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4174606
Microeconomics 10 Multiple Choice Question Quiz
Description
Practice quiz
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microeconomics
comparative advantage
productivity
marginal utility
economies of scale
costing
product market
explicit and implicit costs
law of demand and supply
elasticity
Quiz by
locastellanos
, updated more than 1 year ago
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Created by
locastellanos
almost 9 years ago
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Resource summary
Question 1
Question
The Law of Diminishing Marginal Returns is not true under these circumstances:
Answer
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
Question 2
Question
Which of these costs are variable?
Answer
Electricity, salaries, oil, commissions
Salaries, transportation, commissions, insurance
Machinery, wages, insurance, maintenance
Transportation, wages, commissions, oil
Question 3
Question
Order these terms from more competitive to less competitive:
Answer
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
Question 4
Question
If long run input is 67% and output is 64% it is...
Answer
Economies of scale
Diseconomies of scale
Diminishing returns to scale
Increasing returns to scale
Question 5
Question
Which of these does not shift demand?
Answer
Number of buyers
Market expectations
resource cost
Income of buyers
Question 6
Question
At what point is a kilo of cheese more elastic?
Answer
$0
$1
$2
$5
Question 7
Question
Which of these is upward sloping in Xed?
Answer
Substitutes
Complements
Normal goods
Inferior goods
Question 8
Question
Which of these is not a possible gain of specialization?
Answer
Bigger global market
More variety of products
Prices increase
Higher total output
Question 9
Question
How is productivity typically measured?
Answer
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
Question 10
Question
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?
Answer
From 10 to 30
From 1/3 to 1
From 1 to 3
From 3 to 30
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