta 3
Pregunta
Horizontal Integration: This is when one firm merges with or takes over another firm in the same industry at the same stage of production
Respuesta
- True
- False
Pregunta 4
Pregunta
The equation for calculating average cost is: total cost/cost per unit
Respuesta
- True
- False
Pregunta 5
Pregunta
Which of the following are examples of external economies of scale?
Respuesta
-
As businesses grow within an area, specialist skills begin to develop.
-
Better road and transport links develops as the area improve (e.g. London Docklands)
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Low morale because of bigger size of company
Pregunta 6
Pregunta
In a specialized labor situation, which of the following is NOT true for workers?
Respuesta
-
They tend to have a simple but repetitive task.
-
The extensive practice has made them efficient and productive.
-
They switch between tasks daily.
Pregunta 7
Pregunta
A country has an absolute advantage over its trading partners if it is able to produce more of a good or service with the same amount of resources
Respuesta
- True
- False
Pregunta 8
Pregunta
An example of a tradeoff ( an exchange—giving up one thing to get something else) is a free lunch.
Respuesta
- True
- False
Pregunta 9
Pregunta
The law of diminishing marginal utility states that an individual gets more reward/satisfaction as they consume more and more units of a specific commodity.
Respuesta
- True
- False
Pregunta 10
Pregunta
Total expenditure is the same as total profit made by a business, regarding a specific market situation.
Respuesta
- True
- False
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