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5 Written questions

5 Matching questions

  1. Proprietorships:
  2. According to the law of diminishing marginal utility:
  3. TRUE/FALSE: According to the profit-maximization rule, a firm should produce at the rate of output where marginal revenue equals marginal cost.
  4. If the price of battery-powered flashlights falls and the demand for flashlight batteries rises, then flashlights and batteries are:
  5. It is impossible to:
  1. a Complements.
  2. b True
  3. c Avoid fixed costs in the short run.
  4. d Marginal utility of a good declines as more of it is consumed in a given time period
  5. e Are owned by one individual.

5 Multiple choice questions

  1. Short run.
  2. MPC = 1 - MPS
  3. Progressive.
  4. The after-tax income of consumers
  5. The interest rate effect

5 True/False questions

  1. Suppose during a year an economy produces $10 trillion of consumer goods, $4 trillion of investment goods, $6 trillion in government services, and has $4 trillion of exports and $5 trillion of imports. GDP would be:$19 trillion.


  2. Which of the following statements is true, assuming the same cost and demand conditions?A monopoly produces less output than a competitive firm


  3. The equilibrium price for a perfectly competitive firm always occurs:At the intersection of market supply and market demand.


  4. In a graph of the aggregate demand curve, a decrease in investment by businesses is represented by a:Leftward shift of the curve


  5. Which of the following is an example of labor as a factor of production?The skills and abilities of workers.


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