Question

8. The macroeconomic approach is directed to:

to. unemployment of individual consumers

b. operation of the global economy

C. business performance

d. does not emphasize the theoretical framework of the economy

9. Which of the following alternatives can turn a company into a natural monopoly?

to. merger between several companies in the industry to reduce competition

b. The company can reduce the price of its product significantly by obtaining costs

C. the government protects the company from competition through government regulation

d. The company has absolute control over the basic inputs needed in the process

13. An economic model to explain the fundamental relationship between different economic variables:

to. It is a simplification of economic reality

b. represents the economic reality of the country

C. It is a useless tool since it does not reflect all the elements of the economic problem

d. cannot be used to determine the variables that determine consumption

14. The economic cost is equal to:

to. average fixed cost plus average variable cost

b. fixed cost plus variable cost

C. minimal cost

d. implicit cost plus explicit cost

16, The cross elasticity between the X-BOX and Playstation electronic equipment is +1.75. The two goods are producers

to. superior

b. accessories

C. lower

d. substitutes

17. Demand is the amount of goods and services that:

to. individuals are willing and able to buy at different prices in the market

b. individuals want to sell at different prices in the market

C. entrepreneurs sell in the market

d. they want to buy but they can't buy because of lack of income

19. The market is in short-term equilibrium when a price determined by quantity

to. Respondent is less than the amount offered

b. Respondent is equal to the amount offered

C. offered is less than the amount demanded

d. offered is greater than or equal to the amount demanded

20. The opportunity cost is:

to. the cost in dollars for society to produce products

b. the difficulty associated with the use of one product instead

C. the alternative that should be waived when using resources in another activity

d. measured in dollars and cents

Answer 1

8. Operation of the global economy (Macroeconomics takes a look at the whole economy in an overall sense)

9. The government protects the company from competition through government regulation (This puts entry barriers in the market and forms a natural monopoly)

13. It is the simplification of economic reality

14. Implicit cost plus explicit cost (It represents economic cost)

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