
Micro Revision Quiz 5
Authored by Callum Richardson
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12th Grade
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21 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A government sets a maximum price below its equilibrium market price. What will be the net effect on the economic welfare of the consumers and producers of the good?
A
B
C
D
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is most likely to result in an increase in producer surplus in the market for instant cocoa?
A successful marketing campaign promoting the health benefits of tea
A poor cocoa harvest resulting from severe flooding in cocoa-farming regions
An increase in an indirect tax on cocoa growers
New technology in the production of instant cocoa
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is necessary for consumer surplus to be zero?
Perfectly elastic demand
Perfectly inelastic demand
Perfectly elastic supply
Perfectly inelastic supply
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Consumer surplus rises, producer surplus falls
Consumer surplus rises, producer surplus is unchanged
Consumer surplus is unchanged, producer surplus falls
Consumer surplus is unchanged, producer surplus is unchanged
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A firm's long run production function shows that a 30% increase in its inputs leads to a 15% increase in output. What is the firm experiencing?
Decreasing returns to scale
Diminishing marginal returns
Increasing marginal returns
Increasing returns to scale
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A firm realises that if it either increases or reduces its level of output then its short-run average cost increases. It must therefore be the case that:
The firm is maximising its profit at its current level of output
The firms' marginal costs are minimised at its current level of output
The firm is producing at the point where marginal cost is equal to average cost
The firm's total costs are minimised.
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What conclusions can be drawn about the characteristics of production in the short run and long run? SRMC = Short run marginal cost.
Diminishing marginal returns; Increasing returns to scale
Constant marginal returns; Decreasing returns to scale
Increasing marginal returns; Increasing returns to scale
Diminishing marginal returns; Decreasing returns to scale
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