Economics - Practice Test | ExamPrepSheets

(A) Adam Smith ⇔ The wealth of nations

(B) Canon ⇔ Funds

(C) Marshall ⇔ Principle of economics

(D) Robbins ⇔ Political economy

(B) Canon ⇔ Funds

(A) Total variable cost

(B) Both, total variable costs and total costs

(C) Total cost only

(D) Total fixed cost only

(A) Total variable cost

(A) Arithmetically

(B) Geometrically

(C) At constant rate

(D) None of the above

(B) Geometrically

(A) More than average cost

(B) Less than average cost

(C) Equal to average cost

(D) None of the above

(B) Less than average cost

(A) $${e_i} = frac{{{Q_1} - {Q_2}}}{{{P_1}}}$$

(B) $${e_i} = frac{{frac{{{Q_2} - {Q_1}}}{{{Q_1}}}}}{{frac{{{Y_2} - {Y_1}}}{{{Y_1}}}}}$$

(C) $${e_i} = frac{{{Q_2} - {Q_1}}}{{{Q_1}}} imes frac{{{Y_1}}}{{{Y_2} - y}} imes 100$$

(D) $${e_i} = frac{{{Y_1} - {Q_1}}}{{{Y_2} - {Q_2}}}$$

(B) $${e_i} = frac{{frac{{{Q_2} - {Q_1}}}{{{Q_1}}}}}{{frac{{{Y_2} - {Y_1}}}{{{Y_1}}}}}$$

Economics - Study Mode