Oxford University Press - Online Resource Centres

King: Economics

Chapter 07

Instructions

Answer the following questions and then press 'Submit' to get your score.

Question 1

Which of the following statements about profit maximization is true?

Question 2

Which of these statements about UK firms in 2009 is false? (Note: you do not need to learn these facts to understand any later material, but hopefully you will find them interesting.)

Question 3

Which of the following statements about firms is false?

Question 4

Which of the following statements about the principal-agent problem is false?

Question 5

Which of the following statements about types of market or industry is false?

Question 6

Which of the following statements about barriers to entry is false?

Question 7

Which of the following statements about firms in different types of market is false?

Question 8

Suppose you give up a job and use some savings to buy a small bus which you drive on a remote rural route. Which of the following costs of your firm is an explicit cost?

Question 9

To see whether a firm is making an economic profit, which of he following should be deducted from its revenue?

Question 10

Which of the following statements is false?