Question # 1

Market is called father of economics

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Marshall

Robbins

Keynes

Friedman

When an economy first begins to frow more slowly.

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GDP increase

Inflation is likely to increase

Stock levels are likely to increse

Investment in equipment is likely to increase

Which of the following best describes the selling of a production license to another firm.

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Hands over all rights to its products

Sells its products abroad

Sells the right to produce to another business

Sells the business to another business

Economics growth can be seen by an outward shift of.

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The production possibility frontier

The gross domestic barrier

The marginal consumption frontier

The Minimum Efficient scale

An increase in productivity should.

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Lead to a contraction of supply

Lead to an expansion of supply

Lead to a shift in supply outwards

Lead to higher equilibrium and lower equilibrium quantity.

Which of the following is the government most likely to subsidies.

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Negative externalities

Positive externalities

Monopolies

O ligopojies

Human wants are

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Always fixed

Limited

Unlimited

Likely to decrease over time

The socially optimal rate of growth is

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Zero

Negative

Where the marginal social benefit the marginal social cost

total social costs are minimized

Capital, as economists use the term.

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Is the money the firm spends to hire resources

Is money the firm raises from selling stock

Refers to the process by which resources are transformed into useful forms

Refers to things that have already been produced that are in turn used to produce other goods and services.

The concept of "Interdependence of markets" can refer to the interdependence between.

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Two or more factor markets

Goods and factor markets

Goods markets

All of the above

The free market involves

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The free provision of products

The subsidizing of products by the government

Market forces of supply and demand

All trade via barter

A scarce good.

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Does not exist

Is a good that can only be purchased with money

Is a good that can never be purchased with money

Is a good that is available in limited quantities, but is desired in greater quantities.

Acquisition and merger are examples of.

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Internal growth

External growth

Organic growth

Underlying growth

GDP plus net property income from aboard equals what.

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GNP

NNP

Depreciation

Real GDP

In perfect competation.

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The price equals the marginal revenue

The price equals the average variable cost

The fixed cost equals the variable costs

The price equals the total costs

If marginal utility is zero.

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Total utility is zero

An additional unit of consumption will decrease total utility

An additional unit of consumption will increase total utility

Total utility is maximized

For perfectly competitive firm

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Price equals marginal revenue

Price is greater than marginal revenus

Price equal total revenue

Price equals total cost

In order to maximize profits a monopoly company will produce that quantity at which the.

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Marginal revenue equals average total cost

Price equals marginal revenue

Marginal revenue equals marginal cost

total revenue equals total cost

If one car company takes over another car company this is an example of which type of integration.

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Vertical

Horizontal

Conglomerate

Literal

Which of the following is true.

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If the marginal cost is greater than the average cost the average cost fallls.

If the marginal cost is greater than the average cost the average cost increases.

If the marginal cost is positive total costs are maximized

If the marginal cost is negatives total costs increase at a decreasing rate if output increases

A welfare less occurs in monopoly where

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The price in greater than the marginal cost

The price is greater than the marginal benefit

The price is greater than the average revenue

Has the right to investigate monopolies and will assess each one on its own mertis

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