Principles of Microecnomics

Economic solution 2 1. By free enterprise, we mean that: A. Products are provided free to those who can't afford to buy them B. Individual producers determine how to produce, but government agencies determine what will be produced C. Individuals may obtain resources, organize production, and sell the resulting output in any legal way they choose D. Indivi

ECO | 2013 | Principles of Microecnomics | question bank | Economic solution 2 1. By free

Test 3 1. Economic profit is: A. Total revenues minus fixed costs B. Total revenues from sales minus the cost of materials C. Total revenues minus the opportunity cost of the inputs D. Gross profit minus selling and operating expenses AACSB: Analytic Bloom's: Knowledge Learning Objective: 8-1 Level: Difficult McConnell - Chapter 008 #15 Topic: Profits 2.

ECO | 2013 | Principles of Microecnomics | question bank | Test 3 1. Economic profit is: 

1. If the price elasticity of demand for a good is .75, the demand for the good can be described as: A. Normal B. Elastic C. Inferior D. Inelastic AACSB: Analytic Bloom's: Application Learning Objective: 6-1 Level: Difficult McConnell - Chapter 006 #2 Topic: Price elasticity of demand 9 McConnell - Chapter 006 2. Which demand curve above is relatively more el

ECO | 2013 | Principles of Microecnomics | question bank | 1. If the price elasticity of 

1. The study of economics is primarily concerned with: A. Expanding the production of goods and services B. Making the best use of scarce productive resources C. Equalizing the distribution of consumer income and wealth D. Reallocating resources from consumption to production in the economy AACSB: Analytical Skills Bloom's: Knowledge Learning Object

ECO | 2013 | Principles of Microecnomics | question bank | 1. The study of economics is p

1. Which best expresses the law of diminishing marginal utility? A. The more consumption of a product, the smaller is the total and marginal utility from the consumption B. The less consumption of a product, the greater is the total and marginal utility of the consumption C. The more consumption of a product, the smaller is the marginal utility from consumin

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