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Тест: CLEP -Micro Economics

Описание теста:
The Subject Examination in Principles of Microeconomics covers material usually taught in a one-semester undergraduate course in the principles of microeconomics. This aspect of economics deals with the principles of economics that apply to the behavior of groups, organizations, and individuals within the larger economic system. Questions on the exam require candidates to apply analytic techniques to hypothetical situations and to analyze and evaluate government policies on the basis of simple theoretical models. The exam emphasizes analytical capabilities rather than a factual understanding of United States institutions and policies.
The exam consists of approximately 80 multiple-choice questions to be answered in two separately timed 45-minute sections.
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A bicycle shop is planning on increasing the price of one of the bicycles it sells. The bicycle shop would hope that

In a perfectly competitive market in the short run, if the price of a firm's product is less than the minimum average variable cost , the firm will

The long-run equilibrium point occurs for a perfectly competitive firm at what point?

If purchasing an additional sewing machine would increase a firm's total revenue by more than it would increase a firm's total cost, then the firm should

In a perfectly competitive market which of the following is not true?

The difference between the short run and long run are

If an increase in the price of beef causes a decrease in the sales of chicken then

In the long run, a monopolistic competitor

The term opportunity costs refers to _______ in economics.

Which of the following causes an increase in demand?

A firms LAC curve decreases over a period of time because of

All of the following cost curves are U-shaped except

The term economic efficiency refers to

If total revenue rises when price rises, the demand curve is

The percentage change in price for a given percentage change in quantity equals

Price discrimination involves

For a monopoly the profit maximization point is where

Which of the following refers to microeconomics?

The intersection of a market demand curve and a market supply curve for a commodity determines

A demand schedule shows the relationship between the quantity demanded of a commodity over a given period of time and

A supply schedule shows the relationship between the quantity supplied over a given period of time and

An increase in demand results in which of the following changes in the commodity's equilibrium price and quantity?

Which of the following does not cause an increase in supply?

Which of the following does NOT cause an increase in demand?

The production-possibility curve shifts outward when

In economics the term opportunity cost refers to

A point inside the production possibility curve indicates

An improvement in production technology for a certain good leads to

The demand curve for cars is downward sloping because an increase in the price of cars leads to

If an increase in the price of good A cause a drop in demand for good B, then good B is

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