ECOB100_Test_4_A with ans

ECOB100_Test_4_A with ans - University of Macau Faculty of...

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1 ECOB100 Fourth Test A University of Macau Faculty of Social Sciences Department of Economics First Semester 2016/2017 ECOB100 Basic Microeconomics Fourth Test Date: 27 th / 28 th October, 2016 Student Number: Section Number: (Do NOT write your name) Instructions to examination: 1. Time allowed is 60 mins 2. No dictionary is allowed. 3. All your answers of question with multiple-choice should be filled in a separate answer sheet in pencil only. This paper consists of 14 pages (including this page)
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2 ECOB100 Fourth Test A 1) Which of the following costs are part of a firm's opportunity costs? I. costs for resources bought in markets II. costs for resources the firm owns III. costs for resources supplied by the owner A) I and II B) I and III C) I only D) I, II, and III 2) Which of the following are two components of the opportunity cost of using capital already owned by the firm? 3) The average return for supplying entrepreneurial ability is the entrepreneur's 4) A firm has achieved technological efficiency whenever it has 5) Which of the following is a CORRECT statement? A) Economic efficiency definitely occurs when a firm cannot increase production without using more resources. B) Technological efficiency depends on the costs of resources while economic efficiency depends on only production methods. C) Technological efficiency depends only on production methods, while economic efficiency depends on the costs of resources. D) all of the above 6) Under ________ there are many firms selling identical products.
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3 ECOB100 Fourth Test A 7) Which market type has characteristics as follows: large number of firms, differentiated product? 8) Coca Cola and Pepsi, which together account for about 85 percent of the soft drink market, are best described as being in
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