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Economics Unit @
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Questions in this quiz (10)
1How does the demand curves look like in perfect competition?
- APerfectly Elastic
- BPerfectly Inelastic
- CDownward sloping
- DU-shape
2What factors can influence the Average Cost curve to be U-shape
- AMarginal revenue
- BVariable Coasts
- CMarginal Cost
- DDemand
3What is Firms profit maximizing points on a curve
- AMR=AVC
- BMC=AR
- CAR=ATC
- DMC=MR
4Law of diminishing marginal utility suggest that.....
- AAs each additional unit consumed utility remain the same
- BUtility falls when additional unit are consumed
- CUtility fall and then rise when additional unit are consumed
- DMarginal Utility never=0
5Monopsony is a firm that has......
- AThe most market share
- BPrice taker
- CA firm that has buying power
- Da same feature as Monoploy
6What does curve W2 show??
- AA wage equilibrium
- BAbnormal Profits
- CMinimum Wage
- DWage per labour
- EMaximum Wage
- FProfit Maximising
7In a short run can firm makes abnormal profits in a perfect competition?
- AYes
- BNo
- CUncertain
- DAll above are true
- ENone is correct
8What are trade Union jobs
- ATrade goods and services
- BCampaign against protectionism
- CTo make sure worker get better pay
- DLoss Minimising
9A utility is
- AA happiness indicator
- BSatisfaction gain from consuming
- CA golf club
- DProducer satisfaction from producing a product
- EAll are correct
10How is MRP calculated
- AMPPxATC
- B(PxATC)/2
- CMPPxP
- DMPPxMC
- EMR/(MCx2)
Information
- Description
- Quiz on Economics Unit @, created by kong7997 on 16/10/2014.
- Author
- kong7997
- Language
- English
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- 21
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