4169491
Pregunta 1
Pregunta
Profit is the main motive in free-market economies.
Respuesta
- True
- False
Pregunta 2
Pregunta
The idea that since sonsumers act towars self-interest, it results in an allocation of resources in the economy is known as
Respuesta
-
Invisible hand
-
Market mechanism
-
Functions of price
Pregunta 3
Pregunta
One of the greatest advantages of a command economy is that there are monopolies under close government supervision.
Respuesta
- True
- False
Pregunta 4
Pregunta
What is the equation to calculate productivity?
Respuesta
-
production/labor and time
-
labor and time/production
Pregunta 5
Pregunta
The maximum possible output that can be achieved given a fixed set of resources is also known as
Respuesta
-
opportunity cost
-
efficient production
-
production possibilities frontier
Pregunta 6
Pregunta
Which factor shapes the PPF?
Respuesta
-
introduction of new resources
-
comparative advantage
-
demand for a certain product
Pregunta 7
Pregunta
"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
Respuesta
- True
- False
Pregunta 8
Pregunta
"Colombian coffee has been described as one of the best in the world."
This is an example of a value judgement.
Respuesta
- True
- False
Pregunta 9
Pregunta
What does the equi-marginal principle show you?
Respuesta
-
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.
Pregunta 10
Pregunta
Which of the following economies of scale are not internal?
Respuesta
-
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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