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ECO 232 (CBT 2)

Long-run __________ is a measure of the cost per unit of output produced.
Average cost
Marginal cost
Total cost
Variable cost
Which of the following industries most closely approximates the perfectly competitive model?
Automobile
Cigarette
Newspaper
Wheat farming
In deriving the utility-possibility curve, we make interpersonal comparisons of utility _______
Always
Sometimes
Never
Often
Which of the following factors would least likely to appear as a variable in the demand function?
Price of inputs
Income
Tastes
Expectations
The law of demand implies that __________
As quantity increases, price increases
As price increases, quantity increases
Everyone needs a certain number of items that are classified as necessities
Price and quantity are inversely related on a demand curve
A change in which of the following items will not cause a shift in the demand curve tyres.
The price of tyres
The price of automobiles
The price of petrol
Consumers resolve to drive fewer miles per year
Which of the following is not a property of the demand curve?
Positively slope
Snapshot at one point in time
An inverse relationship between price and quantity
A shift in the curve when one of the ceteris paribus variables changes
In general equilibrium ___________
All prices are assumed to be variable
Some prices are assumed to be fixed or constant
Most prices are assumed to constant (partial equilibrium)
Most prices are assumed to variable
If the supply curve of a commodity is positively sloped, a rise in the price of the commodity ceteris paribus, results in and is referred to as _________
An increase in supply
An increase in the quantity supplied
A decrease in supply
A decrease in the quantity supplied
A perfectly competitive economy will yield a Pareto efficient allocation of resources because __________
Prices adjust to clear each market
All participants are price taker
All participants optimize
All of the options
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