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5 Written questions

5 Matching questions

  1. Which of the following is necessary for an economy to self-adjust fairly quickly, according to classical economists?
  2. TRUE/FALSE: According to the profit-maximization rule, a firm should produce at the rate of output where marginal revenue equals marginal cost.
  3. The number and relative size of firms in an industry is the definition of:
  4. Which of the following is likely to cause an outward shift of the production possibilities curve?
  5. If demand is unitary elastic, then a price cut:
  1. a Market structure.
  2. b Flexible wages and prices
  3. c True
  4. d Investment in telecommunications networks.
  5. e Does not change total revenue.

5 Multiple choice questions

  1. Leftward shift of the curve
  2. Minimum average total cost; zero
  3. The source of the free-rider dilemma.
  4. The quantity demanded equals the quantity supplied.
  5. Government intervention should be used to correct business cycles.

5 True/False questions

  1. According to the law of diminishing marginal utility:Marginal utility of a good declines as more of it is consumed in a given time period

          

  2. A market shortage is:Caused by a price ceiling.

          

  3. People find it difficult to get along without necessities, therefore demand for necessities:Maximizes total profit.

          

  4. Which of the following is a constraint that motivates economic interactions?Many firms produce identical or similar products.

          

  5. TRUE/FALSE: When there are economies of scale, a firm can simply increase capital and unit costs will decline.True