Microeconomics 10 Multiple Choice Question Quiz

Resumen del Recurso

Pregunta 1

Pregunta
The Law of Diminishing Marginal Returns is not true under these circumstances:
Respuesta
  • Constant marginal utility of money, application to money and rare collection.
  • Constant marginal utility of money, diminishing marginal utility and rationality
  • Application to money, rare collection and intoxicants
  • Constant marginal utility of money, intoxicants and rationality

Pregunta 2

Pregunta
Which of these costs are variable?
Respuesta
  • Electricity, salaries, oil, commissions
  • Salaries, transportation, commissions, insurance
  • Machinery, wages, insurance, maintenance
  • Transportation, wages, commissions, oil

Pregunta 3

Pregunta
Order these terms from more competitive to less competitive:
Respuesta
  • Perfect Competition—Oligopoly—Monopolistic Competition—Duopoly—Monopoly—Pure Monopoly
  • Perfect Competition—Monopolistic Competition—Oligopoly—Duopoly—Monopoly—Pure Monopoly
  • Perfect Competition—Monopolistic Competition— Duopoly —Oligopoly—Monopoly—Pure Monopoly
  • Perfect Competition—Oligopoly— Duopoly — Monopolistic Competition —Monopoly—Pure Monopoly

Pregunta 4

Pregunta
If long run input is 67% and output is 64% it is...
Respuesta
  • Economies of scale
  • Diseconomies of scale
  • Diminishing returns to scale
  • Increasing returns to scale

Pregunta 5

Pregunta
Which of these does not shift demand?
Respuesta
  • Number of buyers
  • Market expectations
  • resource cost
  • Income of buyers

Pregunta 6

Pregunta
At what point is a kilo of cheese more elastic?
Respuesta
  • $0
  • $1
  • $2
  • $5

Pregunta 7

Pregunta
Which of these is upward sloping in Xed?
Respuesta
  • Substitutes
  • Complements
  • Normal goods
  • Inferior goods

Pregunta 8

Pregunta
Which of these is not a possible gain of specialization?
Respuesta
  • Bigger global market
  • More variety of products
  • Prices increase
  • Higher total output

Pregunta 9

Pregunta
How is productivity typically measured?
Respuesta
  • Total amount of money the firm makes
  • How many utils does the product give the consumer
  • Input of land and capital
  • Output per hour worked

Pregunta 10

Pregunta
Ireland produces 30 units of beer and 10 units of coffee. Colombia produces 10 units of beer and 30 units of coffee. What are the terms of trade?
Respuesta
  • From 10 to 30
  • From 1/3 to 1
  • From 1 to 3
  • From 3 to 30
Mostrar resumen completo Ocultar resumen completo

Similar

Economics - unit 1
Amardeep Kumar
General Notes for Imperfect Competition
Ashley Hay
Monopoly
Ashley Hay
Microeconomics year 1
Nkolika Ezepue
Monopolistic Competition
Ashley Hay
General Notes for Factor Markets
Ashley Hay
Dictionary Macrostructure
Ash A
Perfect Competition
Ashley Hay
Dictionary Microstructure
Ash A
Key Definitions
Amy Blakeman
Econ December exams prep
ji57ch22