Economics - Practice Test | ExamPrepSheets

(A) Prestige goods

(B) Inferior goods

(C) Complementary goods

(D) Substitute goods

(B) Inferior goods

(A) Marginal cost is the minimum

(B) Average cost is the minimum

(C) Both marginal cost and average cost are equal

(D) Marginal cost is higher than average cost

(D) Marginal cost is higher than average cost

(A) less than the marginal productivity of labour

(B) more than the marginal productivity of labour

(C) equal to the marginal productivity of labour

(D) equal to the wages set by the trade unions

(A) less than the marginal productivity of labour

(A) $$frac{{M{U_x}}}{{M{U_y}}} > frac{{{P_x}}}{{{P_y}}}$$

(B) $$frac{{M{U_x}}}{{M{U_y}}} < frac{{{P_x}}}{{{P_y}}}$$

(C) $$frac{{M{U_x}}}{{M{U_y}}} = frac{{{P_x}}}{{{P_y}}}$$

(D) None of these

(C) $$frac{{M{U_x}}}{{M{U_y}}} = frac{{{P_x}}}{{{P_y}}}$$

(A) Wilingness to purchase

(B) Consent to purchase

(C) Ability to pay

(D) Willingness to buy on the basis of sufficient purchasing power and consent

(D) Willingness to buy on the basis of sufficient purchasing power and consent

Economics - Study Mode