Microeconomics exam 2 - Study guides, Class notes & Summaries

ECO 2023 MICROECONOMICS EXAM 2 PRACTICE QUESTIONS and ANSWERS Verified Rated A+. Economies of scale occur when a. long-run average total costs rise as output increases. b. long-run average total costs fall as output increases. c. average fixed costs are falling. d. average fixed costs are constant. ANSWER: b. long-run average total costs fall as output increases.

IB Economics - Microeconomics Exam 2023...

ECO 2023 MICROECONOMICS EXAM 2 PRACTICE QUESTIONS and ANSWERS Verified Rated A+. Specialization among workers occurs when a. quality management allows workers to switch from one task to another. b. each worker is allowed to perfect one particular task. c. each worker is responsible for a number of different tasks. d. All of the above are correct. ANSWER: b. each worker is allowed to perfect one particular task. 5. If a firm wants to capitalize on economies of scale, it may be able to do so...

MICROECONOMICS EXAM 2 MULTIPLE CHOICE QUESTIONS AND ANSWERS

Microeconomics Exam 2 UNT ECON 1100 Questions and Answers long run ANSWER period of time in which all factor of production are variable short run ANSWER period of time in which one or more factors of production are held constant explicit costs ANSWER monetary costs implicit costs ANSWER opportunity costs Profit ANSWER Total Revenue - Total Cost Total Revenue ANSWER Price * Quantity Economic Cost ANSWER Explicit Cost + Implicit Cost Accounting Profit ANSWER Total Revenue -...

BSNS 113 Final Exam Revision Questions and Answers 100% Pass "Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? Macroeconomics "The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? Microeconomics What is Positive Analysis? A statement describing how something is What is Normative Analysis? A statement describing how something should be Which of the following is most likel...

Edexcel A Level Microeconomics Exam 2024 Questions With Complete solutions(rated A) Factors influencing demand for labour - ANSWERSDemand for final product - if rise in output > increase in productivity Relative productivity of labour to capital - substitution effect £3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage Factors influencing supply of labour - ANSWERSCost of living Cost of gaining skills UK uni fees capped at £9,250 per year Number o...

These revision slides are for AS Level economics students who are looking for revision detailed notes. They are specific to WJEC Eduqas exam board but work well for any other exam boards. It includes Microeconomics, Macroeconomics and Global economics with subtopics such as Circular flow of income, demand and supply, aggregate demand, aggregate supply, monetary policy etc. Year 12 and year 13 are divided across 2 slides.

ECON1002: Microeconomics Exam2 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decide to install the fire hydrant. This is one illustration of: A. The market allocating resources efficiently B. Monopoly power due to lack of competition C. Supply-side market failure D. Demand-side market failure 2. When a private firm provides fireworks, it could not produce the efficient amount of it be...