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Economics U1 MC

Economics U1 Multiple choice.

QuestionAnswer
The main economic objective of firms in a market economy is most likely to be the maximisation of profits.
Which one of the following is most likely to lead to greater labour productivity in an industry? An increase in capital investment in the industry
The existence of scarcity in an economy implies that individuals must make choices.
An increase in UK incomes leads to an increase in demand for holidays abroad and a decrease in demand for holidays in the UK. It can therefore be concluded that holidays in the UK are an inferior good while holidays abroad are a normal good
Which one of the following best describes the relationship between the demand for air travel and the demand for airline pilots? Derived demand
When money is used as a medium of exchange trade is likely to increase
A firm increases the size of its business. As a result, its average costs fall because of better utilisation of its factory and the lower cost of buying advertising space. The firm therefore experiences greater technical and marketing economies of scale.
Which one of the following statements about market failure is correct? The social benefits of some private goods exceed the private benefits.
A misallocation of resources is most likely to occur in monopoly if higher prices are charged than under competitive conditions.
A product has a price elasticity of demand of –0.5. If the price of this product increases by 10%, then total revenue will rise by less than 10%.
An inferior good always has negative income elasticity of demand
Which one of the following is most likely to be an example of the immobility of a factor of production? Workers’ unwillingness to change jobs.
Market failure arises when no account is taken of positive externalities in consumption
A government wishing to reduce firms’ carbon emissions through the use of pollution permits may fail to achieve such a reduction because permits issued to firms do not impose strict enough limits on their carbon emissions.
Created by: luked30
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