Microeconomics quiz

Multiple choice questions from january series

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

1. 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
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Other questions in this quiz

2. The price mechanism helps to allocate resources efficiently because

  • it will always ensure that competition between firms prevents high profits being earned
  • the prices of non - renewable resources will tend to rise as the stock of such resources nears depletion
  • it will lead to a distribution of output amongst individidulas on the basis of greatest need
  • it results in lower rewards being paid to factors of production when demand for the output they produce increases

3. cross elasticity of demand measures the extent to which a change in

  • the demand for a good affects the amount supplied
  • consumers' incomes affect the demand for a good
  • the price of one good affects the demand for another good
  • the demand for one good affects the price of another good

4. in a buffer-stock scheme

  • governments restrict supplies of a product coming onto an open market in order to lower prices of the product
  • buffer stocks are sold when there are surpluses in the market,
  • an organisation might buy in the open market to maintain a minimum price in the market for a product
  • buffer stocks are kept to sell if the price of the product starts to fall

5. the shift in the supply curve for computers, left can result from

  • a decrease in the demand for computers
  • increased economies of scale in the computer manufacturing industry
  • an increase in wages in the computer manufacturing industry
  • a decline in the price of computers

Comments

davidsalter

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

Not easiest resource but 0k for basic revision

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