4174606
Description
Quiz by locastellanos, updated more than 1 year ago
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Created by locastellanos
about 9 years ago
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Question 1
Question
The Law of Diminishing Marginal Returns is not true under these circumstances:
Answer
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Constant marginal utility of money, application to money and rare collection.
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Constant marginal utility of money, diminishing marginal utility and rationality
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Application to money, rare collection and intoxicants
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Constant marginal utility of money, intoxicants and rationality
Question 2
Question
Which of these costs are variable?
Answer
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Electricity, salaries, oil, commissions
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Salaries, transportation, commissions, insurance
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Machinery, wages, insurance, maintenance
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Transportation, wages, commissions, oil
Question 3
Question
Order these terms from more competitive to less competitive:
Answer
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Perfect Competition—Oligopoly—Monopolistic Competition—Duopoly—Monopoly—Pure Monopoly
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Perfect Competition—Monopolistic Competition—Oligopoly—Duopoly—Monopoly—Pure Monopoly
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Perfect Competition—Monopolistic Competition— Duopoly —Oligopoly—Monopoly—Pure Monopoly
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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
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Economies of scale
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Diseconomies of scale
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Diminishing returns to scale
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Increasing returns to scale
Question 5
Question
Which of these does not shift demand?
Answer
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Number of buyers
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Market expectations
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resource cost
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Income of buyers
Question 6
Question
At what point is a kilo of cheese more elastic?
Answer
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$0
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$1
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$2
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$5
Question 7
Question
Which of these is upward sloping in Xed?
Answer
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Substitutes
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Complements
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Normal goods
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Inferior goods
Question 8
Question
Which of these is not a possible gain of specialization?
Answer
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Bigger global market
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More variety of products
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Prices increase
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Higher total output
Question 9
Question
How is productivity typically measured?
Answer
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Total amount of money the firm makes
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How many utils does the product give the consumer
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Input of land and capital
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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
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From 10 to 30
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From 1/3 to 1
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From 1 to 3
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From 3 to 30
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