vu eco401 Final Term - Quiz No.15
vu eco401 Economics Quiz
This quiz belongs to book/course code vu eco401 Economics of vu organization. We have 33 quizzes available related to the book/course Economics. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: The textbook for your class was not produced in a perfectly competitive industry because:
There are so few firms in the industry that market shares are not small, and firms decisions have an impact on market price.
Upper-division microeconomics texts are not all alike.
It is not costless to enter or exit the textbook industry.
All of the given options.
Question 3: A production function:
Relates inputs with output
Generates a curve that is upward sloping
Shows diminishing marginal product of an input, since it gets flatter as output rises.
All of the given options.
Question 5: Under monopoly, when the demand curve is downward sloping, marginal revenue is:
Equal to price
Equal to average cost
Less than price
More than price
Question 6: The cross elasticity of demand of complements goods is:
Less than 0.
Equal to 0.
Greater than 0.
Between 0 and 1.
Question 7: Final goods are:
Inferior goods only
For further processing
Perishable goods only
For Direct use by the consumers
Question 8: When we study market equilibrium, the primary influencing variable on production and purchasing decisions is:
Price
Cost of production
The overall state of the economy
Consumer's income
Question 9: Classical economics was replaced as the dominant theory of macroeconomic analysis by:
Monetarism
Rational expectations
Keynesian economics
Neoclassical economics
Question 10: Each firm produces an identical product and there is freedom of entry and exit. This is TRUE for which of the following market structures?
For Monopoly.
For Oligopoly.
For Perfect competition.
For Monopolistic competition.
