Navigation » List of Schools » Pierce College » Economics » Economics 1 – Principles of Economics » Summer 2021 » End of Week Quiz Chapter 8 to 10
Below are the questions for the exam with the choices of answers:
Question #1
A increase its profits.
B charge a higher price.
C sell a greater quantity.
D do all of the above.
Question #2
A Collusion
B An oligopoly
C A monopoly
D A cartel
Question #3
A oligopolistic competition in a certain market with similar products.
B monopolistic competition among firms with differentiated products.
C perfect competition because it displays product and allocative efficiencies.
D perfect competition among firms with differentiated products.
Question #4
A productive efficiency; profits and losses; zero profits
B productive and allocative efficiency; profits and losses; zero profits
C allocative efficiency; profits and losses; negative profits
D productive and allocative efficiency; profits and losses; negative profits
Question #5
A will expand
B stays the same
C will decline
D will decline in the short run
Question #6
A creating optimal perceptions of the product.
B choosing optimal locations from which the product is sold.
C enhancing the intangible aspects of the product.
D enhancing product’s physical aspects and all of the above.
Question #7
A choose any combination of price and quantity.
B sell any quantity it wishes at the prevailing market price.
C lose fewer customers than a monopoly that raised its prices.
D raise its price without losing all of its customers.
Question #8
A they will be unable to earn higher-than-normal profits in the short run.
B they will wish to cooperate to make decisions about what quantity to produce.
C they will be unable to earn higher-than-normal profits in the long run.
D they will wish to cooperate to make decisions about what price to charge.
Question #9
A Trademark
B Patent
C Intellectual property
D Copyright
Question #10
A total costs decrease and become flatter as output rises
B total costs rise and grow steeper as output rises
C higher output levels create the typical downward sloping cost curve
D total costs are typically constant and are shown by a straight horizontal line
Question #11
A quantities that can be produced
B natural monopoly
C conditions of entry in a certain industry
D prices that can be charged
Question #12
A there is a single seller in a particular industry
B there is only one seller, therefore no industry
C there are limited sellers in a particular industry
D there are a few sellers in a given industry
Question #13
A $3.90 or less
B $3.50 or less
C $3.40 or less
D $4.00 or less
Question #14
A always lies beneath
B always runs parallel
C always is the same
D always rises above
Question #15
A deregulation; requiring new patent law
B barriers to entry; to a natural monopoly
C deregulation; requiring new copyright law
D barriers to entry; to a few oligopoly firms
Question #16
A 200,00 patents; license for use
B 200,000 trade secrets; create a natural monopoly
C 800,000 trademarks; identify the source of goods
D 1 million copyright licenses; identify the authors of creative works
Question #17
A equal to
B a or c above
C less than
D greater than
Question #18
A total costs
B marginal costs
C average costs
D variable costs
Question #19
A producing less at any market price will off-set marginal cost .
B expanding output levels at any given price will be profitable.
C the firm’s demand curve will also shift to the left.
D the firm’s marginal cost curve will shift to the left.
Question #20
A short run; reducing its labor inputs
B long run; tailoring their quality controls
C long run; increasing its production
D short run; increasing quality of products
Question #21
A considering capital investments.
B considering opportunity costs.
C preparing to exit operations.
D preparing to reach its shutdown point.
Question #22
A the quantity of labor is the only variable cost choice a profit-seeking firm can make
B deciding what quantity to produce is one of the major choices a profit-seeking firm makes
C to produce the profit-maximizing quantity of output at the lowest possible average cost
D to produce the highest profitable quantity of output at the lowest possible marginal cost
Question #23
A business entity
B price setter
C price taker
D trend setter
Question #24
A average
B fixed
C variable
D marginal
Question #25
A the average product of labor is always equal to the marginal product of labor.
B the average product of labor is always greater that the marginal product of labor.
C as more labor inputs are used, the average product of labor inputs will fall.
D the average product of labor is always less than the marginal product of labor.
Question #26
A average fixed cost is constant.
B marginal cost is below average fixed cost.
C marginal cost is below average variable cost.
D marginal cost is above average variable cost.