Quiz
Economics Unit 3 - Edexcel
Create a free account to finish this quiz
Save your progress and see your final score.
Already have an account? Sign in
Questions in this quiz (21)
1A merger between 2 firms, within the same industry, operating at the same stage of production.
What type of merger is this?- AVertical
- BHorizontal
- CConglomerate
- DForward Vertical
- EBackward Vertical
2A merger between 2 firms in entirely unrelated industries.
What type of merger is this?- AVertical
- BHorizontal
- CConglomerate
- DForward Vertical
- EBackward Vertical
3A merger between 2 firms, within the same industry, operating at different stages of production.
What type of merger is this?- AVertical
- BHorizontal
- CConglomerate
- DForward Vertical
- EBackward Vertical
4Why do firms remain small?
- AGain expertise
- BBarriers to Entry/Exit
- CNiche-Market Businesses
- DLack of resources
- ELack of motivation
- FBenefit from greater profits
- GIncrease sales
5Why do firms grow?
- AIncrease market share
- BBarriers to Entry/Exit
- CGain power
- DBenefit from greater profits
- EAvoid attention from potential buyers
- FLack of resources
6Productive efficiency occurs...
- Aat the lowest point of the average cost curve
- Bwhen the cost of production and the demands of consumers are taken into account to maximise welfare
7How can productive efficiency be shown on a diagram?
- AP=MC
- BMC=AC
8Allocative efficiency occurs...
- Aat the lowest point of the average cost curve
- Bwhen the cost of production and the demands of consumers are taken into account to maximise welfare
9How can allocative efficiency be shown on a diagram?
- AP=MC
- BMC=AC
10Profit maximisation occurs where...
- AAC=AR
- BMC=MR
- CMR=0
- DAR=MR
11Revenue maximisation occurs where...
- AAC=AR
- BMC=MR
- CMR=AR
- DMR=0
12Sales maximisation occurs where...
- AMC=MR
- BMR=AR
- CAC=AR
- DMR=0
13Which one best describes Perfect Competition?
- AHigh Barriers to Entry/Exit
- BImperfect knowledge
- CFew large firms dominate
- DHomogenous products
14Which one best describes Monopolistic Competition?
- ALow concentration ratio
- BHomogenous products
- CPerfect knowledge
- DNo barriers to Entry/Exit
15Which one best describes Oligopoly?
- AMany small firms
- BPerfect knowledge
- CHigh barriers to Entry/Exit
- DUnique products
16Which one best describes Monopoly?
- ALow concentration ratio
- BPerfect Knowledge
- CUnique products
- DLow barriers to Entry/Exit
17How do you calculate Average Fixed Costs?
- AFixed Costs/Output
- BVariable Costs/Output
- CFixed Costs/Price
- DVariable Costs/Price
18How do you calculate Average Variable Costs?
- AVariable Costs/Output
- BVariable Costs/Price
- CFixed Costs/Output
- DFixed Costs/Price
19How do you calculate Marginal Costs?
- AChange in Total Costs/ Change in Quantity
- BChange in Quantity/ Change in Total Costs
- CChange in Fixed Costs/ Change in Quantity
- DChange in Variable Costs/ Change in Quantity
20How do you calculate Total Revenue?
- APrice x Quantity
- BTotal Costs x Quantity
- C(Price x Quantity)/ Quantity
- DTotal Revenue/ Quantity
21How do you calculate Average Revenue?
- A(Price x Quantity)/ Quantity
- BFixed Costs/ Quantity
- CPrice x Quantity
- DVariable Costs x Quantity
Information
- Description
- Quiz on Economics Unit 3 - Edexcel, created by anjalisingh02 on 12/02/2016.
- Author
- anjalisingh02
- Language
- English
- Views
- 48
- Tags
- Rating
- 5.0 out of 5 · 1 rating Rate this quiz