Micro Quiz

Description

Ana Maria Samper
ansamper
Quiz by ansamper, updated more than 1 year ago
ansamper
Created by ansamper almost 9 years ago
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Resource summary

Question 1

Question
Profit is the main motive in free-market economies.
Answer
  • True
  • False

Question 2

Question
The idea that since sonsumers act towars self-interest, it results in an allocation of resources in the economy is known as
Answer
  • Invisible hand
  • Market mechanism
  • Functions of price

Question 3

Question
One of the greatest advantages of a command economy is that there are monopolies under close government supervision.
Answer
  • True
  • False

Question 4

Question
What is the equation to calculate productivity?
Answer
  • production/labor and time
  • labor and time/production

Question 5

Question
The maximum possible output that can be achieved given a fixed set of resources is also known as
Answer
  • opportunity cost
  • efficient production
  • production possibilities frontier

Question 6

Question
Which factor shapes the PPF?
Answer
  • introduction of new resources
  • comparative advantage
  • demand for a certain product

Question 7

Question
"The government only supplies goods and services to those who bribe it. Its corruption has destroyed our economy." This is an example of a normative statement
Answer
  • True
  • False

Question 8

Question
"Colombian coffee has been described as one of the best in the world." This is an example of a value judgement.
Answer
  • True
  • False

Question 9

Question
What does the equi-marginal principle show you?
Answer
  • How to maximize your utility when you have more than one good
  • How to measure the amount of satisfaction gained from a certain good or service.
  • How an increase in production results in a decrease of the average costs.

Question 10

Question
Which of the following economies of scale are not internal?
Answer
  • Financial Economies of Scale
  • Risc Bearing Economies of Scale
  • Marketing Economies of Scale
  • Technical/Production Economies of Scale
  • Vertical Integration Economies of Scale
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