Microeconomics quiz

Multiple choice questions from january series

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  • Created by: Sophie
  • Created on: 27-04-13 18:25

1. the demand curve for a normal good will shift to the left if

  • the tax on the good increases
  • the price of a complementary good increases
  • the price of the good increases
  • there is a successful advertising campaign for the good
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Other questions in this quiz

2. one reason why specialisation raises labour productivity is because

  • labour replaces capital to produce goods and services
  • the division of labour makes it cost-effective to provide workers with specialist equipment
  • specialisation shifts the production possibility boundary to the left
  • specialisation requires an economy to produce on its production possibility boundary

3. an economic good is one which

  • makes a profit
  • doesn't use up resources
  • has an opportunity cost in production
  • is supplied competitively

4. what is a defining characteristic of a merit good?

  • it may be provided by the free market but not in sufficient quantities
  • once the good had been supplied to one consumer, there is no extra cost in supplying it to others
  • it is always provided free to consumers
  • it tends to be provided by the govt because of the problem of non-exludability

5. which one of the following would shift the supply curve for a good to the left

  • a decrease in the rate of growth of labor productivity
  • a decrease in subsidies granted to producers
  • a dercrease in demand for the good
  • a decrease in the elasticity of supply of the good

Comments

davidsalter

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This 10 question multiple choice quiz tests several aspects of unit 1 micro economics and could provide a relief from intensive reading as well as a guide to areas still needing revision.

Nimrahkhan

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Not easiest resource but 0k for basic revision

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