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Quiz

Micro Daniel Moreno

2016: Daniel Mor 10 questions

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Questions in this quiz (10)

  1. 1If the price for Good A is 4$ and 9000 units are demanded, if PED is -1.5, and price changes to 6$, what is the change in quantity demanded?
    1. A6750
    2. B2250
    3. C6650
    4. D-2250
  2. 2If the income elasticity of demand for a product is -1.2 a firm that produces that product would benefit from a decrease in:
    1. AThe size of the middle class.
    2. BThe size of the lower class.
    3. CThe size of government staff.
  3. 3If a firm wants to maximise revenue they should produce to the point in which:
    1. AMarginal Costs=Average Total Costs
    2. BMarginal Revenue=0
    3. CMarginal Utility = 0
  4. 4In a market with perfect competition:
    1. ADemand for firms is downward sloping.
    2. BDemand for the industry is downward sloping.
    3. CDemand for the firm is perpendicular to quantity demanded.
    4. DDemand for the firm equals total revenue.
  5. 5In a market economy, the price mechanism:
    1. AHelps buyers come in contact with sellers and products.
    2. BHelps buyers communicate with sellers.
    3. CHelps sellers adjust to inflation.
  6. 6PED's are useful for firms because:
    1. AThey help firms make decisions about employment of factors.
    2. BThey inform firms about revenue.
    3. CThey are irrelevant to firms.
  7. 7PED's are least relevant to firms in which of the following market structures:
    1. AMonopoly
    2. BPerfect Competition
    3. COligopolies
  8. 8If a teacher leaves a teaching post with a $50,000 anual salary and opens a doughnut shop for $5,000 that will make $145,000 a year the teacher has made:
    1. A$140,000 Economic Profit
    2. B$95,000 Normal Profit
    3. C$90,000 Economic Profit
    4. DAn economic profit greater than accounting profit.
  9. 9A firm will leave its industry and change it for another when:
    1. AIt can't cover its ATC.
    2. BIt can't afford it MC.
    3. CIt's profit does not surpass it's implicit costs.
  10. 10A company with a lot of latent demand might be:
    1. APepsi
    2. BApple
    3. CLamborghini
    4. DTwinnings

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Short review quiz for micro
Language
English
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