Economics difficult ones

In the following instances will total revenue decline?
A. Price rises and supply is elastic.
B. Price rises and supply is inelastic.
C. Price falls and demand is elastic.
D. Price rises and demand is elastic.

A given leftward shift in the supply curve of product x will increase equilibrium price to a greater extent the:
A. More inelastic the demand for the product.
B. Larger the elasticity of demand coefficient
C. more elastic the demand for the product.
D. More elastic the supply curve

Economic resources are also called:
A. Consumption goods.
B. Factors of production
C. units of money capital
D. Free girst of nature

A market demand is:
A. A vertical summation of individual demand curves
B. not responsive to change in tastes and preferences.
C. Determined solely by the number of buyers and sellers in the market.
D. A horizontal summation of individual demand curves

Which of the following best descrives the 'guiding function' of competitive prices?
A. The market system will always generate economic profits for firms that use the least costly production technology.
B. The market system can negotiate reallocations of resources that are appropriate to changes in consumer tastes, technology, and resource supplies.
C. Profitable industries tend to contract and unprofitable industries tend to expand.
D. When prices are in equilibrium, product shortages or surpluses cannot occur.

'For whom is a given mix of goods and services to be produced? In other words, how is the product to be distributed among people when such commoditites and services are available?' In a market economy, this problem is primarily resolved in the:
A. Public sector, through the mechanism of central planning.
B. Private sector, through the earning and spending of income.
C. Money market, through borrowing and saving by households and businesses.
D. Business sector, through the mechanism of advertising.

If competitive industry Y is incurring substantial losses, we can expect that in the long term, output will:
A. Expand, product price will fall, and losses will tend to dissapear.
B. Diminish, product price will rise, and losses will tend to disappear.
C. Expand, product price will rise, and losses will tend to disappear.
D. Diminish, product price will fall, and losses will increase.

Economic profits are:
A. Not a cost, because they cannot be calculated.
B. a cost, because they are really a part of wage costs.
C. A cost because they accrue to the entrepreneur
D. Not an economic cost because they need not be realised, in order for a business to acquire and retain entrepreneurial ability.

A given leftward shift in the supply curve of product X will increase equilibrium price to a greater extent the:
A. More inelastic the demand for the product.
B. More elastic the demand for the product.
C. More elastic the supply curve
D. Larger the elasticity of demand coefficient.

In which of the following instances will total revenue decline?
A. Price rises and demand is elastic.
B. Price rises and supply is elastic.
C. Price rises and supply is inelastic.
D. Price falls and demand is elastic.

Economic profits are calculated by subtracting:
A. Explicit costs from total revenue.
B. Implicit costs from total revenue.
C. Explicit and implicit costs from total revenue.
D. Implicit costs from normal profits.

A law of diminishing returns indicates that:
A. Because of economies and diseconomies of scale, a competitive firm's long-run average cost curve will be U-shaped.
B. The demand for goods produced by purely competitve industries is down sloping.
C. Beyond some point, the extra utility derived from additional units of a product will yield for the consumer smaller and smaller extra amounts of satisfaction.
D. As extra units of a variable resource are added to a fixed resource, the extra or marginal product will decline beyond some point.

Normal profit is:
A. Determined by subtracting explicit costs from total revenue.
B. The average profitability of an industry over the preceding years.
C. The return to the entrepreneur when economic profits are zero.
D. Determined by subtracting implicit costs from total revenue.