If a product is a vablen good ?

Related Mcqs:

1. A company is in the ________ stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product ?

   A. product development
   B. commercialization
   C. marketing strategy
   D. business analysis

2. If the total product of two workers is 80 and the total product of 3 workers is 90 then the average product of the third worker is ________ and the marginal product of the third worker is _________?

   A. 160; 270
   B. 10; 30
   C. 10; 3.33
   D. 30; 10

3. R&D and engineering first produce the product concept into a physical product during which of the following stages of the new product development process ?

   A. Concept development and testing
   B. Marketing strategy
   C. Business analysis
   D. Product development

4. The theory that states that a country has a comparative advantage in the production of a product if that country is relatively well endowed with inputs used intensively in the production of that product is the?

   A. Ricardo Malthus theorem
   B. Heckscher Ohlin theorem
   C. Lucas-Laffer theorem
   D. Friedman Samuelson theorem

5. Which trade theory contends that a country that initially develops and exports a new product may eventually become an importer of it and may no longer manufacture the product ?

   A. Theory of factor endowments
   B. Theory of overlapping demands
   C. Economies of scale theory
   D. Product life cycle theory

6. To adjust from Gross National Product to Net National Product ?

   A. Deduct depreciation
   B. Deduct indirect taxes
   C. Deduct subsidies
   D. Add inflation

7. If marginal product is below average product ?

   A. The total product will fall
   B. The average product will fall
   C. Average variable cost will fall
   D. Total revenue will fall

8. The total number of item that the company carries within its product lines refers to the ________ of the product mix?

   A. width
   B. depth
   C. length
   D. consistency

9. If a government uses barriers to foreign products such as biases against a foreign company’s bids or product standards that go against a foreign company’s product features the government is using ?

   A. Protectionism
   B. exchange controls
   C. exchange facilitators
   D. nontariff trade barriers

10. The formula for the marginal revenue product of labour (L is for labour, X is the product) is ?

    A. MPL + PX
    B. (MPL) (PX)
    C. PX/MPL
    D. MPL/PX