Economics MCQs

Page No. 327

Most empirical studies show that firm’s cost curves ?


a slope up to the right

✖


bare U-shaped

✖


c slope down to the right

✖


dslope down to the right and then level off.

✓


View Answer slope down to the right and then level off.

Engineers for the All-Terrain Bike Company have determined that a 15% increase in all inputs will cause a 15% increase in output Assuming that input prices remain constant, you correctly deduce that such a change will cause ________ as output increases?


a average costs to remain constant

✓


baverage costs to decrease

✖


caverage costs to increase

✖


dmarginal costs to increase

✖


View Answer average costs to remain constant

Which of the following is a correct statement about the relationship between average product (AP) and marginal product (MP) ?


aIf TP is declining, then AP is negative

✖


bIf AP = MP, then total product is at a maximum.

✖


cIf AP exceeds MP then AP is falling

✓


d If AP is at a maximum, then MP is also,

✖


View Answer If AP exceeds MP then AP is falling

The short run, as economists use the phrase, in characterized by ?


a at least one fixed factor of production and firms neither leaving nor entering the industry.

✓


bno variable inputs – that is, all of the factors of production are fixed

✖


call inputs being variable

✖


da period where the law of diminishing returns does not hold

✖


View Answer at least one fixed factor of production and firms neither leaving nor entering the industry.

Which of the following is most likely to be a variable cost for a firm ?


aThe franchiser’s fee that a restaurant must pay to the national restaurant chain

✖


b The payroll taxes that are paid on employee wages.

✓


cThe monthly rent on office space that it leased for a year

✖


dThe interest payments made on loans.

✖


View Answer The payroll taxes that are paid on employee wages.

Profit-maximizing firms want to maximize the difference between ?


a marginal revenue and marginal cost.

✖


b total revenue and total cost

✓


c total revenue and marginal cost

✖


dmarginal revenue and average cost

✖


View Answer total revenue and total cost

Criticisms against the North American Free Trade Agreement include all of the following except ?


awages in the United States will rise relative to Mexican wages

✓


bAmerican jobs will be lost to workers in Mexico

✖


cThe environment is not adequately protected by NAFTA

✖


dNone of the above

✖


View Answer wages in the United States will rise relative to Mexican wages

Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is ________ and the total number of countries forming the customs union is _________?


arelatively high; relatively large

✓


brelatively high; relatively small

✖


crelatively low ; relatively large

✖


drelatively low ; relatively small

✖


View Answer relatively high; relatively large

A positive, dynamic effect of economic integration is illustrated by ?


atrade diversion effect

✖


b increased monopoly power of firms

✖


c decrease customs costs

✖


deconomy-of-scale effect

✓


View Answer economy-of-scale effect

_________ is said to exist when the formation of a regional trading group leads to an expansion of trade above pregroup levels ?


atrade creation

✓


btrade diversion

✖


ctrade exclusion

✖


dtrade distortion

✖


View Answer trade creation

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