
ECON 160 Final
Quiz
•
Business
•
University
•
Practice Problem
•
Hard
Rats Cheese
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80 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Most economists are against monopolies because monopolies
do not maximize profits
produce too much of a product
offer consumers more choices than they need
can never produce the quantity that a perfectly competitive market would
produce
offer fewer choices to consumers
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Both monopolies and competitive firms
are price takers
make long-run economic profits
are price makers
try to maximize profits
face barriers to entry
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which is the best example of economies of scale
the generation of electricity
a parking garage
the pizza business
a small family farm
the restaurant industry
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the price and quantity for a normal good, Good A, is $7 and 5 units at the
original equilibrium, what is one possibility for the new equilibrium of Good A if we
see income increase and all other factors stay constant?
$8 and 4 units
$6 and 6 units
$8 and 6 units
$8 and 0 units
$6 and 4 units
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When two goods are substitutes to each other, the cross-price elasticity will
begin by being positive but becomes negative over time
begin by being negative but becomes positive over time.
be zero
be positive
be negative
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
As we move upward along a demand curve, the price elasticity of demand
becomes more inelastic
becomes more inelastic
becomes more elastic.
moves closer to zero.
does not change
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the long run, if a firm is making a loss, it will
continue to operate no matter what.
continue to operate if it covers its fixed costs.
increase production in order to increase profits.
decrease production in order to increase profits.
stop producing and exit the market.
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