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Microeconomics Quiz 1
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Questions in this quiz (10)
1What is Privatisation?
- AGovernment selling industries from public into private.
- BGovernment buys businesses.
- CAction used for higher profits.
2Colombia has the longest ongoing civil war of the globe. What type of statement is this?
- ANegative
- BNormative
- CPositive
3What is
- ANormal Profit earned by a industry.
- BTotal revenue minus explicit costs.
- Crevenue minus implicit and explicit costs.
4What are implicit costs?
- AMonetary costs.
- BOpportunity costs forgone.
- CThe cost of exiting an industry.
5What does the law of demand state?
- AThe inverse relationship between price and quantity demanded.
- BDemand is how much people want of a certain good.
- CThe opposite of supply.
6What are subsidies?
- AMoney given to a company by the government as a gift.
- BMoney with a low interest rate.
- CMoney granted by the government to help an industry so that the price of a good to remain low or competitive.
7What is equilibrium in economics?
- ABalance
- BMarket cleaning point where there are no excesses or shortages.
- CThe place in the middle.
8What does it mean when the answer for an XED question is negative?
- AGoods are complementary
- BGoods are supplementary
- CGoods are Inelastic.
9What does YED stand for?
- AElasticity
- BIncome Elasticity of demand
- CQuantity of Elasticity Demanded
10Which is not a reason for why PES is elastic in SR
- AStock
- BTime
- CDependency
Information
- Description
- First Quiz for microeconomics
- Author
- bszapiro
- Language
- English
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- 71
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