4176321
Description
Quiz by 2016: Felipe Sil, updated more than 1 year ago
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Created by 2016: Felipe Sil
over 8 years ago
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Question 1
Question
What is an example of a homogenous product?
Answer
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Water
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Cellphones
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Shoes
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Computers
Question 2
Question
An increase in income would shift the demand curve
Answer
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To the right
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to the left
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wouldnt shift it
Question 3
Question
If the total fixed cost is 40000, what would be the average fixed cost for 160 products
Answer
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800
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250
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640000
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25
Question 4
Question
Poor communication, Lack of motivation, lack of direction are examples of:
Answer
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External D.O.S
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External E.O.S
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Internal D.O.S
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Internal E.O.S
Question 5
Question
What is an example of an inelastic good
Answer
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Cellphones
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Shoes
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Cigarettes
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Airplane tickets
Question 6
Question
Which curve shows all SRATC curves together
Answer
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SRAS
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LRATC
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AD
-
AS
Question 7
Question
At perfect competition how many firms are assumed to exist
Answer
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None
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1
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100
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Infinite
Question 8
Question
To measure elasticity demand, one has to divide change in quantity demanded by...
Answer
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change in supply
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change in income
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change in price level
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quantity
Question 9
Question
What is the economic term for the profit that could have been made?
Answer
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Explicit costs
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implicit costs
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Total revenue
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accounting profit
Question 10
Question
There are no barriers of entry and exit in a...
Answer
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Monopoly
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Duopoly
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Multiple firm market
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Perect competition market
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