Question 5 (1 point)

Collusion: an agreement among firms to charge the same price or otherwise not to compete.

Question 5 options:

	True
	False

Question 6 (1 point)

'Consumption' is spending by households on goods and services, including spending on new houses.

Question 6 options:

	True
	False

Question 9 (1 point)

With Normals goods the demand increases as income rises and decreases as income falls.

Question 9 options:

	True
	False

Question 10 (1 point)

Microeconomics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.

Question 10 options:

	True
	False

Question 11 (1 point)

Gross domestic product (GDP) refers tothe market value of all final goods and services produced in a country during a period of time, typically one year.

Question 11 options:

	True
	False

Question 17 (1 point)

Principal-agent problem is a problem caused by an agent pursuing the agent's own interests rather than the interests of the principal who hired the agent.

Question 17 options:

	True
	False

Question 19 (1 point)

As per the economies of scale, the firm's long-run average costs falls as it increases the quantity of output it produces.

Question 19 options:

	True
	False

Question 22 (1 point)

If pizza is a normal good, the income effect of its price decreasing will cause you to consume more pizza.

Question 22 options:

	True
	False

Question 23 (1 point)

Net exports are the value of exports minus the value of imports.

Question 23 options:

	True
	False

Question 26 (1 point)

Microeconomics is the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.

Question 26 options:

	True
	False

Question 30 (1 point)

Increase in income increases demand if product is normal, decreases demand if product is inferior.

Question 30 options:

	True
	False

Question 32 (1 point)

Economies of scale is a the situation when a firm's long-run average costs fall as the firm increases output.

Question 32 options:

	True
	False

Question 33 (1 point)

Game theory is the study of how people make decisions in situations in which attaining their goals depends on their interactions with others.

Question 33 options:

	True
	False

Question 36 (1 point)

Fized costs are costs that change as output changes.

Question 36 options:

	True
	False

Question 38 (1 point)

Monopolistic competition is a market structure in which barriers to entry are low and many firms compete by selling similar, but not identical, products.

Question 38 options:

	True
	False