4176343
Description
Quiz by 2016: Daniel Mor, updated more than 1 year ago
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Created by 2016: Daniel Mor
over 8 years ago
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Question 1
Question
If the price for Good A is 4$ and 9000 units are demanded, if PED is -1.5, and price changes to 6$, what is the change in quantity demanded?
Answer
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6750
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2250
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6650
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-2250
Question 2
Question
If the income elasticity of demand for a product is -1.2 a firm that produces that product would benefit from a decrease in:
Answer
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The size of the middle class.
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The size of the lower class.
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The size of government staff.
Question 3
Question
If a firm wants to maximise revenue they should produce to the point in which:
Answer
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Marginal Costs=Average Total Costs
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Marginal Revenue=0
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Marginal Utility = 0
Question 4
Question
In a market with perfect competition:
Answer
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Demand for firms is downward sloping.
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Demand for the industry is downward sloping.
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Demand for the firm is perpendicular to quantity demanded.
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Demand for the firm equals total revenue.
Question 5
Question
In a market economy, the price mechanism:
Answer
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Helps buyers come in contact with sellers and products.
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Helps buyers communicate with sellers.
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Helps sellers adjust to inflation.
Question 6
Question
PED's are useful for firms because:
Answer
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They help firms make decisions about employment of factors.
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They inform firms about revenue.
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They are irrelevant to firms.
Question 7
Question
PED's are least relevant to firms in which of the following market structures:
Answer
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Monopoly
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Perfect Competition
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Oligopolies
Question 8
Question
If a teacher leaves a teaching post with a $50,000 anual salary and opens a doughnut shop for $5,000 that will make $145,000 a year the teacher has made:
Answer
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$140,000 Economic Profit
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$95,000 Normal Profit
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$90,000 Economic Profit
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An economic profit greater than accounting profit.
Question 9
Question
A firm will leave its industry and change it for another when:
Answer
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It can't cover its ATC.
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It can't afford it MC.
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It's profit does not surpass it's implicit costs.
Question 10
Question
A company with a lot of latent demand might be:
Answer
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Pepsi
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Apple
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Lamborghini
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Twinnings
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