Quiz
Microeconomics Quiz
Questions in this quiz (10)
1The substitutes available for a certain product help determine its Price Elasticity of Demand
- ATrue
- BFalse
2The equation for calculating price elasticity of demand is: (%change of quatity demanded)/(%change in income)
- ATrue
- BFalse
3Horizontal Integration: This is when one firm merges with or takes over another firm in the same industry at the same stage of production
- ATrue
- BFalse
4The equation for calculating average cost is: total cost/cost per unit
- ATrue
- BFalse
5Which of the following are examples of external economies of scale?
- AAs businesses grow within an area, specialist skills begin to develop.
- BBetter road and transport links develops as the area improve (e.g. London Docklands)
- CLow morale because of bigger size of company
6In a specialized labor situation, which of the following is NOT true for workers?
- AThey tend to have a simple but repetitive task.
- BThe extensive practice has made them efficient and productive.
- CThey switch between tasks daily.
7A country has an absolute advantage over its trading partners if it is able to produce more of a good or service with the same amount of resources
- ATrue
- BFalse
8An example of a tradeoff ( an exchange—giving up one thing to get something else) is a free lunch.
- ATrue
- BFalse
9The law of diminishing marginal utility states that an individual gets more reward/satisfaction as they consume more and more units of a specific commodity.
- ATrue
- BFalse
10Total expenditure is the same as total profit made by a business, regarding a specific market situation.
- ATrue
- BFalse
Information
- Description
- A short quiz on micro.
- Author
- 2016: Tomas Urru
- Language
- English
- Views
- 35
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