Scientific approach consists of: observation, economic analysis, statistical analysis,

experiment

What kind of elasticity doesn’t exist: equilibrium elasticity

Inputs that remain the same in the short run is called: all variants are false(variable,
marginal, cutputs)

What factor will not shift the supply curve to the right: producers expect a higher price for
their products in future

Production function does not depend on: all variants are false (combination of factors,
clative prices of factors of production, size of firms)

Demand is unitary elastic if the absolute value of the own price elasticity is: equal to 1

Point out the right statement: all variants are false (demand, tax burden)

Each point on the expansion path represents: a cost-minimizing combination of inputs

The cost of defining, monitoring, and enforcing property rights are termed: transaction costs

What isn’t attribute of pure monopoly: company is “pricetaker”

It is possible to depict how household expenditure on a particular good or service varies

with household income using: an Engel curve

An increase in demand is represented by: a rightward shifting in the demand curve

A “father” of macroeconomics is: John Keynes

In which countries does the command system exist: North Korea

The formula for demand is (15-2*P) and for supply is (3+P). If the price is equal 2: shortage

In a rising price environment, total revenue will increase if demand is: inelastic

A decrease in supply is represented by: a leftward shift in supply curve

Inputs that change with the change in output is called: all variants are false (outputs, fixed,
marginal)

Economics through microscope is: microeconomics

The formula for demand is (20-3*P) and for supply is (5+2*P). Calculate the equilibrium
quantity: 11
What kind of elasticity does not exist: income elasticity of supply

In a falling price environment, total revenue will remain unchanged if demand is: unitary
elastic

What is an advantage of traditional economic system: life is generally stable, predictable,

and continuous

A firm sells 70 units when the price is 6 but sells 80 units when the price falls to 4. The
demand for the product (midpoint method) is: relatively inelastic

If price decreases and demand is unitary elastic, then the total revenue will: remain
unchanged

If an income elasticity of demand for a particular product is between 0 and +1, then the
product falls into category of: normal necessities

On the production possibility frontier increases in the production of one product combines
with: decrease in production of another product

The percentage change in quantity demanded of the product A divided by the percentage
change in quantity demanded of the product B, is: cross price elasticity of demand

Point out the variant that is not classified as an input: profit

Production function does not depend on: profits

The rivalry among sellers (or buyers) on markets is: competition

The difference between the maximum acceptable price and the actual price, is: all variants
are false (consumer, producer, social)

Formula for demand is (30-2*P) and for supply is (10+2P). Calculate equilibrium quantity: 20

Point out the variant that is not a property of isoquant: an isoquant is upward sloping

The law of supply states that: the price and the quantity supplied of any product are
positively related