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Gillespie: Foundations of Economics

Unit 17

Instructions

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

To maximise sales revenue a firm should produce where:

Question 2

To maximise growth without making a loss a firm should produce the highest output where:

Question 3

Profit is measured by:

Question 4

When marginal revenue equals marginal cost:

Question 5

To be allocatively efficient a firm must produce where:

Question 6

To be productively efficient a firm must produce where:

Question 7

Normal profit occurs when:

Question 8

If the marginal revenue is positive:

Question 9

Companies in the private sector are owned by:

Question 10

An independent assessment of the impact of firm's activities on society is called a: