Micro 2

Micro 2

12th Grade

8 Qs

quiz-placeholder

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Micro 2

Micro 2

Assessment

Quiz

Other

12th Grade

Practice Problem

Hard

Created by

Athina Makrydaki

Used 1+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Food prices in a country increased by 20% due to an infectious virus. Which statement is normative?

Consumers were scared of running out of food

Farm workers demanded higher wages to cover extra hours worked

Supply of foreign food was reduced because of closed borders

Transport costs increased by 10%

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which products are likely to have a positive cross - elasticity of demand with tea?

Biscuits and cakes

Coffee and hot chocolate

Cups and saucers

Sugar and milk

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The PED for tea in many countries has risen. What is the most likely cause of this change in PED?

A decrease in the incomes of consumers

A decrease in the number of complements to tea

An increase in the amount of tea supplied

An increase in the number of substitutes for tea

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can the concept of marginal utility explain the shape of the downward sloping demand curve?

Consumer tastes only change when their power spending power increases

Extra utility gained from consuming successive units of a good falls

Satisfaction of consuming an extra unit is > than loss of money spent

Total utility gained buying units will continue to increase indefinitely

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is the BEST explanation of why an information gap is considered to be a market failure?

Because consumers cannot fully understand the market

Because governments are forced to intervene in the free market

Because producers may not maximise their profit

Because it is likely to lead to misallocation of resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following defines a negative externality?

MSC > MSB

MSC > MPC

MSC < MPB

MPC > MSC

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which would be treated as as an external cost arising from the growing volume of cars on Britain's roads

The cost of car purchase and replacement

Depreciation of car values due to car mileage

Higher prices in shops due to increased costs of transportation

The costs of purchasing fuel

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is closest to being a pure public good?

Electricity

Health services

Water supply

Street lighting