Podcast
Questions and Answers
Which market structure is characterized by a large number of firms, identical products, and ease of entry and exit?
Which market structure is characterized by a large number of firms, identical products, and ease of entry and exit?
- Oligopoly
- Monopoly
- Monopolistic competition
- Perfect competition (correct)
What is the concept that measures the responsiveness of quantity demanded to a change in price?
What is the concept that measures the responsiveness of quantity demanded to a change in price?
- Advertising elasticity of demand
- Cross elasticity of demand
- Income elasticity of demand
- Price elasticity of demand (correct)
What is the measurement method that calculates national income by summing up all expenditures in an economy?
What is the measurement method that calculates national income by summing up all expenditures in an economy?
- Business Cycles Method
- Expenditure Method (correct)
- Net Output Method
- Factor Income Method
What is the concept that measures the average change in prices received by producers for their output?
What is the concept that measures the average change in prices received by producers for their output?
Which production function exhibits constant returns to scale when the sum of the exponents of labor and capital is equal to 1?
Which production function exhibits constant returns to scale when the sum of the exponents of labor and capital is equal to 1?
Which market structure is characterized by a few large firms dominating the market and significant barriers to entry?
Which market structure is characterized by a few large firms dominating the market and significant barriers to entry?
What is the concept used to measure the average change in prices received by producers for their output?
What is the concept used to measure the average change in prices received by producers for their output?
What is the production function that exhibits diminishing marginal product of a factor as more of that factor is added while holding other factors constant?
What is the production function that exhibits diminishing marginal product of a factor as more of that factor is added while holding other factors constant?
Which concept measures the responsiveness of quantity demanded to a change in income?
Which concept measures the responsiveness of quantity demanded to a change in income?
What is the method used to calculate national income by summing up all expenditures in an economy?
What is the method used to calculate national income by summing up all expenditures in an economy?
