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Quiz for the Unit Test III
1.   The wages of carpenters will tend to rise ifa.   The supply of carpenters fallsb.   Their productivity risesc.   The ...
2. The best explanation for the rise            in demand for labour from Dn to            DN1 is:                        ...
3. Disposbale in come isa.   Gross income before taxb.   Personal incomec.   Taxable incomed.   Personal income after taxe...
4. Which of the following is most       likely to lead to a fall in the savings       ratio?a.   An increase in taxesb.   ...
5. The supply curve on the left shows                         thatWage Rate                       a. Wages fall as the am...
6. The supply of labour to anoccupation will tend to rise when:a.   Promotion prospects improveb.   There are fewer perksc...
7. Which one of the following is the least likelyexplanation for the observed increase inconsumer spending on leisure good...
8. Which one of the following types of household is mostlikely to spend the highest proportion of its disposableincome?   ...
9. Which of the following is a non-economic reason whywomen may earn less than male employees?A.   They may be discriminat...
10. What has happened in the diagram to the            equilibrium wage and employment?Wage Rate                          ...
11. Personal borrowing has increased in many countries.    Which on of the following factors is the most likely    explana...
12. The savings ratio in an economy     measures;A.    Deposits in banks as proportion of total      savings.B.    Total s...
13. Disposable income will tend to rise if:a.   Indirect taxes are reducedb.   Interest rates are cutc.   Price inflation ...
14. Which of the following changes is most likely     to attract an increase in the supply of labour to     engineering pr...
15. Which one of the following can be defined as asecondary industry?A.   Insurance servicesB.   Coal miningC.   Paper mak...
16. Which one fo the following reasons will not helpexplain why small firms exist and survive?a.   Lack of financeb.   Con...
17. Which of the following is unlikely to raiseproductivity in a firm?a.   Training workers in new skillsb.   Performance ...
18. A firm employs 25 full-time employees. They produce 500tee-shirts each week. What is their average labour productivity...
19. Which of the following reasons can explain why a firmmay substitute capital for labour in production?a.   Wage fallb. ...
20. Which of the following mergers between two firms isan example of vertical integration?a. A bank and an insurance compa...
Output per      Total cost         Total                  week             ($)          Revenue ($)      A        1000    ...
24. Which of the following is a variable cost of production?A.   Purchase of component parts.B.   Insurance premiumsC.   L...
25. A firm A firm expands its scale of productionby investing in additional factory space andmachinery. What is the most l...
26. On the graph, what level of output represents                the beak-even point of production?            Total      ...
27. Average cost of producing 200 compact discs is:              Total output of     Total Costs              compact disc...
28. The fixed cost of productin are        Total output of   Total Costs        compact discs        0                 $ 1...
29. The variable cost of producing a    compact disc is;Total output of    Total Costscompact discs0                  $ 10...
30. If the company produces 500 compact discs and wanted tomake a $ 1400 profit from their sale, the price of each disc mu...
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Quiz for the unit test iii ex

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Quiz for the unit test iii ex

  1. 1. Quiz for the Unit Test III
  2. 2. 1. The wages of carpenters will tend to rise ifa. The supply of carpenters fallsb. Their productivity risesc. The price of wooden products fallsd. Demand for plastic products rises
  3. 3. 2. The best explanation for the rise in demand for labour from Dn to DN1 is: 1. A fall in wages 2. A fall in the price of the productWage rate they produce 3. An increase in unemployment 4. Increasing productivity of labour DN1 DN Quantity of labnour employed
  4. 4. 3. Disposbale in come isa. Gross income before taxb. Personal incomec. Taxable incomed. Personal income after taxes on income are deducted.
  5. 5. 4. Which of the following is most likely to lead to a fall in the savings ratio?a. An increase in taxesb. A cut in interest ratec. A cut in borrowingd. A fall in people’s propensity to consume
  6. 6. 5. The supply curve on the left shows  thatWage Rate a. Wages fall as the amount of labour Sn increases b. A rise in wages reduces the size of the working population c. After a certain level of wages labour chooses more leisure than work d. Supply rises as wages fall Quantity of labour employed per period
  7. 7. 6. The supply of labour to anoccupation will tend to rise when:a. Promotion prospects improveb. There are fewer perksc. Holiday entitlement is cutd. Unemployment benefit rises
  8. 8. 7. Which one of the following is the least likelyexplanation for the observed increase inconsumer spending on leisure goods and servicesover time in many countries?1. Increasing real disposable income per head.2. Consumers want healthier lifestyles3. Increasing levels of personal debt4. Increased Wealth
  9. 9. 8. Which one of the following types of household is mostlikely to spend the highest proportion of its disposableincome? a. High income, middle aged with no children b. Low income, young single parent with young children. c. Middle income, young children person, no children. d. High income, middle-aged couple with two grown-up children.
  10. 10. 9. Which of the following is a non-economic reason whywomen may earn less than male employees?A. They may be discriminated against.B. They undertake more part-time workC. Married women may be less mobile than menD. They take more career breaks to raise children
  11. 11. 10. What has happened in the diagram to the equilibrium wage and employment?Wage Rate a. Wages and employment have Sn1 Dn risen Sn b. Wages and employment have fallen c. Wages have risen; employment has fallen d. Wages have fallen; employment has risen. Quantity of labour per period
  12. 12. 11. Personal borrowing has increased in many countries. Which on of the following factors is the most likely explanation? A. Higher real interest rates. B. Reduced personal wealth. C. Increased availability of credit D. Increased public sector borrowing
  13. 13. 12. The savings ratio in an economy measures;A. Deposits in banks as proportion of total savings.B. Total savings as proportion of gross household incomeC. Long-term savings relative to total savings.D. Total savings as proportion of total disposable income
  14. 14. 13. Disposable income will tend to rise if:a. Indirect taxes are reducedb. Interest rates are cutc. Price inflation fallsd. Direct taxes are reduced
  15. 15. 14. Which of the following changes is most likely to attract an increase in the supply of labour to engineering professions?a. An increase in training requirementsb. An increase in holiday entitlementsc. An increase in contracted hours of workd. A cut in income taxes
  16. 16. 15. Which one of the following can be defined as asecondary industry?A. Insurance servicesB. Coal miningC. Paper makingD. Banking
  17. 17. 16. Which one fo the following reasons will not helpexplain why small firms exist and survive?a. Lack of financeb. Consumers lime personalized servicec. Government financial helpd. Low start-up costs
  18. 18. 17. Which of the following is unlikely to raiseproductivity in a firm?a. Training workers in new skillsb. Performance related payc. Investing in new equipmentd. Reducing overtime working
  19. 19. 18. A firm employs 25 full-time employees. They produce 500tee-shirts each week. What is their average labour productivity?a. 25b. 500c. 20d. 12500
  20. 20. 19. Which of the following reasons can explain why a firmmay substitute capital for labour in production?a. Wage fallb. The cost of borrowing risesc. Consumer demand risesd. The productivity of labour falls
  21. 21. 20. Which of the following mergers between two firms isan example of vertical integration?a. A bank and an insurance companyb. A car rental firm and a car makerc. A tin mine and a coal mined. A restaurant and a hot food take-away
  22. 22. Output per Total cost Total week ($) Revenue ($) A 1000 10000 13000 B 2000 16000 30000 C 3000 18000 42000 D 4000 28000 5600021.At what level of output is average cost at a minimum?22.At what level of output is average at a maximum?23. At what level of output is profit maximized
  23. 23. 24. Which of the following is a variable cost of production?A. Purchase of component parts.B. Insurance premiumsC. Loan repaymentsD. Computer repair costs
  24. 24. 25. A firm A firm expands its scale of productionby investing in additional factory space andmachinery. What is the most likely impact of thisdecision on costs? A. Variable costs will fall Fixed costs will rise Total costs will be unchanged Average costs will rise.
  25. 25. 26. On the graph, what level of output represents the beak-even point of production? Total Revenue Total RevenueCosts ($) Variable Cost Fixed Cost A B C D Output Per Period
  26. 26. 27. Average cost of producing 200 compact discs is: Total output of Total Costs compact discs 0 $ 100 100 $ 800 200 $ 1500 300 $ 2200 400 $ 2900 500 $ 3600 600 $ 4300 A. $7 B. $70 C. $7.5 D. $1500
  27. 27. 28. The fixed cost of productin are Total output of Total Costs compact discs 0 $ 100 100 $ 800 200 $ 1500 300 $ 2200 400 $ 2900 500 $ 3600 600 $ 4300A. $1 B. $10 C. $100 D. $800
  28. 28. 29. The variable cost of producing a compact disc is;Total output of Total Costscompact discs0 $ 100100 $ 800200 $ 1500300 $ 2200400 $ 2900500 $ 3600600 $ 4300 A. $ 7 B. $8 C. $ 7.5 D. $ 7.20
  29. 29. 30. If the company produces 500 compact discs and wanted tomake a $ 1400 profit from their sale, the price of each disc mustbe; Total output of Total Costs compact discs 0 $ 100 100 $ 800 200 $ 1500 300 $ 2200 400 $ 2900 500 $ 3600 600 $ 4300A. $5 B. $10 C. $2.8 D. $7.20

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