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Micro Economics revision 30/4/2025 OB Flashcards | StudBud
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Micro Economics revision 30/4/2025 OB
Micro Economics revision 30/4/2025 OB
20 terms
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Answers
1
latin word for the
rational consumer
mutatis mutandis
oeconomia
homo economicus
cetibus paribus
2
Mr Atkins Favourite Economist
Adam Smith
John Maynard Keynes
Amartya Sen
Karl Marx
3
which of these is
not
a benefit to
businesses
for a demerger
can focus on core activities
dispose of underperforming areas
eliminate diseconomies of scale
lower prices of goods means more disposable income
4
consumer goods
are used to produce other goods
True
False
5
what types of words would you typically find in a
positive statement
should
will
could
like
6
A** What is Eastarlin Paradox
the greatest economies in the world need more government influence than FM
the most effective way for economies to run is through shared rescources
nationalisation of industry can make them more efficient, less competition
Happiness rises with average incomes to a point, after marginal gains lower
7
Mr Atkins Favourite form of Government intervention
subsidies
price controls
taxation
information provision
8
Which Class member famously stated "This is the magic of the invisible hand" in a speech in 1776
Mac Smithson
Milly Forbes
Olly Blaney
James Thomas
9
What is the shut down point
MC= AR
MC= MR
MC= ATC
MC=AVC
10
what is
forwards vertical integration
merge with another firm in the Samy industry but different production stage
firm integrates with a firm further from the consumer
firm gets control of the supplier
firm integrates with a firm closer to the consumer
11
what is
symmetric
information
consumers have more information than producers
producers have more information than consumers
consumers and producers have perfect market information to make a decision
consumers + producers have imperfect market information to make a decision
12
Mr Atkins favourite economics theory
Keynesian
balanced budget multiplier
Prisoners Dilemma
Diseconomies of Scale
13
which of the following are characteristics of a
contestable market
low conumer loyalty
no sunk costs
no barriers to entry or exit
entrants have free access to technology
14
A** what is the Wage Efficiency Theory
Higher wages may not reduce firms profit a workers become more productive
Only those payed above national average wage will be productive during boom
higher wages increase production cost in the short run but not the long run
gradual wage increase is the most efficient way to increase productivity
15
Mr Atkins favourite Market
Oligopoly
Mixed
Monopolistic competition
Monopsony
16
which of the following is the best definition for
allocative efficiency
goods and services are produced as according to consumer preferences
goods and services are produced at their lowest possible cost
when firms don't minimise costs when they could
looking into the future to lower costs through innovation, research +growth
17
Mr Atkins favourite efficiency
dynamic
allocative
Pareto
productive
18
What is the YED for
inferior goods
=0
<0
>0
=1
19
best definition of
derived demand
when the demand for one good is linked with the demand for a related good
when a good has more than one use
the demand of one good happens due to the change in supply of another good
when goods are brought together, so their demand is the same
20
which of the following is
NOT
a characteristic of a perfect competition market
non homogenous products
very low barriers to entry
perfect knowledge
many buyers and sellers
