Quiz
Microeconomics Quiz
Perguntas do quiz (10)
1The substitutes available for a certain product help determine its Price Elasticity of Demand
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2The equation for calculating price elasticity of demand is: (%change of quatity demanded)/(%change in income)
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3Horizontal Integration: This is when one firm merges with or takes over another firm in the same industry at the same stage of production
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4The equation for calculating average cost is: total cost/cost per unit
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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
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8An example of a tradeoff ( an exchange—giving up one thing to get something else) is a free lunch.
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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.
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10Total expenditure is the same as total profit made by a business, regarding a specific market situation.
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Informações
- Descrição
- A short quiz on micro.
- Autor
- 2016: Tomas Urru
- Idioma
- English
- Visualizações
- 35
- Etiquetas
- Avaliação
- Ainda sem avaliações Avalie este quiz