4169274
Description
Quiz by 2016: Tomas Urru, updated more than 1 year ago
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Created by 2016: Tomas Urru
over 8 years ago
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Question 1
Question
The substitutes available for a certain product help determine its Price Elasticity of Demand
Answer
- True
- False
Question 2
Question
The equation for calculating price elasticity of demand is: (%change of quatity demanded)/(%change in income)
Answer
- True
- False
Question 3
Question
Horizontal Integration: This is when one firm merges with or takes over another firm in the same industry at the same stage of production
Answer
- True
- False
Question 4
Question
The equation for calculating average cost is: total cost/cost per unit
Answer
- True
- False
Question 5
Question
Which of the following are examples of external economies of scale?
Answer
-
As businesses grow within an area, specialist skills begin to develop.
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Better road and transport links develops as the area improve (e.g. London Docklands)
-
Low morale because of bigger size of company
Question 6
Question
In a specialized labor situation, which of the following is NOT true for workers?
Answer
-
They tend to have a simple but repetitive task.
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The extensive practice has made them efficient and productive.
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They switch between tasks daily.
Question 7
Question
A 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
Answer
- True
- False
Question 8
Question
An example of a tradeoff ( an exchange—giving up one thing to get something else) is a free lunch.
Answer
- True
- False
Question 9
Question
The law of diminishing marginal utility states that an individual gets more reward/satisfaction as they consume more and more units of a specific commodity.
Answer
- True
- False
Question 10
Question
Total expenditure is the same as total profit made by a business, regarding a specific market situation.
Answer
- True
- False
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