1) Which determinant of price elasticity of supply refers to a firm's ability to increase production without raising costs, often seen during economic recessions? a) The level of stocks b) The degree of spare productive capacity c) The number of producers in the industry d) The ease and cost of factor substitution 2) What factor makes supply more price elastic in the long run compared to the short run? a) The ease of changing factor inputs b) The level of competition in the industry c) The amount of spare productive capacity d) The size of the firm's inventory stocks 3) m a) i b) t c) y 4) Which price and quantity combination represents the social optimum? a) P0 and Q1. b) P2 and Q1. c) P1 and Q0. d) P2 and Q0. 5) The following is the headline from the newspaper : “ Car drivers to pay higher taxes” what will result from an increased tax on cars ? a) reduced number of bus journeys b) increased employment in the car industry c) increased petrol (gas) sales d) reduced external costs of car use 6) A developer built some large houses in a rural area which poorer people could not afford. The houses destroyed an area of natural beauty. What type of market failure resulted from the development? a) inequality of income b) ignoring external cost c) lack of information d) price discrimination 7) What indicates the existence of external costs in an economy? a) Private costs of production are more than social benefits. b) Private costs of production are less than social costs. c) An international trade deficit has caused the country to be in debt. d) National companies have borrowed from foreign investors.

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