This is a bonus quiz for third term, AY09-10 DLSU ECONONE students of Paulo Mutuc.
Is generally bigger than Accounting Cost
Is Accounting Cost + Opportunity Cost
A and B
None of the above
Growth
Stability
Efficiency
Sufficiency
Equity
5
1/5
10
1/10
True
False
Quantities of two goods that exhaust a person's budget
Quantities of two goods that make a person equally happy
Quantities of two goods that exhaust a person's budget and make her equally happy
None of the above
An Inferior good
A Normal good
A "bad"
Has a constant slope
Begins at the origin
Is the firm's variable cost curve plus any fixed cost
All of the above
Consumers--if the demand curve is more elastic than the supply curve
Producers--if the demand curve is more elastic than the supply curve
Depends on which side of the market the tax is imposed
Shortage
Surplus
Either A or C
Increase revenue for the producer
Leave the producer's revenue unchanged
Decrease producer's revenue
Have an uncertain impact on revenue
True
False
It depends
Are actually supply curves
Are inferior goods
They have no close substitutes
They are more desirable as their prices increase
Luxuries
Necessities
Substitutes
Complements
Independent
Inelastic
Elastic
Uncertain
Inelastic
Elastic
Uncertain
Is indefinitely upward-sloping
Is upward-sloping in some regions due to a dominant substitution effect
Is upward-sloping in some regions due to a dominant income effect
True
False
It depends
True
False
It depends
Is the total difference between a good's market price and consumers' willingness to pay for the good
If the demand curve is straight line and downward sloping, represented by the area of the triangle formed by the intersection of supply and demand at equilibrium price under the demand curve
A and B
None of the above
Is the value of the best alternative foregone
Is the value of all alternatives foregone
Is the value of the alternative chosen
True
False
It depends
Slope
Percent change
Elasticity
Initially decrease until reaching a minimum, then increase
Initially increase until reaching a maximum, then decrease
Is constant
True
False
It depends
True
False
It depends