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Questions:

1. What are the characteristics of the expansion phase in the business cycle?
2. What is the peak phase in a business cycle?
3. During which phase of the business cycle is involuntary unemployment almost zero?
4. At what stage is the economy said to be overheated?
5. When does the cost of living increase in a business cycle?
6. Which phase of the business cycle experiences large-scale involuntary unemployment?
7. What is the severe form of recession called?
8. What is a typical feature of falling interest rates?
9. Which of the following is not a feature of a business cycle?
10. When does a boom end in a business cycle?
11. What happens at the trough of a business cycle?
12. Which industries are most affected by the business cycle?
13. What is a variable that moves later than aggregate economic activity called?
14. What do coincident indicators show in a business cycle?
15. Which is an example of a lagging indicator?
16. What effects does a high rate of investment bring?
17. Who described the trade cycle as a purely monetary phenomenon?
18. Who said that business cycles appear due to price fluctuations affecting output and employment?
19. Which businesses are closely linked to the rate of economic growth?
20. What happens when population growth exceeds economic growth?
21. What does managerial economics deal with?
22. Does managerial economics study only economic events?
23. Is managerial economics primarily a study of macro concepts?
24. Who defined managerial economics as the application of economic concepts to rational managerial decision-making?
25. What is a synonym for managerial economics?
26. Is managerial economics an application of economic theory to business management?
27. Under marginal utility analysis, how is utility assumed?
28. How may utility be defined?
29. Who stated that demand always requires a price to be meaningful?
30. On what principle is consumer surplus based?
31. Who introduced the marginal utility approach to demand?
32. Which assumption is not necessary for cardinal utility theory?
33. What type of analysis does Marshallian utility approach represent?
34. What is the shape of the indifference curve relative to the origin?
35. Where is the consumer in equilibrium on an indifference curve?
36. Which of the following is not a property of an indifference curve?
37. What does the indifference curve approach not assume?
38. Which property does an isoquant lack?
39. What are Giffen goods?
40. What does demand backed by purchasing power indicate in economics?
41. At what level is demand forecasting related to overall business conditions?
42. When is the change in demand exactly equal to the change in price?
43. Does fixed cost remain fixed per unit?
44. Which of the following is not a macroeconomic concept?
45. What does equilibrium mean in economics?
46. On what fundamental premise is deductive method based?
47. Which method moves from particular to general logic?
48. In a free market economy, what determines the allocation of resources?
49. What does the production function relate to?
50. What law governs short-run production function?
51. What law governs long-run production function?
52. On what principle is Cobb-Douglas production function based?
53. Does the quantity of output on an isoquant remain constant?
54. What tool measures the slope of an isoquant?
55. What is always the slope of an isoquant?
56. Who stated that increasing one factor in production reduces marginal and average productivity?
57. What happens to marginal productivity of a variable factor in the decreasing returns phase?
58. Which economic theories are based on diminishing returns?
59. Where does the point of inflection occur in the law of variable proportions?
60. When does average productivity fall below marginal productivity?
61. What happens in the third phase of the law of variable proportions?
62. What defines the stage of diminishing returns?
63. What is the concept of scale related to?
64. What is the main cause of increasing returns to scale according to Prof. Baumol?
65. Which type of economy is technical economy an example of?
66. What is the result of internal and external economies?
67. Which costs are most closely related to marginal costs?
68. What is the opportunity cost of a factor with specific use?
69. Which cost curve is not U-shaped?
70. What are costs that change with output variation called?
71. Where does the marginal cost curve cut the average cost curve?
72. Which curve's turning point comes first?
73. Where does a firm reach its shutdown point?
74. What does the long-run marginal cost curve intersect?
75. Which statement about long-run cost curves is correct?
76. What constitutes marginal revenue when additional units are sold?
77. When does a firm reach equilibrium?
78. Which factor dominates price determination in the very short period?
79. What is an essential condition of perfect competition?
80. Is a firm in a perfectly competitive market a price maker or taker?
81. What profit does a perfectly competitive firm earn in the long run?
82. How does the demand curve appear in a perfectly competitive market?
83. Where can a firm not determine price?
84. What determines if a firm continues operations under perfect competition?
85. What determines price under perfect competition?
86. Who stated that monopoly succeeds by restricting output?
87. What does the demand curve of a monopolist look like?
88. What condition exists in monopoly equilibrium?
89. Is pure monopoly found in real life, and what is the cross elasticity of demand?
90. Which firm aligns its demand curve with the industry's?
91. Which condition is not required for price discrimination?
92. In what market is product differentiation most important?
93. Is product differentiation a form of non-price competition?
94. What type of competition commonly exists under monopolistic competition?
95. Who introduced the concept of imperfect competition?
96. Which market is related to product differentiation?
97. Which condition is incompatible with oligopoly?
98. What market structure characterizes the cement industry?
99. What market structure does oligopoly belong to?
100. What does the term business cycle refer to?