Micro Semester Exam Questions

2016: Maria Jose
Quiz by 2016: Maria Jose, updated more than 1 year ago
2016: Maria Jose
Created by 2016: Maria Jose almost 6 years ago
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Micro P3

Resource summary

Question 1

Question
which of these is an example of an external E.O.S.?
Answer
  • lack of communication within the companie
  • buying in bulk to reduce costs
  • area where the companie is located

Question 2

Question
In a diseconomy of scale the average cost may not always fall as the scale for production is increased
Answer
  • True
  • False

Question 3

Question
which of the following are fixed costs
Answer
  • rent
  • supplies
  • salaries
  • wages
  • utilities
  • insurance

Question 4

Question
In an economy of scale the average cost of a product decreases as production
Answer
  • rises
  • falls

Question 5

Question
Utility is the satisfaction a consumer gets by [blank_start]purchasing[blank_end] a product
Answer
  • purchasing
  • consuming
  • using

Question 6

Question
The LRAC is made of the tangency points of several SRAFC
Answer
  • True
  • False

Question 7

Question
In the long run all inputs are [blank_start]variable[blank_end]
Answer
  • variable

Question 8

Question
Which of the following are a type of demand
Answer
  • effective
  • integral
  • external
  • latent
  • income
  • composite
  • substitute
  • derived
  • equilibrium
  • complementary

Question 9

Question
The substitution effect says that if the prices go up then you should keep purchasing those goods
Answer
  • True
  • False

Question 10

Question
if the price of substitute goods rise then the demand curve
Answer
  • shifts to the right
  • shifts to the left
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