Microeconomics

2016: Felipe Sil
Quiz by 2016: Felipe Sil, updated more than 1 year ago
2016: Felipe Sil
Created by 2016: Felipe Sil over 5 years ago
3
0

Description

A test on elasticity

Resource summary

Question 1

Question
What is an example of a homogenous product?
Answer
  • Water
  • Cellphones
  • Shoes
  • Computers

Question 2

Question
An increase in income would shift the demand curve
Answer
  • To the right
  • to the left
  • wouldnt shift it

Question 3

Question
If the total fixed cost is 40000, what would be the average fixed cost for 160 products
Answer
  • 800
  • 250
  • 640000
  • 25

Question 4

Question
Poor communication, Lack of motivation, lack of direction are examples of:
Answer
  • External D.O.S
  • External E.O.S
  • Internal D.O.S
  • Internal E.O.S

Question 5

Question
What is an example of an inelastic good
Answer
  • Cellphones
  • Shoes
  • Cigarettes
  • Airplane tickets

Question 6

Question
Which curve shows all SRATC curves together
Answer
  • SRAS
  • LRATC
  • AD
  • AS

Question 7

Question
At perfect competition how many firms are assumed to exist
Answer
  • None
  • 1
  • 100
  • Infinite

Question 8

Question
To measure elasticity demand, one has to divide change in quantity demanded by...
Answer
  • change in supply
  • change in income
  • change in price level
  • quantity

Question 9

Question
What is the economic term for the profit that could have been made?
Answer
  • Explicit costs
  • implicit costs
  • Total revenue
  • accounting profit

Question 10

Question
There are no barriers of entry and exit in a...
Answer
  • Monopoly
  • Duopoly
  • Multiple firm market
  • Perect competition market
Show full summary Hide full summary

Similar

Dictionary Macrostructure
Ash A
Economics - unit 1
Amardeep Kumar
Using GoConqr to study Economics
Sarah Egan
Economics
Emily Fenton
AN ECONOMIC OVERVIEW OF IRELAND AND THE WORLD 2015/16
John O'Driscoll
General Notes for Imperfect Competition
Ashley Hay
Using GoConqr to teach Economics
Sarah Egan
Functions of Money
hannahcollins030
Comparative advantage
jamesofili
GCSE - Introduction to Economics
James Dodd
PMP Formulas
Krunk!