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Test Questions for Management Principles

In: Business and Management

Submitted By deannaz
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MICROECONOMICS FALL2014

PRACTICE TEST QUESTIONS (Set 01.01)

1. What do economists mean when they say that the economy faces scarcity?
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.

2. Which of the following terms describes the next best alternative that must be sacrificed as a result of making a particular choice?
A. Microeconomics.
B. Macroeconomics.
C. Scarcity.
D. Opportunity costs.
E. The law of increasing costs.

3. (p. 12-13) All of the following except one are considered to be among the three fundamental questions in economics? Which one is the exception?
A. What to produce?
B. How much competition?
C. How to produce?
D. For whom?

4. (p. 7) All of the following except one are factors of production. Which is the exception?
A. Land.
B. Labour.
C. Capital.
D. Money.
E. Enterprise.

5. (p. 8) What are the payments made to the owners of land, labour, capital and enterprise respectively?
A. Rent, wages, dividends and profits.
B. Rent, wages, dividends and interest.
C. Rent, profits, wages and interest.
D. Rent, wages, interest and profits.
E. Rent, wages, profits and interest

6. (p. 7) All of the following except one are microeconomic statements. Which is the exception?
A. The price of wheat declined by 5% in Canada last year.
B. GDP increased by 1.8% in Canada last year.
C. The cost of production in the mining industry has recently declined.
D. The profits of The Canadian Corporation last year was $25 million.
E. The demand for Turbinado sugar is increasing.

7. (p. 33) All of the following, except one, is demand. Which is the exception
A. The quantities which consumers are

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