4176507
Description
Quiz by Daniela Velez7069, updated more than 1 year ago
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Created by Daniela Velez7069
over 8 years ago
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Question 1
Question
What is an example of an internal diseconomies of scale?
Answer
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Inefficient communication
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Better road and transport links
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Traffic congestions
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Lack of skilled labor
Question 2
Question
Variable costs are business costs that vary directly with [blank_start]output[blank_end]
Answer
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output
Question 3
Question
What does a LRAC curve include?
Answer
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SRAC curves
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Diseconomies of scale
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Decreasing returns to scale
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Different plants of production
Question 4
Question
The finance monetary costs, or accountable costs are
Answer
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Accounting profit
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Consumer surplus
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Variable costs
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Explicit costs
Question 5
Question
What type of demand is the following: when goods or services have more than one use so it increased the demand for one product and fall of supply in another.
Answer
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Latent demand
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Effective demand
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Complementary demand
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Composite/ Joint demand
Question 6
Question
What are causes of shift in supply?
Answer
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Climatic conditions
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Increase in price of substitute goods
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Rise in real income
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Expectations of future price change
Question 7
Question
If two goods are in complementary demand and Good A decreases its price, what will happen to the demand of Good B?
Answer
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Have an expansion
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Have a contraction
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Rightward shift in demand
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Leftward shift in demand
Question 8
Question
In price elasticity of demand, what is an elastic demand?
Answer
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When the price elasticity of demand equals 0
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When the percentage change in demand is greater than the percentage change in price
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When the price elasticity of demand is from 0 to 1
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None of the above
Question 9
Question
In price elasticity of supply, when the supply is perfectly [blank_start]inelastic[blank_end], a change in price has no effect on the quantity supplied onto the market.
Answer
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inelastic
Question 10
Question
Income elasticity of demand measures the relationship between the change in quantity demanded and a change in real income. Why do normal goods and normal luxuries have a positive elasticity?
Answer
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Demand falls as income rises and vice versa
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As consumer incomes rise, more is demanded at each price level so demand rises less proportionately to a change in income
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As consumer incomes rise, more is demanded at each price level so demand rises more proportionately to a change in income
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None of the above
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