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Which of the following is true regarding the production and pricing decisions of monopolistically competitive firms? Monopolistically competitive firms choose the quantity at which marginal cost equals ?

Economics Mcqs, Monopoly & Competition /
Which of the following is true regarding the production and pricing decisions of monopolistically competitive firms? Monopolistically competitive firms choose the quantity at which marginal cost equals ?

A. marginal revenue and then use the demand curve to determine the price consistent with this quantity
B. average total cost and then use the supply curve to determine the price consistent with this quantity
C. marginal revenue and then use the supply curve to determine the price consistent with this quantity
D. average total cost and then use the demand curve to determine the price consistent with this quantity

Which of the following is true regarding the production and pricing decisions of monopolistically competitive firms? Monopolistically competitive firms choose the quantity at which marginal cost equals ? Read More »

Economics Mcqs, Monopoly & Competition

Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly ?

Economics Mcqs, Monopoly & Competition /
Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly ?

A. the monopolist faces a downward-slog demand curve while the monopolistic competitor faces an elastic demand curve
B. the monopolist charges a price above marginal cost while the monopolistic competitor charges a price equal to marginal cost
C. The monopolist makes economic profits in the long run while the monopolistic competitor makes zero economic profits in the long run
D. Both the monopolist and the monopolistic competitor operate at the efficient scale

Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly ? Read More »

Economics Mcqs, Monopoly & Competition

UK GDP would exclude which of the following ?

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development /
UK GDP would exclude which of the following ?

A. Lawyer services purchased by a home buyer
B. The purchase of a new Nissan produced in Sunderland
C. Copper purchased by tap manufacturer Bristan
D. A new art gallery purchased by the city of Newcastle
E. Lawn care services purchased by a home owner.

UK GDP would exclude which of the following ? Read More »

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development

Real GDP is measured in __________ prices while nominal GDP is measured in _________ prices?

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development /
Real GDP is measured in __________ prices while nominal GDP is measured in _________ prices?

A. foreign; domestic
B. current year; base year
C. domestic; foreign
D. base year; current year
E. intermediate; final

Real GDP is measured in __________ prices while nominal GDP is measured in _________ prices? Read More »

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development

If a cobbler buys leather for Rs100 and thread for Rs50 and uses them to produce and sell Rs500 worth of shoes to consumers the contribution to GDP is ?

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development /
If a cobbler buys leather for Rs100 and thread for Rs50 and uses them to produce and sell Rs500 worth of shoes to consumers the contribution to GDP is ?

A. Rs50
B. Rs100
C. Rs650
D. Rs500

If a cobbler buys leather for Rs100 and thread for Rs50 and uses them to produce and sell Rs500 worth of shoes to consumers the contribution to GDP is ? Read More »

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development

Gross Domestic Product is the sum of the market value of the ?

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development /
Gross Domestic Product is the sum of the market value of the ?

A. intermediate goods
B. final goods and services
C. manufactured goods
D. inferior goods and services
normal goods and services

Gross Domestic Product is the sum of the market value of the ? Read More »

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development

Gross Domestic Product can be measured as the sum of ?

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development /
Gross Domestic Product can be measured as the sum of ?

A. final goods and services intermediate goods, transfer payments, and rent
B. consumption investment government purchases and net exports
C. consumption transfer payments. wages and profits.
D. Net National Product Gross National Product, and Disposable personal income
E. investment wages profits and intermediate production

Gross Domestic Product can be measured as the sum of ? Read More »

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development

The value of plant and equipment worn out in the process of manufacturing goods and services is measured by ?

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development /
The value of plant and equipment worn out in the process of manufacturing goods and services is measured by ?

A. intermediate production
B. Net National Product
C. Investment
D. depreciation
E. consumption

The value of plant and equipment worn out in the process of manufacturing goods and services is measured by ? Read More »

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development

A higher GDP per capita may not means that the quality of life has really improved because ?

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development /
A higher GDP per capita may not means that the quality of life has really improved because ?

A. It measures wealth not income
B. It measures Gross Domestic Product
C. It does not measure the quality of the items produced
D. It is only measured every five years:

A higher GDP per capita may not means that the quality of life has really improved because ? Read More »

Economics Mcqs, Natural Resources and the Environment Toward Sustainable Development