Test
Microeconomics Quiz
Preguntas del test (10)
1The substitutes available for a certain product help determine its Price Elasticity of Demand
- AVerdadero
- BFalso
2The equation for calculating price elasticity of demand is: (%change of quatity demanded)/(%change in income)
- AVerdadero
- BFalso
3Horizontal Integration: This is when one firm merges with or takes over another firm in the same industry at the same stage of production
- AVerdadero
- BFalso
4The equation for calculating average cost is: total cost/cost per unit
- AVerdadero
- BFalso
5Which of the following are examples of external economies of scale?
- AAs businesses grow within an area, specialist skills begin to develop.
- BBetter road and transport links develops as the area improve (e.g. London Docklands)
- CLow morale because of bigger size of company
6In a specialized labor situation, which of the following is NOT true for workers?
- AThey tend to have a simple but repetitive task.
- BThe extensive practice has made them efficient and productive.
- CThey switch between tasks daily.
7A country has an absolute advantage over its trading partners if it is able to produce more of a good or service with the same amount of resources
- AVerdadero
- BFalso
8An example of a tradeoff ( an exchange—giving up one thing to get something else) is a free lunch.
- AVerdadero
- BFalso
9The law of diminishing marginal utility states that an individual gets more reward/satisfaction as they consume more and more units of a specific commodity.
- AVerdadero
- BFalso
10Total expenditure is the same as total profit made by a business, regarding a specific market situation.
- AVerdadero
- BFalso
Información
- Descripción
- A short quiz on micro.
- Autor
- 2016: Tomas Urru
- Idioma
- English
- Visitas
- 35
- Etiquetas
- Valoración
- Aún sin valoraciones Valora este test