A. Usually made of wood and plastic
B. built with assumptions.
C. useless if they are simple.
D. created to duplicate reality.
Economic models are ? Read More »
Application of Economics, Economics Mcqs A. If Susan works for BAe Systems and receives a salary payment, the transaction takes place in the market for good and services.
B. If BAe Systems sells a military aircraft, the transaction takes place in the market for factors for production
C. None of these
D. The factors of production are owned by households
Which of the following statements regarding the circular-flow diagram is true ? Read More »
Application of Economics, Economics Mcqs A. the scientist be objective
B. The scientific use precision equipment.
C. only correct theories are tested
D. only theories are tested.
E. the scientist uses test tubes and have clean lab.
The scientific method requires that ? Read More »
Application of Economics, Economics Mcqs A. p = Z
B. P = MC + Z
C. p = MC
D. P = MC – Z
A. restrict; promote
B. restrict; restrict
C. promote; promote
D. promote; restrict
A. nationalized; privatized
B. natural monopoly; potentially competitive
C. cartel; a sellers’ market
D. monopolistic competition duopoly
In the UK, electricity industry parts are a ____ and other parts are ___ ? Read More »
Applied Microeconomics, Economics Mcqs A. extended warranties offer value for money.
B. the cost of repair will usually exceed the cost of the warranty
C. they are paid commission on each extended warranty they sell.
D. They are concerned about customer satisfaction.
Sales staff are keen to sell extended warranties because ? Read More »
Applied Microeconomics, Economics Mcqs A. firms producing the same product
B. firms at various stages in production process.
C. firm producing complementary products
D. firms producing unrelated products.
A conglomerate merger is a merger of ? Read More »
Applied Microeconomics, Economics Mcqs A. increasing market power is the best way to achieve efficiency.
B. competition is the best way to achieve efficiency.
C. public ownership is the best way to achieve efficiency
D. regulation is the best way to achieve efficiency.
Antimonopoly laws are based on the proposition that ? Read More »
Applied Microeconomics, Economics Mcqs A. low; low
B. high; high
C. low; high
D. high; low
The external benefits of using cars are ____ and the external costs are _____? Read More »
Applied Microeconomics, Economics Mcqs