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5 Written questions

5 Matching questions

  1. If consumers save 21 cents out of every dollar received, the:
  2. Which of the following events would cause a rightward shift in the supply curve for automobiles?
  3. Which of the following is an example of labor as a factor of production?
  4. The planning period over which at least one resource input is fixed in quantity is the:
  5. In the long run, a company will stay in business as long as price is:
  1. a MPS is 0.21.
  2. b Short run.
  3. c An improvement in the technology used to produce automobiles.
  4. d Greater than or equal to average total costs.
  5. e The skills and abilities of workers.

5 Multiple choice questions

  1. False
  2. 0.5.
  3. Oligopoly but not perfect competition.
  4. Leftward shift of the curve
  5. Quantity demanded is very responsive to changes in price.

5 True/False questions

  1. Suppose a monopoly firm produces software and can sell 10 items per month at a price of $50 each. In order to increase sales by one item per month, the monopolist must lower the price of its software by $1 to $49. The marginal revenue of the 11th item is:$19 trillion.


  2. If demand is unitary elastic, then a price cut:Quantity demanded is very responsive to changes in price.


  3. The invisible hand is most consistent with:Price and quantity demanded are inversely related.


  4. In terms of pricing, which of the following is not true for a monopolist?It must be minted by the government in order to have value


  5. An industry in which a few large firms supply most or all of a product is known as:Wages.