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First Quiz for microeconomics

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Microeconomics Quiz 1

Question 1 of 10

1

What is Privatisation?

Select one of the following:

  • Government selling industries from public into private.

  • Government buys businesses.

  • Action used for higher profits.

Explanation

Question 2 of 10

1

Colombia has the longest ongoing civil war of the globe. What type of statement is this?

Select one of the following:

  • Negative

  • Normative

  • Positive

Explanation

Question 3 of 10

1

What is

Select one of the following:

  • Normal Profit earned by a industry.

  • Total revenue minus explicit costs.

  • revenue minus implicit and explicit costs.

Explanation

Question 4 of 10

1

What are implicit costs?

Select one of the following:

  • Monetary costs.

  • Opportunity costs forgone.

  • The cost of exiting an industry.

Explanation

Question 5 of 10

1

What does the law of demand state?

Select one of the following:

  • The inverse relationship between price and quantity demanded.

  • Demand is how much people want of a certain good.

  • The opposite of supply.

Explanation

Question 6 of 10

1

What are subsidies?

Select one of the following:

  • Money given to a company by the government as a gift.

  • Money with a low interest rate.

  • Money granted by the government to help an industry so that the price of a good to remain low or competitive.

Explanation

Question 7 of 10

1

What is equilibrium in economics?

Select one of the following:

  • Balance

  • Market cleaning point where there are no excesses or shortages.

  • The place in the middle.

Explanation

Question 8 of 10

1

What does it mean when the answer for an XED question is negative?

Select one of the following:

  • Goods are complementary

  • Goods are supplementary

  • Goods are Inelastic.

Explanation

Question 9 of 10

1

What does YED stand for?

Select one of the following:

  • Elasticity

  • Income Elasticity of demand

  • Quantity of Elasticity Demanded

Explanation

Question 10 of 10

1

Which is not a reason for why PES is elastic in SR

Select one of the following:

  • Stock

  • Time

  • Dependency

Explanation

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