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Questions in this quiz (10)
1Profit is the main motive in free-market economies.
- ATrue
- BFalse
2The idea that since sonsumers act towars self-interest, it results in an allocation of resources in the economy is known as
- AInvisible hand
- BMarket mechanism
- CFunctions of price
3One of the greatest advantages of a command economy is that there are monopolies under close government supervision.
- ATrue
- BFalse
4What is the equation to calculate productivity?
- Aproduction/labor and time
- Blabor and time/production
5The maximum possible output that can be achieved given a fixed set of resources is also known as
- Aopportunity cost
- Befficient production
- Cproduction possibilities frontier
6Which factor shapes the PPF?
- Aintroduction of new resources
- Bcomparative advantage
- Cdemand for a certain product
7"The government only supplies goods and services to those who bribe it. Its corruption has destroyed our economy."
This is an example of a normative statement- ATrue
- BFalse
8"Colombian coffee has been described as one of the best in the world."
This is an example of a value judgement.- ATrue
- BFalse
9What does the equi-marginal principle show you?
- AHow to maximize your utility when you have more than one good
- BHow to measure the amount of satisfaction gained from a certain good or service.
- CHow an increase in production results in a decrease of the average costs.
10Which of the following economies of scale are not internal?
- AFinancial Economies of Scale
- BRisc Bearing Economies of Scale
- CMarketing Economies of Scale
- DTechnical/Production Economies of Scale
- EVertical Integration Economies of Scale
Information
- Description
- Ana Maria Samper
- Author
- ansamper
- Language
- English
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