Economics 1 0.0 / 5 ? EconomicsEconomicsUniversityAll boards Created by: owenatkinson1Created on: 19-05-19 14:32 If administration and/or communication becomes more difficult and costly in a very large firm, this is an example of: Diseconomies of scale 1 of 20 A production possibility curve illustrates: maximum production of two outputs from a given resource input 2 of 20 In the event of excess supply over demand the price will: fall 3 of 20 Productive efficiency means: using production techniques that do not waste resources 4 of 20 As more and more units of a commodity are consumed, the extra (marginal) satisfaction or utility derived from each successive unit will tend to: decrease 5 of 20 In a demand function the relationship between price and quantity demanded for a normal good is: inverse 6 of 20 A shift of a demand curve could be caused by: a change in taste of fashion 7 of 20 Movement along the demand curve is caused by a change in price 8 of 20 'substitutes' are: goods which are bought as alternatives to the good in question 9 of 20 Opportunity cost is related to: forgone alternatives 10 of 20 A 'demand' schedule: sets out amounts demanded at various prices within a set time period 11 of 20 A marginal utility curve: shows the extra satisfaction from consumption of one more unit of good 12 of 20 In a supply function the relationship between the price and quantity supplied is direct 13 of 20 Profit is equal to? total revenue minus total cost 14 of 20 Choice is the fundamental problem of economics because: resources are scarce relative to wants 15 of 20 Fixed costs in the short run do not vary in direct proportion to output 16 of 20 The desire to buy a good backed by the ability to do so, is: effective demand 17 of 20 A shift of the supply curve to the left means: less is supplied for the corresponding prices 18 of 20 Economic goods are: those which are produced from scarce resources 19 of 20 The market mechanism tends to allocate economic resources: efficiently 20 of 20
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