30 Nov
May 11, 2020 Exam main

Multi-choice 9

Question

1. An incentive

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is the opposite of a tradeoff

could be a reward but could not be a penalty

could be either a reward or a penalty

could be a penalty but could not be a reward

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Question

2. The most fundamental economic problem is

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security

the fact the United States buys more goods from foreigners than we sell to foreigners

health

scarcity

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Question

3. Economics is best defined as the study of how people, businesses, governments, and societies

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make choices to cope with scarcity

choose abundance over scarcity

attain wealth

use their infinite resources.

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Question

4. The demand for labour is the same as the

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Marginal physical product

Marginal revenue product

Marginal Cost

Wage

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Question

5. Identify the implicit cost from the following

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Rent paid by shopkeeper to landlord

Salary of manager

Reward for the owner

All of the above

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Question

6. In the market period , supply curve is

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Horizontal

Vertical

Hyperbola

None of these

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Question

7. Period in which supply cannot be increased is called

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Market period

Short run

Long run

None of these

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Question

8. Behaviour model was introduced by

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Marris

Marshall

Andrews

Cyert and March

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Question

9. Sales maximisation revenue was introuced by

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Marris

W. J. Baumol

Marshall

None of these

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Question

10. Limit pricing based on scale-barriers to entry was introduced by

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Clark

Sylos-Labini

W. Andrews

None of these

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This exam is prepared by UAH