vu eco401 Mid Term - Quiz No.13
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 Mid 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: If marginal product is equal to average product:
The total product will fall
The average product will not change
Average variable costs will fall
Total revenue will fall
Question 2: Which of the following is true about the market mechanism?
It is not a very efficient means of communicating consumer demand to the producers of goods and services.
It works through central planning by government.
It eliminates market failures created by government.
It works because prices serve as a means of communication between consumers and producers.
Question 3: Which of the following can be thought of as a barrier to entry?
Scale economies.
Patents.
Strategic actions by incumbent firms.
All of the given options are true.
Question 4: The government has a balanced budget if:
Its total revenues are equal to its total expenditures.
Its total revenues are less than its total expenditures.
Its total revenues are greater than its total expenditures .
The money supply is less than total expenditures.
Question 5: Goods produced by oligopolistic industries are typically:
Standardized
Differentiated
Differentiated if industrial goods
Differentiated if consumer goods
Question 6: Which school of thought holds that decreases in aggregate demand decrease real output but leave the price level largely unaffected?
Monetarism
New Classical theory
Real Business Cycle theory
Keynesian
Question 7: The point at which AC intersects MC is where:
AC is decreasing.
MC is at its minimum.
AC is at its minimum.
AC is at its maximum.
Question 8: Which of the following is considered to be a variable cost in the long run?
Expenditures for wages.
Expenditures for research and development.
Expenditures for raw materials.
All of the given Costs.
Question 9: When oligopolists collude, they are able to:
Raise price, but not restrict output
Raise price and restrict output, but not attain the monopoly profit
Raise price and restrict output, and therefore attain the monopoly profit
Restrict output, but not raise price
Question 10: Consumption spending, investment expenditures, government expenditures, and net exports are:
The components of aggregate supply
The components of government revenue
The components of aggregate demand
The components of household income
