Week 8 - Kahoot Flashcards
1
Q
- An example of social cost is:
a) Input cost
b) Pollution
c) Accounting costs
d) Learning by doing
A
Answer: Pollution
2
Q
- Which of the following is NOT a characteristic of perfect competition?
a) Perfect competition
b) Small number of buyers and sellers
c) Free exit and entry
d) Product homogeneity
A
Answer: Small number of buyers and sellers
3
Q
- Which of the following is a barrier to entry?
a) Copyright
b) All of these
c) Patent
d) Start up costs are too extreme
A
Answer: All of these
4
Q
- T/F The law of one price is only true if the products are identical.
A
Answer: True
5
Q
- T/F Product homogenity just means that the items are identical or almost identical.
A
Answer: True
6
Q
- T/F If I am happy to come to class, there is no opportunity cost.
A
Answer: False
7
Q
- T/F Today businesses are responsible for all stakeholders, not just owners/investors and customers.
A
Answer: False
8
Q
- Technology in microeconomics means:
a) Social media
b) How inputs are combined to make outputs
c) Computers and soft wear
d) AI, robots
A
Answer: How inputs are combined to make outputs
9
Q
- Which of the following is NOT an input in jean making?
a) Customers
b) Machines
c) Electricity
d) Denim
A
Answer: Customers
10
Q
- _______ costs stay the same even if you don’t make any sales.
a) Variable
b) Accounting
c) Fixed
d) None of these
A
Answer: Fixed
