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AP Microeconomics Review

Daniela Velez7069 10 preguntas

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Preguntas del test (10)

  1. 1What is an example of an internal diseconomies of scale?
    1. AInefficient communication
    2. BBetter road and transport links
    3. CTraffic congestions
    4. DLack of skilled labor
  2. 2Variable costs are business costs that vary directly with [blank_start]output[blank_end]
    1. Aoutput
  3. 3What does a LRAC curve include?
    1. ASRAC curves
    2. BDiseconomies of scale
    3. CDecreasing returns to scale
    4. DDifferent plants of production
  4. 4The finance monetary costs, or accountable costs are
    1. AAccounting profit
    2. BConsumer surplus
    3. CVariable costs
    4. DExplicit costs
  5. 5What type of demand is the following: when goods or services have more than one use so it increased the demand for one product and fall of supply in another.
    1. ALatent demand
    2. BEffective demand
    3. CComplementary demand
    4. DComposite/ Joint demand
  6. 6What are causes of shift in supply?
    1. AClimatic conditions
    2. BIncrease in price of substitute goods
    3. CRise in real income
    4. DExpectations of future price change
  7. 7If two goods are in complementary demand and Good A decreases its price, what will happen to the demand of Good B?
    1. AHave an expansion
    2. BHave a contraction
    3. CRightward shift in demand
    4. DLeftward shift in demand
  8. 8In price elasticity of demand, what is an elastic demand?
    1. AWhen the price elasticity of demand equals 0
    2. BWhen the percentage change in demand is greater than the percentage change in price
    3. CWhen the price elasticity of demand is from 0 to 1
    4. DNone of the above
  9. 9In price elasticity of supply, when the supply is perfectly [blank_start]inelastic[blank_end], a change in price has no effect on the quantity supplied onto the market.
    1. Ainelastic
  10. 10Income elasticity of demand measures the relationship between the change in quantity demanded and a change in real income. Why do normal goods and normal luxuries have a positive elasticity?
    1. ADemand falls as income rises and vice versa
    2. BAs consumer incomes rise, more is demanded at each price level so demand rises less proportionately to a change in income
    3. CAs consumer incomes rise, more is demanded at each price level so demand rises more proportionately to a change in income
    4. DNone of the above

Información

Descripción
This quiz is a review for the semester exam of AP Microeconomics.
Idioma
English
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