1. The Opportunity Cost Of Something Is
  2. What you have to give up by not putting the resources necessary to acquire it to their next best alternative use
    The price you paid for it
    Any cost that cannot be recovered
  3. Which Of The Following Best Describes A Technology With Increasing Returns To Scale?
  4. Q(2L, 2K) = 4Q(L, K)
    Q(2L, K) = Q(L, 2K)
    Q(2L, 2K) = Q(L, K)
  5. In Which Of The Following Circumstances A Natural Monopoly Would Likely Arise?
  6. Both
    Unit production costs are very high at relatively low output levels
    Entrance of a second firm to the industry would result in losses for the entrant
  7. The Market Demand Curve Is
  8. Derived by horizontally summing the individual demand curves at each price.
    Derived by vertically summing the individual demand curves at each price.
    Derived by horizontally summing the individual demand curves at each quantity.
  9. Which Of The Following Is True For A Long-Run Equilibrium In A Competitive Industry?
  10. min(ATC) = P
    min(MC) = P
    min(AVC) = P
  11. For A Demand Curve To Slope Upward,
  12. The good must be an inferior good with an income effect that dominates the substitution effect
    Consumers are irrational
    The good must be a normal good with a substitution effect that dominates the income effect
  13. Which Of The Following Combinations Is More Likely To Have Straight-Line Indifference Curve?
  14. Lukoil gasoline and Rosneft gasoline
    Pizza and beer
    Gasoline and automobiles
  15. Which Of The Following Is A Necessary Condition For A Monopoly To Arise?
  16. None
    Superior technology or scale economies
    Production-specific patents
  17. A Monopolist's Marginal Revenue Curve Lies Below Average Revenue, Because:
  18. A monopolist has to decrease price of all goods sold if it wants to expand output
    Marginal magnitudes consider smaller increments than average ones
    Price elasticity of demand decreases as quantity rises
  19. The Market Demand Curve For A Luxury Good:
  20. Is downward sloping
    Is upward sloping
    Has price elasticity greater than unity
  21. Along A Country’s Production Possibilities Curve
  22. There are no idle resources
    The costs of production of the goods that are produced are identical
    Resources are equally well equipped for the production of any good
  23. Which Of The Following Is True For A Long-Run Equilibrium In A Competitive Industry?
  24. min(ATC) = P
    min(MC) = P
    min(AVC) = P
  25. Which Of The Following Is An Example Of A Normative Economic Statement?
  26. The Russian budget deficit has reached alarming levels due to crisis.
    10% of the population in Russia lives below poverty level.
    Moscow had a budget surplus in 2007.
  27. By The Term “Demand Curve” Economists Mean The Curve Describing The Relationship Between Price And Quantity Demanded. The Focus On Price Means That
  28. Economists are assuming that other influences on quantity demanded are constant so that the effect of price can be isolated.
    The model's predictive power is of little value.
    Economists believe price is the only factor that influences quantity demanded.
  29. A Firm Increases The Number Of Hours Its Workers Are Employed From 7,000 To 8,000, And Output Increases From 140,000 Bushels To 155,000 Bushels. The Marginal Product Of An Extra Hour Is
  30. 15
    10
    20