Economics Practice Test 71
Total Revenue and Price Elasticity of Demand Quiz PDF: Questions and Answers - 71
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Total Revenue & Price Elasticity of Demand Questions and Answers PDF Download: Quiz 71
MCQ 351: Total revenue is being computed by the multiplication of
- aggregate demand and aggregate supply
- isoquant and indifference curve
- price and quantity
- average revenue and marginal revenue
MCQ 352: The difference between the total amount that consumers are willing and able to pay and the amount they actually pay is known as
- producer surplus
- producer shortage
- consumer surplus
- consumer shortage
MCQ 353: If a member country complains about dumping by a non-member country to the European Union, then the European Councils conducts and investigation for
- 2 months
- 10 months
- 15 months
- quarterly
MCQ 354: A formal agreement between two or more companies or countries that agree on certain ideas and operate internationally is known as
- cartel
- dumping
- international cartel
- anti-dumping
MCQ 355: Trade is basically dependent on having a
- comparative disadvantage
- comparative advantage
- absolute disadvantage
- absolute advantage
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