AP Microeconomics Review

Descrição

This quiz is a review for the semester exam of AP Microeconomics.
Daniela Velez7069
Quiz por Daniela Velez7069, atualizado more than 1 year ago
Daniela Velez7069
Criado por Daniela Velez7069 mais de 8 anos atrás
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Resumo de Recurso

Questão 1

Questão
What is an example of an internal diseconomies of scale?
Responda
  • Inefficient communication
  • Better road and transport links
  • Traffic congestions
  • Lack of skilled labor

Questão 2

Questão
Variable costs are business costs that vary directly with [blank_start]output[blank_end]
Responda
  • output

Questão 3

Questão
What does a LRAC curve include?
Responda
  • SRAC curves
  • Diseconomies of scale
  • Decreasing returns to scale
  • Different plants of production

Questão 4

Questão
The finance monetary costs, or accountable costs are
Responda
  • Accounting profit
  • Consumer surplus
  • Variable costs
  • Explicit costs

Questão 5

Questão
What 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.
Responda
  • Latent demand
  • Effective demand
  • Complementary demand
  • Composite/ Joint demand

Questão 6

Questão
What are causes of shift in supply?
Responda
  • Climatic conditions
  • Increase in price of substitute goods
  • Rise in real income
  • Expectations of future price change

Questão 7

Questão
If two goods are in complementary demand and Good A decreases its price, what will happen to the demand of Good B?
Responda
  • Have an expansion
  • Have a contraction
  • Rightward shift in demand
  • Leftward shift in demand

Questão 8

Questão
In price elasticity of demand, what is an elastic demand?
Responda
  • When the price elasticity of demand equals 0
  • When the percentage change in demand is greater than the percentage change in price
  • When the price elasticity of demand is from 0 to 1
  • None of the above

Questão 9

Questão
In 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.
Responda
  • inelastic

Questão 10

Questão
Income 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?
Responda
  • Demand falls as income rises and vice versa
  • As consumer incomes rise, more is demanded at each price level so demand rises less proportionately to a change in income
  • As consumer incomes rise, more is demanded at each price level so demand rises more proportionately to a change in income
  • None of the above

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