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Economics for Manager

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Q: A group of three plants that is owned and operated by a single firm and which consists of a farm growing wheat, a flour milling plant, and a plant that bakes and sells, bread, is an example of a

1. horizontal integration

2. vertical integration

3. holding company

4. trust

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Q: The demand curve shows the relationship between

1. money income and quantity demanded

2. price and production costs

3. price and quantity demanded

4. consumer tasts and the quantity demanded

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Q: The largest transfer in the federal budget is

1. defense

2. education

3. social security

4. welfare

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Q: The main cause of cyclical unemployement is that

1. firms engage in race, gender and sex discrimination in their hiring practices

2. some individuals do not have marketable job skills

3. the level of overall economic activity fluctuates

4. workers often voluntarily quit a job to look for a better job

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Q: The business cycle is not transmitted from one country to another through...

1. private sector imports and exports

2. economic policy

3. the duration of compulsory education

4. labour supply changes

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Q: All of the following are benefits of the Single Market except

1. it allows countries to exploit their comparative advantage, more fully

2. firms could more readily exploit economies of scale

3. it intensified competition

4. it is easier to book holidays in member countries

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Q: With fixed exchange rates and no private capital flows, to correct a balance of payments deficit, the central bank will...and...

1. buy foreign exchange, sell domestic currency

2. sell foreign exchange, buy domestic currency

3. buy foreign exchange, buy domestic currency

4. sell foreign exchange, sell domestic currency

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Q: One of the transmission mechanisms of monetary policy is through consumer demand. When interest rates...household wealth...and consumption...

1. rise, increases, increases

2. rise, falls, increases

3. rise, increases, falls

4. rise, falls, falls

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Q: Gross national product adjusts GDP for net property income from abroad

1. TRUE

2. FALSE

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Q: A major cause of income inequality in the UK is trade union power

1. TRUE

2. FALSE

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Q: The substitution effect of a rise in the price of labour will...the quantity of labour and the output effect will...it

1. increase, increase

2. increase, reduce

3. reduce, reduce

4. reduce, increase

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Q: Comparing a monopoly and a competitive firm, the monopolist will...

1. produce less at a lower price

2. produce more at a lower price

3. produce less at a higher price

4. produce less at a lower price

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Q: If a firm is not operating at the output necessary to achieve all scale economies, it has not achieved its

1. Efficient scale

2. Average efficient scale

3. Maximum efficient scale

4. Minimum efficient scale

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Q: Which of the following costs remain constant as the output increases

1. Marginal cost

2. Average variable cost

3. Average fixed cost

4. Total variable cost

5. None of the above

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Q: Long-run AC curve is also called

1. Planning curve

2. Envelop curve

3. Cost frontier

4. All of the above

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Q: Factors of production can be

1. Land

2. Labour

3. Organisation

4. All of the above

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Q: All of the following are determinants of supply except

1. Price

2. Income levels

3. objectives of the firm

4. Level of technology

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Q: If a collusive agreement in a duopoly maximizes the industry's profit,

1. each firm must produce the same amount

2. the industry level of output is efficient

3. industry marginal revenue must equal industry marginal cost at the level of total output

4. total output will be greater than without collusion

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Q: A monopolistically competitive firm is like a monopoly firm insofar as

1. both face perfectly elastic demand

2. both earn an economic profit in the long run

3. both have MR curves that lie below their demand curves

4. neither is protected by high barriers to entry

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Q: The main cause of the operation of diminishing returns to scale is that

1. Internal and external economies < internal and external diseconomies

2. Internal and external economies > internal and external diseconomies

3. Internal and external economies = internal and external diseconomies

4. None of the above

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FAQ Economics for Manager exam quiz

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Economics for Manager exam quiz with answer

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