Access over 20 million homework & study documents

ECO 561 Week 1 Individual Assignment - Knowledge Check - A+ Guide!

Content type
User Generated
Type
Exam Practice
Rating
Showing Page:
1/6
Revenue increases when
A.
producer surplus increases
B.
producer surplus decreases
C.
consumer surplus increases
D.
consumer surplus decreases
2.
An increase in the price of an inelastic good
A.
decreases revenues
B.
decreases the percentage change in quantity less than the percentage change in price
C.
increases revenues
D.
increases the percentage change in quantity more than the percentage change in price
3.
Price elasticity of Demand increases when
A.
the number of complementary goods decreases

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/6
B.
the number of substitute goods decreases
C.
people become more price sensitive over time
D.
people become less price sensitive over time
4.
The purpose of a market in a market system is to
A.
allow government to control what is sold
B.
set constraints between buyers and sellers
C.
bring buyers and sellers into contact
D.
allow an organization to set prices in relation to their products
5.
By specializing in the production of one good, a company is able to benefit from
economies of scale which increases its revenue. Which of the following is an attribute of
specialization?
A.
Reducing costs by creating a surplus
B.
Saving time by allowing a worker to focus on one task
C.

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/6

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 6 pages?
Access Now
Unformatted Attachment Preview
Top of Form Revenue increases when A. producer surplus increases B. producer surplus decreases C. consumer surplus increases D. consumer surplus decreases Bottom of Form Top of Form 2. An increase in the price of an inelastic good A. decreases revenues B. decreases the percentage change in quantity less than the percentage change in price C. increases revenues D. increases the percentage change in quantity more than the percentage change in price Bottom of Form Top of Form 3. Price elasticity of Demand increases when A. the number of complementary goods decreases B. the number of substitute goods decreases C. people become more price sensitive over time D. people become less price sensitive over time Bottom of Form Top of Form 4. The purpose of a market in a market system is to A. allow government to control what is sold B. set constraints between buyers and sellers C. bring buyers and sellers into contact D. allow an organization to set prices in relation to their products Bottom of Form Top of Form 5. By specializing in the production of one good, a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization? A. Reducing costs by creating a surplus B. Saving time by allowing a worker to focus on one task C. Encouraging workers to learn new skills D. Encouraging workers to learn a number of different skills Bottom of Form Top of Form 6. The market system promotes progress by A. creating incentive to ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Really great stuff, couldn't ask for more.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Documents