MicroEconomics 101
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A test on micro economic theory.
- 1.The central question in economics is
- A.
Allocation
- B.
Choice
- C.
Scarcity
- D.
All Of The Above
- 2.A situation where one buyer buys all the available output from an industry is known as
- A.
Bilateral Monopoly
- B.
Unilateral Monopoly
- C.
Monopsony
- D.
None of the above
- 3.
If marginal benefit is greater than marginal cost, a rational choice involves: - A.
No more of the activity
- B.
More of the activity
- C.
Less of the activity
- D.
More or less of the activity, depending on other factors.
- 4.
A graph showing all the combinations of goods and services that can be produced if all of society's resources are used efficiently is a: - A.
Lorentz Curve
- B.
Production Possibility Curve
- C.
Capital Consumption Frontier
- D.
None of the above
- 5.Which of the following is true of a perfectly contestable market?
- A.
Cost of entry is low
- B.
There is no cost of entry
- C.
Entry into the market is free
- D.
None of the above
- 6.At what price does a monopolist maximise profit?
- A.
A monopolist never maximises profit
- B.
When MC=MR
- C.
A monopolist maximises profit all the time
- D.
None of the above.
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