Quiz
Microeconomics - Ethiopian University Exit Exam (EUEE) Practice Exam
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Fragen in diesem Quiz (25)
1Demand Which of the following is NOT a factor of production?
- ALand
- BLabor
- CCapital
- DDemand
2The price elasticity of demand measures:
- AThe responsiveness of demand to changes in income
- BThe responsiveness of demand to changes in price
- CThe responsiveness of supply to changes in price
- DThe responsiveness of supply to changes in income
3When a firm operates at its minimum efficient scale, it:
- AProduces the maximum possible output with the least amount of inputs
- BProduces the minimum possible output with the least amount of inputs
- CProduces the maximum possible output with the most amount of inputs
- DProduces the minimum possible output with the most amount of inputs
4The demand curve is downward sloping because:
- AAs price increases, quantity demanded increases
- BAs price increases, quantity demanded decreases
- CAs quantity demanded increases, price increases
- DAs quantity demanded decreases, price increases
5When a market is in equilibrium:
- AThere is excess demand
- BThere is excess supply
- CQuantity demanded equals quantity supplied
- DThe price is below the equilibrium price
6A decrease in supply and an increase in demand will lead to:
- AAn increase in equilibrium price and an indeterminate change in equilibrium quantity
- BA decrease in equilibrium price and an indeterminate change in equilibrium quantity
- CAn increase in equilibrium quantity and an indeterminate change in equilibrium price
- DA decrease in equilibrium quantity and an indeterminate change in equilibrium price
7A perfectly competitive market is characterized by:
- AA large number of buyers and sellers
- BFirms producing differentiated products
- CThe ability of firms to influence the market price
- DHigh barriers to entry
8When a firm earns positive economic profit:
- AIt is earning more than its accounting profit
- BIt is earning a rate of return equal to its opportunity cost of capital
- CIt is earning a rate of return greater than its opportunity cost of capital
- DIt is earning a rate of return less than its opportunity cost of capital
9The long-run average cost curve is:
- AThe sum of the firm's fixed and variable costs
- BThe firm's total cost divided by its output
- CThe firm's variable cost divided by its output
- DThe firm's total cost divided by its fixed cost
10A price ceiling is:
- AA legal minimum price that can be charged for a good or service
- BA legal maximum price that can be charged for a good or service
- CThe price at which quantity demanded equals quantity supplied
- DThe price at which all firms earn zero economic profit
11Which of the following is a characteristic of public good?
- ANon-excludability
- BNon-rivalry
- CExcludability
- DRivalry
12The law of diminishing marginal utility states that:
- AAs a consumer consumes more of a good, the additional satisfaction from each additional unit of the good decreases
- BAs a consumer consumes more of a good, the price of the good decreases
- CAs a producer produces more of a good, the additional cost of producing each additional unit of the good increases
- DAs a producer produces more of a good, the price of the good decreases
13The income elasticity of demand measures:
- AThe responsiveness of demand to changes in price
- BThe responsiveness of demand to changes in income
- CThe responsiveness of supply to changes in price
- DThe responsiveness of supply to changes in income
14An increase in the price of a complementary good will lead to:
- AAn increase in the demand for the good
- BA decrease in the demand for the good
- CAn increase in the supply of the good
- DA decrease in the supply of the good
15When a firm engages in price discrimination, it:
- ACharges different prices to different customers for the same good or service
- BCharges the same price to all customers for the same good or service
- CCharges different prices to different customers for different goods or services
- DCharges a price above the market equilibrium price
16The concept of consumer surplus refers to:
- AThe difference between the price a consumer is willing to pay for a good and the price the consumer actually pays for the good
- BThe difference between the total cost of producing a good and the price the firm receives for the good
- CThe difference between the price the firm receives for a good and the minimum price it is willing to accept for the good
- DThe difference between the quantity of a good that consumers are willing to buy and the quantity they actually buy.
17When a market is in disequilibrium:
- AThere is excess demand
- BThere is excess supply
- CQuantity demanded equals quantity supplied
- DPrice is below equilibrium price
18A monopoly is characterized by:
- AA large number of buyers and sellers
- BFirms producing differentiated products
- CThe ability of firms to influence market price
- DHigh barriers to entry
19When a firm earns negative economic profit:
- AIt is earning more than its accounting profit
- BIt is earning a rate of return equal to its opportunity cost of capital
- CIt is earning a rate of return greater than its opportunity cost of capital
- DIt is earning a rate of return less than its opportunity cost of capital
20The short-run marginal cost curve is:
- AThe sum of the firm's fixed and variable costs
- BThe firm's total cost divided by its output
- CThe firm's variable cost divided by its output
- DThe additional cost of producing one additional unit of output
21A price floor is:
- AA legal minimum price that can be charged for a good or service
- BA price above the equilibrium price
- CA legal maximum price that can be charged for a good or service
- DA government subsidy given to firms producing a good or service
22The long-run average cost curve is U-shaped because of:
- ADiseconomies of scale
- BEconomies of scope
- CDecreasing marginal returns
- DIncreasing marginal returns
23A perfectly competitive market is characterized by:
- AA large number of buyers and sellers
- BHomogeneous products
- CPerfect information
- DAll of the above
24A natural monopoly arises when:
- AThere are economies of scale over a large range of output
- BThere are diseconomies of scale over a large range of output
- CThere are no barriers to entry
- DThere are no substitutes for the product
25When a firm earns positive economic profit in the short run:
- AIt will continue to earn positive economic profit in the long run
- BIt will exit the market in the long run
- CNew firms will enter the market in the long run, driving down economic profit
- DThe market will become more competitive, driving up economic profit for all firms
Informationen
- Beschreibung
- Microeconomics - Ethiopian University Exit Exam (EUEE) Practice Exam
- Autor
- Endashaw Yohannes
- Sprache
- English
- Aufrufe
- 260
- Schlagwörter
- Bewertung
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