WEC13_MC_20'-23'

202310Q1. It is estimated that Japan's population of working age will fall from 65.3 million in 2017 to 60.8 million in 2025. Ceteris paribus, which one of the following might result from this fall in Japan's population of working age（）?

A、A decrease in job vacanciesB、An increase in the rate of unemploymentC、A decrease in immigration into JapanD、An increase in wage rates

202310Q2. In 2022 the Government of Canada updated its competition policy in order to increase market contestability. Ceteris paribus, which one of the following would increase market contestability（）?

A、An increase in legal costs to start a businessB、An increase in legislation to control mergersC、An increase in patent protectionD、An increase in regulatory capture

202310Q3. The diagram illustrates the profit-maximising output for a street food seller in Taiwan operating in a monopolistically competitive market.

Which one of the following can be deduced from this information（）?

A、The street food seller is operating at the short-run equilibrium outputB、The street food seller is operating at the long-run equilibrium outputC、The street food seller is operating at the productively efficient level of outputD、The street food seller is operating at the allocatively efficient level of output

202310Q4. Big Bazaar is a large grocery retailer in India. It faces a downward-sloping average revenue curve and is making supernormal profits. In 2022 rental costs increased by an average of 6.5%.

Ceteris paribus, which one of the following combinations indicates the impact of this increase in rental costs on Big Bazaar（）?

ABCD

202310Q5. The table shows the total costs of a shirt manufacturer at different levels of output.

Which one of the following is the average fixed cost if the shirt manufacturer is producing 10 000 shirts（）?

A、$5B、$6.67C、$10D、$20

202310Q6. In 2022 the average price of a standard cinema ticket in Johannesburg, South Africa, was R60 in the daytime and R105 in the evening. Which one of the following is the most likely reason for this price difference（）?

A、The demand for cinema tickets is more price inelastic in the daytime than in the eveningB、The demand for cinema tickets is more price elastic in the daytime than in the eveningC、The supply of cinema tickets is perfectly price elasticD、The supply of cinema tickets is more price elastic in the evening than in the daytime

202306Q1. In 2022 the entertainment production companies Sony Picture Networks India and Zee Entertainment Enterprises Ltd signed an agreement to merge.

Which one of the following best describes this type of merger（）?

A、Forward vertical integrationB、Backward vertical integrationC、Horizontal integrationD、Conglomerate integration

202306Q2. The diagram shows a long-run average cost curve for a firm.

Which one of the following must be true as output rises from Q1 to Q2（）?

A、Marginal costs are fallingB、There are economies of scaleC、Marginal costs are constantD、There are diseconomies of scale

202306Q3. A firm employs 50 workers in its factory. Each worker is paid a weekly wage of $1 500. To attract an additional worker the firm needs to raise the wage from $1 500 a week to $1 600 a week for each of its employees. Which one of the following is the marginal cost of employing the additional worker（）?

A、$100B、$6600C、$75000D、$81600

202306Q4. The diagram shows the equilibrium output of a profit-maximising firm operating in a perfectly competitive market.

Which one of the following can be deduced from this diagram（）?

ABCD

202306Q5. A German electricity company aims to maximise its total revenue. At which one of the following would total revenue be maximised（）?

A、The level of output at which marginal cost is equal to marginal revenueB、The level of output at which average variable cost is equal to marginal costC、The level of output at which average revenue is equal to zeroD、The level of output at which marginal revenue is equal to zero

202306Q6. A diamond mining company is considering whether to set up operations in Botswana. Which one of the following would be a barrier to entry into this industry（）?

A、High level of government subsidiesB、High sunk costsC、Low level of government regulationD、Low concentration ratio

202301Q1. The diagram shows a short-run marginal cost curve for a small café in Thailand.

Which one of the following is the reason why the MC curve slopes upwards from point X to point Y（）?

A、Decreasing returns to scaleB、Increasing fixed costsC、Diminishing returnsD、Diseconomies of scale

202301Q2. The output of a textile manufacturer based in Botswana is 30 000 units of clothing per month. The firm's total revenue is $78 000, its total costs are $57 800 and its total fixed costs are $30 800 per month. Which one of the following is the firm's average variable cost at this level of output（）?

A、$0.90B、$1.03C、$1.93D、$2.60

202301Q3. A survey conducted in 2021 found that 76% of US companies with factories in China were in the process of moving operations to other countries in southeast Asia. This would cause thousands of manufacturing workers in China to lose their jobs.

Which one of the following government measures is most likely to increase the occupational mobility of labour（）?

A、An increase in unemployment benefitsB、An increase in relocation grants for businessesC、An increase in training schemesD、An increase in the national minimum wage

202301Q4. The diagram shows the short-run cost and revenue curves for a profit maximising street food business in Sri Lanka.

Which one of the following can be deduced from this diagram（）?

A、The firm is dynamically efficientB、The firm is making normal profitC、The firm operates in a perfectly competitive marketD、The firm will shut-down in the short-run

202301Q5. A monopolist changes its objective from profit maximisation to sales volume maximisation. Which one of the following is the most likely impact of this decision（）?

A、A fall in the number of workers employed by the firmB、An increase in the price of the goodC、A fall in the firm's total fixed costsD、An increase in the firm's output

202301Q6. The elasticity of demand for agricultural workers in South Africa is estimated to be -0.3. Which one of the following is the most likely reason for this value of the elasticity of demand for labour（）?

A、Labour cannot be easily replaced by capitalB、Wage rates are relatively high in the agricultural industryC、Consumer demand for the final product is price elasticD、Productivity is relatively low in the agricultural industry

202210Q1. Patent protection makes it difficult for new firms to enter the pharmaceutical industry. Which one of the following is also a barrier to entry for new firms（）?

A、Predatory pricingB、Constant returns to scaleC、Low advertising costsD、High supernormal profits

202210Q2. The diagram shows the short-run profit-maximising equilibrium of a street food seller in Beijing.

Which one of the following can be deduced from the information provided（）?

A、The productively efficient level of output is being producedB、The allocatively inefficient level of output is being producedC、There would be an incentive for new firms to enter the marketD、Firms will always make supernormal profits in this market

202210Q3. From September 2019 to September 2021 the US labour force participation rate fell. Which one of the following is most likely to have caused this fall in the supply of labour（）?

A、An increase in benefit paymentsB、An increase in net migrationC、An increase in the wage rateD、An increase in productivity

202210Q4. A car manufacturer employs 40 engineers at a wage rate of $570 per week. To attract an additional worker, the car manufacturer must raise the wage rate for all engineers to $590 per week. What is the marginal cost of employing this additional worker（）?

A、$20B、$820C、$1390D、$24190

202210Q5. Between February 2020 and February 2021 approximately 65 000 businesses shut down in New Zealand. The majority of these closures were caused by a fall in revenue as a result of the global health crisis. Which one of the following would cause a firm to shut down in the short-run（）?

A、Average revenue is above its average total cost of productionB、Average revenue is below its average total cost of productionC、Average revenue is above its average variable cost of productionD、Average revenue is below its average variable cost of production

202210Q6. A monopolist decides to set its price at P3, as shown in the diagram.

Which one of the following business objectives is shown by this pricing decision（）?

A、Revenue maximisationB、Sales volume maximisationC、Profit maximisationD、Satisficing

202206Q1. Ceteris paribus, which one of the following would reduce the geographical mobility of labour within a country（）?

A、An increase in relocation grants paid by the governmentB、An increase in the costs of relocating from one region to anotherC、More accurate information about job opportunities in different locationsD、Similar average house prices in different regions of the country

202206Q2. The diagram shows the long-run equilibrium for a restaurant in Bangkok, Thailand, operating in a monopolistically competitive market.

Which one of the following can be deduced from the diagram（）?

A、The firm is producing the allocatively efficient level of output at price P1B、The firm will leave the industry if average costs fallC、The firm is producing the productively efficient level of output Q1D、The firm is making normal profit

202206Q3. The table shows the total costs of a battery manufacturer at different levels of output.

Which one of the following is the average variable cost at 300 units（）?

A、£15B、£27C、£29D、£44

202206Q4. The chart shows the market share, by revenue, for airlines operating domestic flights in the USA, February 2019-January 2020.

Which one of the following is the five-firm concentration ratio for airlines operating domestic flights in the USA（）?

A、66.9%B、73.3%C、77.9%D、78.8%

202206Q5. In January 2021 the UK Government set up a new national construction products regulator to ensure that homes are built from safe materials.

Which one of the following would limit the impact of government intervention in the housing market（）?

A、Perfect mobility of resourcesB、A flexible labour marketC、Perfect knowledge of the housing marketD、Regulatory capture

202206Q6. Prior to 2016 there was a competitive labour market for nurses in Argentina. Following the introduction of a universal healthcare system there is now a monopsony employer of nurses in the country.

Which one of the following combinations is the most likely impact of the introduction of this monopsonistic labour market（）?

ABCD

202201Q1. In 2020 the Turkish airline AtlasGlobal ceased its operations. Which one of the following will cause a firm to shut down in the short-run（）?

A、Average revenue was below marginal revenueB、Average revenue equalled marginal costC、Average revenue was below average variable costD、Average revenue equalled average cost

202201Q2. The diagram shows the short-run cost and revenue curves for a hairdresser operating in a monopolistically competitive market in Mumbai.

Which one of the following can be deduced from the diagram（）?

A、At output Q1 the firm is maximising its total revenueB、At output Q1 the firm is minimising its average costC、At output Q1 the firm is making normal profitD、At output Q1 the firm is making supernormal profit

202201Q3. The table shows the number of international subscribers for Netflix and its total revenue for Q4 in the years 2017 to 2020.

Which one of the following can be deduced from the table（）?

A、Average revenue was $32.62 in Q4 2017B、Average revenue was $29.70 in Q4 2018C、Average revenue was $32.72 in Q4 2019D、Average revenue was $30.07 in Q4 2020

202201Q4. Total revenue for American Airlines fell from $45.77 billion in 2019 to $17.34 billion in 2020. In response, American Airlines made 31 000 staff redundant.

Which one of the following was the most likely reason for these staff redundancies（）?

A、The number of airline passengers roseB、The derived demand for labour fellC、Government employment subsidies to airlines increasedD、Taxation on airline employees decreased

202201Q5. The diagram shows an increase in the minimum wage in British Columbia, Canada. In 2021 it rose from $14.60 to $15.20 per hour.

Which one of the following is the most likely impact of this increase in the minimum wage on shop assistants in the retail industry in British Columbia（）?

A、Unemployment would rise to Q1-Q4B、Unemployment would rise to Q2-Q3C、The demand for labour would extend from Q1 to Q2D、The supply of labour would contract from Q4 to Q3

202201Q6. A small fruit farm in Namibia is operating in a perfectly competitive market. Which of the following is true for such a firm in long-run equilibrium（）?

ABCD

202110Q1. In December 2020 Electronic Arts, an American video game producer, agreed to take over Codemasters, the producer of Formula One racing video games. Which one of the following is likely to be a benefit of this takeover for Electronic Arts（）?

A、An increase in contestability in the video games marketB、A decrease in total costs of productionC、An increase in competition in the video games marketD、A decrease in long-run average costs

202110Q2. The chart shows the market share for mobile virtual network operators (MVNOs) in Japan for 2019.

What was the five firm concentration ratio for MVNOs in Japan for 2019（）?

A、48.6%B、50.6%C、59.6%D、86.4%

202110Q3. The diagram shows the effect of the introduction of a national minimum wage on the labour market for agricultural workers in South Africa.

Which one of the following is the most likely impact of the introduction of the national minimum wage（）?

A、There will be N1 to N2 more agricultural workers employedB、There will be an extension of demand for agricultural workers from Y to UC、There will be a contraction of supply of agricultural workers from Y to VD、There will be N1N2 unemployed agricultural workers

202110Q4. The table shows the total costs of producing sports footwear by a firm in the USA.

Between which of the following outputs do diminishing returns start to set in（）?

A、1-2 unitsB、3-4 unitsC、5-6 unitsD、6-7 units

202110Q5. India's net migration was -2.7 million in 2017. This caused a decrease in the supply of labour. Which other factor would also cause a decrease in India's supply of labour（）?

A、An increase in the level of welfare benefitsB、A decrease in the productivity of labourC、An increase in the size of the populationD、A decrease in the price of capital

202110Q6. Which one of the following combinations best describes a profit-maximising firm operating in a monopolistically competitive market in the long-run（）?

ABCD

202106Q1. Mara Phone is a new smartphone developed by the African conglomerate, Mara Group. The business is aiming to grow its market share by maximising its sales.

Which one of the following conditions is necessary for Mara Group to maximise sales volume of this new phone without making a loss（）?

A、Marginal revenue equals marginal costB、Average revenue equals average costC、Marginal revenue equals zeroD、Average revenue equals marginal revenue

202106Q2. A Swedish company, Lantmännen, is an agricultural business owned by 25 000 farming partners.

Which one of the following is the best description of this type of business（）?

A、State-owned enterpriseB、Joint ventureC、ConglomerateD、Co-operative

202106Q3. Which one of the following diagrams illustrates a firm's average fixed cost curve（）?

ABCD

202106Q4. Which one of the following will influence the elasticity of demand for labour（）?

A、The size of the populationB、The level of welfare benefitsC、Labour costs as a percentage of total costsD、The rules determining the number of immigrants

202106Q5. The table shows a firm's total costs of producing textbooks.

What would be the average variable cost at an output of 4000 textbooks（）?

A、$0.75B、$1.00C、$3.25D、$4.50

202106Q6. A farm producing wheat is operating in a monopolistically competitive market.

Which one of the following will apply to this firm（）?

A、Allocative inefficiency in the long-runB、Productive efficiency in the short-runC、Supernormal profit in the long-runD、Allocative efficiency in the short-run

202101Q1. Between 2009 and 2019 real house prices in Sydney, Australia rose by 40%. This price increase was more than in any other part of Australia.

What might be the effect of this increase in house prices in Sydney on the mobility of labour（）?

A、A decrease in the geographical mobility of labourB、A decrease in the occupational mobility of labourC、An increase in the geographical mobility of labourD、An increase in the occupational mobility of labour

202101Q2. The chart shows the market share of smartphone companies in India in quarter 4, 2019.

What is the 4-firm concentration ratio（）?

A、67%B、79%C、80%D、87%

202101Q3. Hairdressing salons are assumed to operate under conditions of monopolistic competition. Which one of the following will be true for a hairdressing salon in long-run equilibrium（）?

A、It is productively efficientB、It makes supernormal profitC、It is allocatively efficientD、It makes normal profit

202101Q4. In 2017 the Centre for Economic Analysis estimated that the elasticity of supply of labour for car manufacturing in Poland was 1.3.

Which one of the following would have caused the elasticity of the supply of labour to become more elastic（）?

A、A fall in net migrationB、A rise in the level of welfare benefitsC、A fall in income tax ratesD、A rise in trade union membership

202101Q5. In March 2020 the Angolan Government announced that it was privatising three state-owned textile factories.

Which one of the following is the most likely effect of this privatisation（）?

A、A decrease in X-inefficiencyB、A decrease in productive efficiencyC、A decrease in consumer choiceD、A decrease in share ownership

202101Q6. The diagram shows a firm's total revenue as output increases.

Which one of the following best characterises such a firm（）?

ABCD

202010Q1. In 2018 the Competition and Markets Authority carried out an investigation into a proposed merger between two of the largest UK supermarket companies, Sainsbury's and Asda.

If approved, this type of merger would be an example of（）?

A、conglomerate integrationB、horizontal integrationC、backward vertical integrationD、forward vertical integration

202010Q2. The diagram shows a firm operating in a perfectly competitive market. The firm has the objective of profit maximisation. Which one of the following is true（）?

A、At a price of P1 the firm will shut down in the short-runB、At a price of P2 the firm will cover fixed costs and variable costsC、At a price of P3 the firm will shut down in the long-runD、At a price of P4 the firm will make supernormal profits

202010Q3. Which one of the following is most likely to cause the supply of engineers to the aerospace industry to be inelastic（）?

A、Jobs in the aerospace industry require a high level of skillB、Aerospace engineers are very responsive to changes in wage ratesC、The government provides support for training programmesD、There is a fall in demand for aerospace industry products

202010Q4. Which one of the following characteristics always applies to a highly contestable market（）?

A、There is a large number of small firmsB、There are high sunk costsC、There are low barriers to entryD、There is imperfect information

202010Q5. In 2019 the minimum wage rate in Spain was increased by 22%. If the elasticity demand for labour currently earning the minimum wage is -0.6, then the demand for these workers will（）?

A、rise by 13.2%B、fall by 13.2%C、rise by 36.7%D、fall by 36.7%

202010Q6. The diagram shows a competitive labour market.

Which one of the following would cause the increase in the wage rate from W to $W_1$ as shown in the diagram（）?

A、An increase in firms' costs of productionB、A decrease in the productivity of labourC、An increase in demand for the final productD、A decrease in net migration

202001Q1. In 2014 the Irish Government allowed private sector bus operators to bid for public transport contracts for the first time. This is an example of（）?

A、government failureB、trade liberalisationC、competitive tenderingD、regulation

202001Q2. The table shows the market share by value of retail sales of grocery stores in the UK.

7From the data it can be deduced that（）?

A、the 3-firm concentration ratio was 50.7% in March 2016B、the 5-firm concentration ratio was 87.3% in March 2016C、the 3-firm concentration ratio was 49.4% in March 2017D、the 5-firm concentration ratio was 76.6% in March 2017

202001Q3. In 2016 workers in the USA were changing jobs less frequently than at any time since the 1970s. Which one of the following can be deduced from the above information（）?

A、There had been a decrease in the skills of the workforceB、There had been a decrease in house prices and rentsC、There had been an increase in transferable skillsD、There had been an increase in the number of job vacancies

202001Q4. The diagram shows a long-run average cost curve for a firm.

Which one of the following must be true as output rises from point Q1 to point Q2（）?

A、There are diminishing returnsB、There are economies of scaleC、There are diseconomies of scaleD、There are falling total costs

202001Q5. A monopoly is operating at its revenue maximising output. Which one of the following is true（）?

A、Marginal revenue is equal to marginal costB、Average revenue is equal to average costC、Average fixed costs are risingD、Marginal revenue is zero

202001Q6. Which one of the following is most likely to cause the demand for labour to be elastic（）?

A、Labour costs form a high proportion of total costsB、Labour cannot be easily replaced by capitalC、Consumer demand for the final product is inelasticD、A long training period is needed once workers have been recruited

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