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Economics 101: Principles of Microeconomics Final Exam

Free Practice Test Instructions:

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

Question 1 1. Which of the following forms mixed costs?

Question 2 2. y=a+bx, where a is the fixed cost and b is the variable cost and x is the number of units of activity, is the formula to calculate _____ costs.

Question 3 3. Which of the following BEST defines the functioning of traditional costing?

Question 4 4. Why does the following curve slope downwards in the long-term?

Question 5 5. Which of the following is NOT an example of consumer behavior?

Question 6 6. Why do governments try to understand consumer behavior on a macroeconomic level?

Question 7 7. What is the key trait of positive economic statements?

Question 8 8. Jim owns a small business and is interested in what future changes in both the domestic and international environment could bring to his company. He is also interested in how the change of certain factors may impact his business. What method should he use to assess his environment?

Question 9 9. Which of the following BEST describes vertical integration?

Question 10 10. Ron and a small group of his friends are starting a fast food company. They started by developing an arrangement with a much larger company. This agreement allows them to use the name, business process and products that have been successfully developed by the larger company. Which of the following terms BEST describes such an arrangement?

Question 11 11. Corporate officers are responsible for _____.

Question 12 12. Why do many companies try to use sandbagging to try and stall the acquisition process?

Question 13 13. Thomson Pharmaceuticals is constantly lowering prices, hoping to push their competitors out of the market. In the short-term, this is great for consumers as prices go down, but this practice is destroying the competitiveness of smaller producers. What is this practice called?

Question 14 14. A power company has the power to set the market price for a particular region without much competition. The company has a measure of corporate responsibility, is responsible for some form of public good and there is regulation in place which ensures that the company doesn't take advantage of its status, making both the government and consumers accept their existence. What is described in the above scenario?

Question 15 15. Railroads and water services are examples of _____.

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Economics 101: Principles of Microeconomics Final Free Practice Test Instructions

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

Economics 101: Principles of Microeconomics  /  Business Courses
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