MicroEconomics Quiz 2 [ 100+ Quiz with Answers ]

MicroEconomics

QUIZ NO. 2

Multiple Choice— Select the option that best completes the sentence or provides the answer to the question.
  1. Along a country’s production possibilities curve




  2. Which of the following is true for a long-run equilibrium in a competitive industry?




  3. Which of the following is an example of a normative economic statement?




  4. By the term “demand curve” economists mean the curve describing the relationship between price and quantity demanded. The focus on price means that




  5. 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





  6. Vasya is an accountant. He receives $200 per hour doing tax returns. He can type 12,000 characters per hour into spreadsheets. He can hire an assistant who types 3,000 characters per hour into spreadsheets. Which of the following statements is true?




  7. Which of the following is NOT a defining feature of perfect competition?




  8. An individual competitive firm's short-run supply function is (over the relevant range of prices):




  9. Which of the following best describes a technology with increasing returns to scale?




  10. Which of the following will NOT entail an outward shift of the production possibilities curve?



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