[{"id":214785,"question":"The opportunity cost of acquiring education is.","choices":[{"text":"Course fees","value":"A"},{"text":"Course fees and living expenses","value":"B"},{"text":"The earning foregone","value":"C"},{"text":"Course fees, living expenses and textbooks","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214784,"question":"Skilled labour is relatively scarce because.","choices":[{"text":"There are too few teachers","value":"A"},{"text":"Too few student places in higher education","value":"B"},{"text":"It is costly to acquire human capital","value":"C"},{"text":"Teachers salaries are too low","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214783,"question":"The most important source of wage differentiate are.","choices":[{"text":"Reginal variation","value":"A"},{"text":"Unionization","value":"B"},{"text":"Relative danger","value":"C"},{"text":"Skills","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214782,"question":"Human capital can be described as.","choices":[{"text":"The tools used by workers to entrances productivity","value":"A"},{"text":"a persons inherited abilities.","value":"B"},{"text":"The stock of expertise accumulated by a worker","value":"C"},{"text":"Education","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214781,"question":"Top footballers land to earn more than lecturers because.","choices":[{"text":"Footballers give more entertainment","value":"A"},{"text":"Lecturers are lazy","value":"B"},{"text":"The labour markets are imperfect","value":"C"},{"text":"Top footballers are relatively scarce in relation to lecturers","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214780,"question":"The participation rate in the labour force is affected by","choices":[{"text":"Higher real wages","value":"A"},{"text":"Lower fixed costs of working","value":"B"},{"text":"Lower non labor income","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214779,"question":"A profit maximizing firm will hire labor until _______ equal the","choices":[{"text":"Marginal revenue, marginal cost","value":"A"},{"text":"Long run marginal revenue, long run marginal cost","value":"B"},{"text":"Labour output ratio, capital output ratio","value":"C"},{"text":"Marginal cost of labour, marginal revenue product","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214778,"question":"A dominant strategy is.","choices":[{"text":"A winning strategy","value":"A"},{"text":"A losing strategy","value":"B"},{"text":"A players best strategy when moving fist","value":"C"},{"text":"a player's best strategy whatever the strategies adopted by rivals","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214777,"question":"In Nash equilibrium each player chooses the best strategy.","choices":[{"text":"Assuming other players move first.","value":"A"},{"text":"Dominated by the other players","value":"B"},{"text":"Given the strategies of other players","value":"C"},{"text":"That is a credible threat","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214776,"question":"The prisoners Dilemma Game demonstrates that.","choices":[{"text":"Players are better off to act independently","value":"A"},{"text":"Monopoly is better than competition","value":"B"},{"text":"People will always cheat","value":"C"},{"text":"Players are better off if they con operate","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214775,"question":"When a market is contestable , incumbent firms must.________ to avoid the entry of new competitors.","choices":[{"text":"Behave like competitive firms","value":"A"},{"text":"Agree to act together","value":"B"},{"text":"Differentiate their products","value":"C"},{"text":"Practice price discrimination","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214774,"question":"A natural monopoly has a declining ________ over a large range of output.","choices":[{"text":"Long run marginal cost","value":"A"},{"text":"Short run marginal cost","value":"B"},{"text":"Long run average cost","value":"C"},{"text":"Long run marginal cost","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214773,"question":"All of the following are types of imperfect competition except","choices":[{"text":"Monopolistic competition","value":"A"},{"text":"Oligopoly","value":"B"},{"text":"Monopoly","value":"C"},{"text":"Unfair competition","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214772,"question":"A monopoly may be self perpetuating because profits may be used for","choices":[{"text":"research","value":"A"},{"text":"Cost saving","value":"B"},{"text":"Technical advance","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214771,"question":"Perfect price discrimination means that every customer.","choices":[{"text":"Buys the same amount","value":"A"},{"text":"Pays the same price","value":"B"},{"text":"Pays what she thinks the product is worth","value":"C"},{"text":"Contributes the same revenue.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214770,"question":"Comparing a monopoly and a competitive firm the monopolist will.","choices":[{"text":"Produce less at a lower price","value":"A"},{"text":"Produce more at a lower price","value":"B"},{"text":"Produce less at a higher price","value":"C"},{"text":"Produce less at a lower price","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214769,"question":"A competitive firm produces a level of output at which.","choices":[{"text":"Price is greater than marginal cost","value":"A"},{"text":"Price equals marginal cost","value":"B"},{"text":"Price is less than marginal cost","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214768,"question":"A competitive firms demand curve is.","choices":[{"text":"Horizontal","value":"A"},{"text":"Vertical","value":"B"},{"text":"Down ward sloping","value":"C"},{"text":"Fairly elastic","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214767,"question":"For perfect competition ot work there must be","choices":[{"text":"Many buyers and sellers","value":"A"},{"text":"A standard product","value":"B"},{"text":"Free entry and exit","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214766,"question":"For a competitive firm its short run supply curve is ________ and its long run supply curve is.","choices":[{"text":"SMC , LMC","value":"A"},{"text":"SMC above SAVC, LMC above LAC","value":"B"},{"text":"SMC below SAVC, LMC above LAC","value":"C"},{"text":"SMC Below SAVC, LMC below LAC","value":"D"},{"value":"E"}],"correctAnswer":2}]