4169402
Description
Quiz by jrabinovich, updated more than 1 year ago
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Created by jrabinovich
about 9 years ago
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Question 1
Question
An elasticity greater than 1 is?
Answer
-
Inelastic
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Elastic
-
Perfectly inelastic
Question 2
Question
What line is used to construct the LRAC?
Answer
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SRAC
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Demand
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Supply
Question 3
Question
What is effective demand?
Answer
-
When you want something but you can't afford it.
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When you want something and you can afford it.
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When you want something but it's frowned upon to have it.
Question 4
Question
What would be the strongest substitute good for pepsi?
Answer
-
Polly-o cheese
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Water
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Coca-Cola
Question 5
Question
If the demand for milk increases, the supply of leather will decrease.
Answer
- True
- False
Question 6
Question
Fixed costs are?
Answer
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Cost that vary directly with output.
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Prices that are rigged in order to create an advantage.
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Prices that don't vary directly with output.
Question 7
Question
Absolute advantage is when?
Answer
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One country can produce more of a product than another using the same resources.
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One country has a time advantage over another in terms of war.
Question 8
Question
The better the brand name, the better chances it has to survive in a perfect competition scenario.
Answer
- True
- False
Question 9
Question
Utils are the measurement of dollars spent in goods.
Answer
- True
- False
Question 10
Question
What is happening when a point is inside the PDF line.
Answer
-
The country is producing everything efficiently
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The country is at allocative efficiency
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the country isn't producing at prime levels
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