Entrance model exams / Economics model exam

A MR = MC

B P = MR

C P = ATC

D P = MC

A a market structure with a large number of small firms

B a market with only two firms

C a group of firms acting together to raise price, decrease output, and increase economic profit

D a market structure with a small number of large firms

A a perfectly competitive market

B a collusively protected market

C a monopoly market

D a monopolistically competitive market

A enter the industry, and demand will decrease for the original firms

B exit the industry, and demand will increase for the firms that remain

C enter the industry, and then will exit the industry

D exit the industry, and demand will decrease for the firms that remain

A no; is substantial

B many; equals zero

C no; equals zero

D many; is substantial

A Trade was commenced during the emperor Menelik for the first time

B Construction of Djibouti-Addis Ababa Railway gave impetus for the commencement of modern trade

C At the beginning, almost all of the modern shops were owned and run by foreign nationals

D During the Derg regime the whole trade system was managed by government

A more jobs opportunities

B providing goods and services that cannot be produced domestically

C diffusion of knowledge and culture

D specialized production of goods and services

A a sole producer of a good due to different factors

B it can produce the good more cheaply than others

C it produces the good most effectively and efficiently

D it has the least absolute advantage in production of the good than other

A physical quantities of the product

B unit of imported quantities of the product

C both quantities and values of the product

D price of the product