ECON 103 Midterm Quiz - Week 4

Quiz Submissions - Midterm Quiz - Week 4

 

Top of Form

Released: Jan 23, 2015 12:33 PM

Random Mid Term Exam

 

Question 1

 

1 / 1 point

Which is an example of the subsitution effect on demand?

   

a. the price of bread rises, so you buy less bread.

   

b.  The price of bread rises, so you buy more bread.

   

c. the price of bread rises, so you buy less bread and more dinner rolls.

   

d. the price of bread rises, but you buy the same amount of bread.

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Question 2

 

1 / 1 point

Which of these conditions does NOT characterize perfect competition?

   

a. a large number of buyers and sellers act independently.

   

b. firms produce identical products and are "price takers."

   

c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production.

   

d. individuals are motivated by self-interest, not societal welfare.

View Feedback

       

 

Question 3

 

1 / 1 point

Which of these factors does NOT affect the supply of shoes?

   

a. a change in the price of shoes.

   

b.A change in the cost of leather.

   

c. A government tax or subsidy on shoe production.

   

d. Lower costs of shoe-making equipment.

View Feedback

       

 

Question 4

 

1 / 1 point

Capitalist market systems

   

a. allow for substantial government ownership of key industries.

   

b. rely on market prices and individual decision-making to yield efficient outcomes.

   

c. do not allow a role of government in taxes and subsidies.

   

d. Is similar to socialism in that there is a gurantee that workers will have jobs.

View Feedback

       

 

Question 5

 

1 / 1 point

The law of demand states that

   

a.with an increase in the price, the quantity demanded increases.

   

b.with an increase in the price, the quantity demanded decreases.

   

c.quantity demanded does not change with any increase in price.

   

d. with an increase in price, demand decreases.

View Feedback

       

 

Question 6

 

1 / 1 point

An accountant describes profit as  __________ while an economist describes it as _______________.

   

a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost.

   

b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost.

   

c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost.

   

a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost.

View Feedback

       

 

Question 7

 

1 / 1 point

In the long-run, firms can

   

a.enter or exit an industry.

   

b.only hire more of only one input, such as labor.

   

c.continue to produce at a loss, while hoping for the recession to end.

   

d. none of the above.

View Feedback

       

 

Question 8

 

0 / 1 point

Which of the following is an example of allocative efficiency?

   

a. Consumers minimize their utility.

   

b.Consumers minimize production efficiency.

   

c. Producers maximize their costs of production.

   

d. In the long run, producers pay the least cost to produce their goods.

View Feedback

       

 

Question 9

 

1 / 1 point

Which of the following is an example of fixed costs for a business?

   

a.hourly wages.

   

b.cost of  business license.

   

c. fees for customer credit card charges.

   

d. gasoline for company vehicle.

View Feedback

       

 

Question 10

 

1 / 1 point

Which of these describes the marginal product of labor?

   

a. the total output of all workers.

   

b. the additional output after hiring one more worker and buying her the necessary tools and equipment.

   

c. the additional output after hiring one more worker.

   

d. the additional output after equipping workers with upgraded tools.

View Feedback

       

 

Question 11

 

1 / 1 point

Which of the following is an example of a change in the quantity demanded?

   

a. An increase in salary leads to increased spending on clothing.

   

b. A sale on shoes leads to higher purchases of shoes.

   

c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches.

   

d.An outbreak of e-coli in chicken leads to higher demand for beef.

View Feedback

       

 

Question 12

 

1 / 1 point

Which situation describes the increasing returns stage of the production function?

   

a.Hiring one more tailor results in three more suits produced per hour.

   

b. Hiring one more baker results in the same output because there is now less than one oven available per baker.

   

c.Buying one more office computer causes there to be more computers than workers.

   

d.Extending the workday results in more tired and less productive workers.

View Feedback

       

 

Question 13

 

1 / 1 point

The amount of pollution and the cost of pollution abatement are optimal when

   

a.  The marginal social benefit of production is less than the marginal social cost of production.

   

b.  The marginal social benefit of production equals the marginal social cost of production.

   

c.  The marginal social benefit of production exceeds the marginal social cost of production.

   

d.  The marginal social benefit of production equals the marginal  cost of production.

View Feedback

       

 

Question 14

 

1 / 1 point

An oligopoly is characterized by

   

a. A small number of buyers who collectively set a purchase price.

   

b.A large number of relatively small firms who collude on supply and price.

   

c.A small number of relatively large firms, each with substantial control of the market.

   

d.A single large firm that dominates the market and determines the market price.

View Feedback

       

 

Question 15

 

0 / 1 point

Which of these does NOT generate an externality?

   

a. A manufacturer buys a pollution permit and then emits carbon as a waste product.

   

b.A manufacturer dumps waste in a nearby river.

   

c. A smoker has a cigarette in a crowded restaurant.

   

d. An R&D firm receives a patent on life-saving cancer treatments.

View Feedback

       

 

Question 16

 

1 / 1 point

Monoplistic competition describes

   

a.  A market structure with a large number of relatively small competitors.

   

b.  Each firm has a large amount of control over supply and prices.

   

c. A small number of sellers coordinate products and prices.

   

d. A single firm dominates supply and determines prices.

View Feedback

       

 

Question 17

 

1 / 1 point

The tragedy of the commons

   

a. describes the gradual shift from individual to communal grazing rights.

   

b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention.

   

c.followed from excessive government interference in the maintenance of the commons.

   

d.occurred because no one person owned the commons, so no one had the incentive to take care of it.

View Feedback

       

 

Question 18

 

1 / 1 point

Markets are more efficient when information is perfect; an example is:

   

a. insider information on the release of a new block-buster drug.

   

b.  CARFAX reports that reveal the accident and repair history of a used car.

   

c. a fortune-tellers prediction of future interest rate movements.

   

d. a readily available archive of historical weather reports.

View Feedback

       

 

Question 19

 

1 / 1 point

If the supply of a product is inelastic, then 

 

   

a 25 percent change in price will lead to more than 25 percent change in quantity supplied.

 

   

a 25 percent change in price will lead to a 100 percent change in quantity supplied

 

   

a 25 percent change in price will lead to less than 25 percent change in quantity supplied

   

a 25 percent change in price will lead to a 25 percent change in income.

Question 20

 

1 / 1 point

           

The cost of going to college is a major expense for many of us.  What is often the largest opprtunity cost?

   

tuition at a state university

 

   

the foregone earnings (or leisure time) of the student

 

   

textbooks

   

transportation to and from class

Bottom of Form

 

Quiz Submissions - Midterm Quiz - Week 4

 

Top of Form

Released: Jan 23, 2015 12:33 PM

Random Mid Term Exam

 

Question 1

 

1 / 1 point

Which is an example of the subsitution effect on demand?

   

a. the price of bread rises, so you buy less bread.

   

b.  The price of bread rises, so you buy more bread.

   

c. the price of bread rises, so you buy less bread and more dinner rolls.

   

d. the price of bread rises, but you buy the same amount of bread.

View Feedback

       

 

Question 2

 

1 / 1 point

Which of these conditions does NOT characterize perfect competition?

   

a. a large number of buyers and sellers act independently.

   

b. firms produce identical products and are "price takers."

   

c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production.

   

d. individuals are motivated by self-interest, not societal welfare.

View Feedback

       

 

Question 3

 

1 / 1 point

Which of these factors does NOT affect the supply of shoes?

   

a. a change in the price of shoes.

   

b.A change in the cost of leather.

   

c. A government tax or subsidy on shoe production.

   

d. Lower costs of shoe-making equipment.

View Feedback

       

 

Question 4

 

1 / 1 point

Capitalist market systems

   

a. allow for substantial government ownership of key industries.

   

b. rely on market prices and individual decision-making to yield efficient outcomes.

   

c. do not allow a role of government in taxes and subsidies.

   

d. Is similar to socialism in that there is a gurantee that workers will have jobs.

View Feedback

       

 

Question 5

 

1 / 1 point

The law of demand states that

   

a.with an increase in the price, the quantity demanded increases.

   

b.with an increase in the price, the quantity demanded decreases.

   

c.quantity demanded does not change with any increase in price.

   

d. with an increase in price, demand decreases.

View Feedback

       

 

Question 6

 

1 / 1 point

An accountant describes profit as  __________ while an economist describes it as _______________.

   

a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost.

   

b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost.

   

c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost.

   

a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost.

View Feedback

       

 

Question 7

 

1 / 1 point

In the long-run, firms can

   

a.enter or exit an industry.

   

b.only hire more of only one input, such as labor.

   

c.continue to produce at a loss, while hoping for the recession to end.

   

d. none of the above.

View Feedback

       

 

Question 8

 

0 / 1 point

Which of the following is an example of allocative efficiency?

   

a. Consumers minimize their utility.

   

b.Consumers minimize production efficiency.

   

c. Producers maximize their costs of production.

   

d. In the long run, producers pay the least cost to produce their goods.

View Feedback

       

 

Question 9

 

1 / 1 point

Which of the following is an example of fixed costs for a business?

   

a.hourly wages.

   

b.cost of  business license.

   

c. fees for customer credit card charges.

   

d. gasoline for company vehicle.

View Feedback

       

 

Question 10

 

1 / 1 point

Which of these describes the marginal product of labor?

   

a. the total output of all workers.

   

b. the additional output after hiring one more worker and buying her the necessary tools and equipment.

   

c. the additional output after hiring one more worker.

   

d. the additional output after equipping workers with upgraded tools.

View Feedback

       

 

Question 11

 

1 / 1 point

Which of the following is an example of a change in the quantity demanded?

   

a. An increase in salary leads to increased spending on clothing.

   

b. A sale on shoes leads to higher purchases of shoes.

   

c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches.

   

d.An outbreak of e-coli in chicken leads to higher demand for beef.

View Feedback

       

 

Question 12

 

1 / 1 point

Which situation describes the increasing returns stage of the production function?

   

a.Hiring one more tailor results in three more suits produced per hour.

   

b. Hiring one more baker results in the same output because there is now less than one oven available per baker.

   

c.Buying one more office computer causes there to be more computers than workers.

   

d.Extending the workday results in more tired and less productive workers.

View Feedback

       

 

Question 13

 

1 / 1 point

The amount of pollution and the cost of pollution abatement are optimal when

   

a.  The marginal social benefit of production is less than the marginal social cost of production.

   

b.  The marginal social benefit of production equals the marginal social cost of production.

   

c.  The marginal social benefit of production exceeds the marginal social cost of production.

   

d.  The marginal social benefit of production equals the marginal  cost of production.

View Feedback

       

 

Question 14

 

1 / 1 point

An oligopoly is characterized by

   

a. A small number of buyers who collectively set a purchase price.

   

b.A large number of relatively small firms who collude on supply and price.

   

c.A small number of relatively large firms, each with substantial control of the market.

   

d.A single large firm that dominates the market and determines the market price.

View Feedback

       

 

Question 15

 

0 / 1 point

Which of these does NOT generate an externality?

   

a. A manufacturer buys a pollution permit and then emits carbon as a waste product.

   

b.A manufacturer dumps waste in a nearby river.

   

c. A smoker has a cigarette in a crowded restaurant.

   

d. An R&D firm receives a patent on life-saving cancer treatments.

View Feedback

       

 

Question 16

 

1 / 1 point

Monoplistic competition describes

   

a.  A market structure with a large number of relatively small competitors.

   

b.  Each firm has a large amount of control over supply and prices.

   

c. A small number of sellers coordinate products and prices.

   

d. A single firm dominates supply and determines prices.

View Feedback

       

 

Question 17

 

1 / 1 point

The tragedy of the commons

   

a. describes the gradual shift from individual to communal grazing rights.

   

b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention.

   

c.followed from excessive government interference in the maintenance of the commons.

   

d.occurred because no one person owned the commons, so no one had the incentive to take care of it.

View Feedback

       

 

Question 18

 

1 / 1 point

Markets are more efficient when information is perfect; an example is:

   

a. insider information on the release of a new block-buster drug.

   

b.  CARFAX reports that reveal the accident and repair history of a used car.

   

c. a fortune-tellers prediction of future interest rate movements.

   

d. a readily available archive of historical weather reports.

View Feedback

       

 

Question 19

 

1 / 1 point

If the supply of a product is inelastic, then 

 

   

a 25 percent change in price will lead to more than 25 percent change in quantity supplied.

 

   

a 25 percent change in price will lead to a 100 percent change in quantity supplied

 

   

a 25 percent change in price will lead to less than 25 percent change in quantity supplied

   

a 25 percent change in price will lead to a 25 percent change in income.

Question 20

 

1 / 1 point

           

The cost of going to college is a major expense for many of us.  What is often the largest opprtunity cost?

   

tuition at a state university

 

   

the foregone earnings (or leisure time) of the student

 

   

textbooks

   

transportation to and from class

Bottom of Form

 

Quiz Submissions - Midterm Quiz - Week 4

 

Top of Form

Released: Jan 23, 2015 12:33 PM

Random Mid Term Exam

 

Question 1

 

1 / 1 point

Which is an example of the subsitution effect on demand?

   

a. the price of bread rises, so you buy less bread.

   

b.  The price of bread rises, so you buy more bread.

   

c. the price of bread rises, so you buy less bread and more dinner rolls.

   

d. the price of bread rises, but you buy the same amount of bread.

View Feedback

       

 

Question 2

 

1 / 1 point

Which of these conditions does NOT characterize perfect competition?

   

a. a large number of buyers and sellers act independently.

   

b. firms produce identical products and are "price takers."

   

c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production.

   

d. individuals are motivated by self-interest, not societal welfare.

View Feedback

       

 

Question 3

 

1 / 1 point

Which of these factors does NOT affect the supply of shoes?

   

a. a change in the price of shoes.

   

b.A change in the cost of leather.

   

c. A government tax or subsidy on shoe production.

   

d. Lower costs of shoe-making equipment.

View Feedback

       

 

Question 4

 

1 / 1 point

Capitalist market systems

   

a. allow for substantial government ownership of key industries.

   

b. rely on market prices and individual decision-making to yield efficient outcomes.

   

c. do not allow a role of government in taxes and subsidies.

   

d. Is similar to socialism in that there is a gurantee that workers will have jobs.

View Feedback

       

 

Question 5

 

1 / 1 point

The law of demand states that

   

a.with an increase in the price, the quantity demanded increases.

   

b.with an increase in the price, the quantity demanded decreases.

   

c.quantity demanded does not change with any increase in price.

   

d. with an increase in price, demand decreases.

View Feedback

       

 

Question 6

 

1 / 1 point

An accountant describes profit as  __________ while an economist describes it as _______________.

   

a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost.

   

b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost.

   

c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost.

   

a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost.

View Feedback

       

 

Question 7

 

1 / 1 point

In the long-run, firms can

   

a.enter or exit an industry.

   

b.only hire more of only one input, such as labor.

   

c.continue to produce at a loss, while hoping for the recession to end.

   

d. none of the above.

View Feedback

       

 

Question 8

 

0 / 1 point

Which of the following is an example of allocative efficiency?

   

a. Consumers minimize their utility.

   

b.Consumers minimize production efficiency.

   

c. Producers maximize their costs of production.

   

d. In the long run, producers pay the least cost to produce their goods.

View Feedback

       

 

Question 9

 

1 / 1 point

Which of the following is an example of fixed costs for a business?

   

a.hourly wages.

   

b.cost of  business license.

   

c. fees for customer credit card charges.

   

d. gasoline for company vehicle.

View Feedback

       

 

Question 10

 

1 / 1 point

Which of these describes the marginal product of labor?

   

a. the total output of all workers.

   

b. the additional output after hiring one more worker and buying her the necessary tools and equipment.

   

c. the additional output after hiring one more worker.

   

d. the additional output after equipping workers with upgraded tools.

View Feedback

       

 

Question 11

 

1 / 1 point

Which of the following is an example of a change in the quantity demanded?

   

a. An increase in salary leads to increased spending on clothing.

   

b. A sale on shoes leads to higher purchases of shoes.

   

c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches.

   

d.An outbreak of e-coli in chicken leads to higher demand for beef.

View Feedback

       

 

Question 12

 

1 / 1 point

Which situation describes the increasing returns stage of the production function?

   

a.Hiring one more tailor results in three more suits produced per hour.

   

b. Hiring one more baker results in the same output because there is now less than one oven available per baker.

   

c.Buying one more office computer causes there to be more computers than workers.

   

d.Extending the workday results in more tired and less productive workers.

View Feedback

       

 

Question 13

 

1 / 1 point

The amount of pollution and the cost of pollution abatement are optimal when

   

a.  The marginal social benefit of production is less than the marginal social cost of production.

   

b.  The marginal social benefit of production equals the marginal social cost of production.

   

c.  The marginal social benefit of production exceeds the marginal social cost of production.

   

d.  The marginal social benefit of production equals the marginal  cost of production.

View Feedback

       

 

Question 14

 

1 / 1 point

An oligopoly is characterized by

   

a. A small number of buyers who collectively set a purchase price.

   

b.A large number of relatively small firms who collude on supply and price.

   

c.A small number of relatively large firms, each with substantial control of the market.

   

d.A single large firm that dominates the market and determines the market price.

View Feedback

       

 

Question 15

 

0 / 1 point

Which of these does NOT generate an externality?

   

a. A manufacturer buys a pollution permit and then emits carbon as a waste product.

   

b.A manufacturer dumps waste in a nearby river.

   

c. A smoker has a cigarette in a crowded restaurant.

   

d. An R&D firm receives a patent on life-saving cancer treatments.

View Feedback

       

 

Question 16

 

1 / 1 point

Monoplistic competition describes

   

a.  A market structure with a large number of relatively small competitors.

   

b.  Each firm has a large amount of control over supply and prices.

   

c. A small number of sellers coordinate products and prices.

   

d. A single firm dominates supply and determines prices.

View Feedback

       

 

Question 17

 

1 / 1 point

The tragedy of the commons

   

a. describes the gradual shift from individual to communal grazing rights.

   

b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention.

   

c.followed from excessive government interference in the maintenance of the commons.

   

d.occurred because no one person owned the commons, so no one had the incentive to take care of it.

View Feedback

       

 

Question 18

 

1 / 1 point

Markets are more efficient when information is perfect; an example is:

   

a. insider information on the release of a new block-buster drug.

   

b.  CARFAX reports that reveal the accident and repair history of a used car.

   

c. a fortune-tellers prediction of future interest rate movements.

   

d. a readily available archive of historical weather reports.

View Feedback

       

 

Question 19

 

1 / 1 point

If the supply of a product is inelastic, then 

 

   

a 25 percent change in price will lead to more than 25 percent change in quantity supplied.

 

   

a 25 percent change in price will lead to a 100 percent change in quantity supplied

 

   

a 25 percent change in price will lead to less than 25 percent change in quantity supplied

   

a 25 percent change in price will lead to a 25 percent change in income.

Question 20

 

1 / 1 point

           

The cost of going to college is a major expense for many of us.  What is often the largest opprtunity cost?

   

tuition at a state university

 

   

the foregone earnings (or leisure time) of the student

 

   

textbooks

   

transportation to and from class

Bottom of Form

 

Quiz Submissions - Midterm Quiz - Week 4 Quiz Submissions - Midterm Quiz - Week 4

   

Top of Form

Top of Form Top of Form

Released: Jan 23, 2015 12:33 PM Released: Jan 23, 2015 12:33 PM

Random Mid Term Exam

Random Mid Term Exam

Random Mid Term Exam

Random Mid Term Exam

Random Mid Term Exam

Random Mid Term Exam Random Mid Term Exam

       

Question 1

 

1 / 1 point

Question 1

 

1 / 1 point

Question 1

 

1 / 1 point

Question 1

 

1 / 1 point

Question 1

Question 1 Question 1 Question 1

   

1 / 1 point

1 / 1 point 1 / 1 point

Which is an example of the subsitution effect on demand? Which is an example of the subsitution effect on demand?

   

a. the price of bread rises, so you buy less bread.

   

b.  The price of bread rises, so you buy more bread.

   

c. the price of bread rises, so you buy less bread and more dinner rolls.

   

d. the price of bread rises, but you buy the same amount of bread.

View Feedback

       
   

a. the price of bread rises, so you buy less bread.

   

b.  The price of bread rises, so you buy more bread.

   

c. the price of bread rises, so you buy less bread and more dinner rolls.

   

d. the price of bread rises, but you buy the same amount of bread.

View Feedback

       
   

a. the price of bread rises, so you buy less bread.

       

a. the price of bread rises, so you buy less bread.

a. the price of bread rises, so you buy less bread. a. the price of bread rises, so you buy less bread.

   

b.  The price of bread rises, so you buy more bread.

       

b.  The price of bread rises, so you buy more bread.

b.  The price of bread rises, so you buy more bread. b.  The price of bread rises, so you buy more bread.

   

c. the price of bread rises, so you buy less bread and more dinner rolls.

       

c. the price of bread rises, so you buy less bread and more dinner rolls.

c. the price of bread rises, so you buy less bread and more dinner rolls. c. the price of bread rises, so you buy less bread and more dinner rolls.

   

d. the price of bread rises, but you buy the same amount of bread.

       

d. the price of bread rises, but you buy the same amount of bread.

d. the price of bread rises, but you buy the same amount of bread. d. the price of bread rises, but you buy the same amount of bread.

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Question 2

 

1 / 1 point

Question 2

 

1 / 1 point

Question 2

 

1 / 1 point

Question 2

 

1 / 1 point

Question 2

Question 2 Question 2 Question 2

   

1 / 1 point

1 / 1 point 1 / 1 point

Which of these conditions does NOT characterize perfect competition? Which of these conditions does NOT characterize perfect competition?

   

a. a large number of buyers and sellers act independently.

   

b. firms produce identical products and are "price takers."

   

c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production.

   

d. individuals are motivated by self-interest, not societal welfare.

View Feedback

       
   

a. a large number of buyers and sellers act independently.

   

b. firms produce identical products and are "price takers."

   

c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production.

   

d. individuals are motivated by self-interest, not societal welfare.

View Feedback

       
   

a. a large number of buyers and sellers act independently.

       

a. a large number of buyers and sellers act independently.

a. a large number of buyers and sellers act independently. a. a large number of buyers and sellers act independently.

   

b. firms produce identical products and are "price takers."

       

b. firms produce identical products and are "price takers."

b. firms produce identical products and are "price takers." b. firms produce identical products and are "price takers."

   

c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production.

       

c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production.

c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production. c.  information is "imperfect," allowing individuals or firms to pay more for products than their costs of production.

   

d. individuals are motivated by self-interest, not societal welfare.

       

d. individuals are motivated by self-interest, not societal welfare.

d. individuals are motivated by self-interest, not societal welfare. d. individuals are motivated by self-interest, not societal welfare.

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Question 3

 

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Question 3

 

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Question 3

 

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Question 3

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Which of these factors does NOT affect the supply of shoes? Which of these factors does NOT affect the supply of shoes?

   

a. a change in the price of shoes.

   

b.A change in the cost of leather.

   

c. A government tax or subsidy on shoe production.

   

d. Lower costs of shoe-making equipment.

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a. a change in the price of shoes.

   

b.A change in the cost of leather.

   

c. A government tax or subsidy on shoe production.

   

d. Lower costs of shoe-making equipment.

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a. a change in the price of shoes.

       

a. a change in the price of shoes.

a. a change in the price of shoes. a. a change in the price of shoes.

   

b.A change in the cost of leather.

       

b.A change in the cost of leather.

b.A change in the cost of leather. b.A change in the cost of leather.

   

c. A government tax or subsidy on shoe production.

       

c. A government tax or subsidy on shoe production.

c. A government tax or subsidy on shoe production. c. A government tax or subsidy on shoe production.

   

d. Lower costs of shoe-making equipment.

       

d. Lower costs of shoe-making equipment.

d. Lower costs of shoe-making equipment. d. Lower costs of shoe-making equipment.

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Question 4

 

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Question 4

 

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Capitalist market systems Capitalist market systems

   

a. allow for substantial government ownership of key industries.

   

b. rely on market prices and individual decision-making to yield efficient outcomes.

   

c. do not allow a role of government in taxes and subsidies.

   

d. Is similar to socialism in that there is a gurantee that workers will have jobs.

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a. allow for substantial government ownership of key industries.

   

b. rely on market prices and individual decision-making to yield efficient outcomes.

   

c. do not allow a role of government in taxes and subsidies.

   

d. Is similar to socialism in that there is a gurantee that workers will have jobs.

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a. allow for substantial government ownership of key industries.

       

a. allow for substantial government ownership of key industries.

a. allow for substantial government ownership of key industries. a. allow for substantial government ownership of key industries.

   

b. rely on market prices and individual decision-making to yield efficient outcomes.

       

b. rely on market prices and individual decision-making to yield efficient outcomes.

b. rely on market prices and individual decision-making to yield efficient outcomes. b. rely on market prices and individual decision-making to yield efficient outcomes.

   

c. do not allow a role of government in taxes and subsidies.

       

c. do not allow a role of government in taxes and subsidies.

c. do not allow a role of government in taxes and subsidies. c. do not allow a role of government in taxes and subsidies.

   

d. Is similar to socialism in that there is a gurantee that workers will have jobs.

       

d. Is similar to socialism in that there is a gurantee that workers will have jobs.

d. Is similar to socialism in that there is a gurantee that workers will have jobs. d. Is similar to socialism in that there is a gurantee that workers will have jobs.

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Question 5

 

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Question 5

 

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The law of demand states that The law of demand states that

   

a.with an increase in the price, the quantity demanded increases.

   

b.with an increase in the price, the quantity demanded decreases.

   

c.quantity demanded does not change with any increase in price.

   

d. with an increase in price, demand decreases.

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a.with an increase in the price, the quantity demanded increases.

   

b.with an increase in the price, the quantity demanded decreases.

   

c.quantity demanded does not change with any increase in price.

   

d. with an increase in price, demand decreases.

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a.with an increase in the price, the quantity demanded increases.

       

a.with an increase in the price, the quantity demanded increases.

a.with an increase in the price, the quantity demanded increases. a.with an increase in the price, the quantity demanded increases.

   

b.with an increase in the price, the quantity demanded decreases.

       

b.with an increase in the price, the quantity demanded decreases.

b.with an increase in the price, the quantity demanded decreases. b.with an increase in the price, the quantity demanded decreases.

   

c.quantity demanded does not change with any increase in price.

       

c.quantity demanded does not change with any increase in price.

c.quantity demanded does not change with any increase in price. c.quantity demanded does not change with any increase in price.

   

d. with an increase in price, demand decreases.

       

d. with an increase in price, demand decreases.

d. with an increase in price, demand decreases. d. with an increase in price, demand decreases.

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Question 6

 

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Question 6

 

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Question 6 Question 6 Question 6

   

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An accountant describes profit as  __________ while an economist describes it as _______________. An accountant describes profit as  __________ while an economist describes it as _______________.

   

a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost.

   

b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost.

   

c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost.

   

a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost.

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a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost.

   

b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost.

   

c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost.

   

a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost.

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a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost.

       

a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost.

a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost. a.  Total revenue minus total cost; total revenue minus total cost minus opportunity cost.

   

b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost.

       

b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost.

b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost. b.  Total revenue minus variable cost; total revenue minus variable cost minus opportunity cost.

   

c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost.

       

c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost.

c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost. c.  Total revenue minus fixed; total revenue minus fixed cost minus opportunity cost.

   

a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost.

       

a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost.

a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost. a.  Total revenue minus total cost minus opportunity cost; total revenue minus total cost.

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Question 7

 

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Question 7

 

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In the long-run, firms can In the long-run, firms can

   

a.enter or exit an industry.

   

b.only hire more of only one input, such as labor.

   

c.continue to produce at a loss, while hoping for the recession to end.

   

d. none of the above.

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a.enter or exit an industry.

   

b.only hire more of only one input, such as labor.

   

c.continue to produce at a loss, while hoping for the recession to end.

   

d. none of the above.

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a.enter or exit an industry.

       

a.enter or exit an industry.

a.enter or exit an industry. a.enter or exit an industry.

   

b.only hire more of only one input, such as labor.

       

b.only hire more of only one input, such as labor.

b.only hire more of only one input, such as labor. b.only hire more of only one input, such as labor.

   

c.continue to produce at a loss, while hoping for the recession to end.

       

c.continue to produce at a loss, while hoping for the recession to end.

c.continue to produce at a loss, while hoping for the recession to end. c.continue to produce at a loss, while hoping for the recession to end.

   

d. none of the above.

       

d. none of the above.

d. none of the above. d. none of the above.

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Question 8

 

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Question 8

 

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Which of the following is an example of allocative efficiency? Which of the following is an example of allocative efficiency?

   

a. Consumers minimize their utility.

   

b.Consumers minimize production efficiency.

   

c. Producers maximize their costs of production.

   

d. In the long run, producers pay the least cost to produce their goods.

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a. Consumers minimize their utility.

   

b.Consumers minimize production efficiency.

   

c. Producers maximize their costs of production.

   

d. In the long run, producers pay the least cost to produce their goods.

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a. Consumers minimize their utility.

       

a. Consumers minimize their utility.

a. Consumers minimize their utility. a. Consumers minimize their utility.

   

b.Consumers minimize production efficiency.

       

b.Consumers minimize production efficiency.

b.Consumers minimize production efficiency. b.Consumers minimize production efficiency.

   

c. Producers maximize their costs of production.

       

c. Producers maximize their costs of production.

c. Producers maximize their costs of production. c. Producers maximize their costs of production.

   

d. In the long run, producers pay the least cost to produce their goods.

       

d. In the long run, producers pay the least cost to produce their goods.

d. In the long run, producers pay the least cost to produce their goods. d. In the long run, producers pay the least cost to produce their goods.

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Question 9

 

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Question 9

 

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Question 9

 

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Question 9 Question 9 Question 9

   

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Which of the following is an example of fixed costs for a business? Which of the following is an example of fixed costs for a business?

   

a.hourly wages.

   

b.cost of  business license.

   

c. fees for customer credit card charges.

   

d. gasoline for company vehicle.

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a.hourly wages.

   

b.cost of  business license.

   

c. fees for customer credit card charges.

   

d. gasoline for company vehicle.

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a.hourly wages.

       

a.hourly wages.

a.hourly wages. a.hourly wages.

   

b.cost of  business license.

       

b.cost of  business license.

b.cost of  business license. b.cost of  business license.

   

c. fees for customer credit card charges.

       

c. fees for customer credit card charges.

c. fees for customer credit card charges. c. fees for customer credit card charges.

   

d. gasoline for company vehicle.

       

d. gasoline for company vehicle.

d. gasoline for company vehicle. d. gasoline for company vehicle.

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Question 10

 

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Question 10

 

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Question 10

 

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Question 10

 

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Question 10

Question 10 Question 10 Question 10

   

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Which of these describes the marginal product of labor? Which of these describes the marginal product of labor?

   

a. the total output of all workers.

   

b. the additional output after hiring one more worker and buying her the necessary tools and equipment.

   

c. the additional output after hiring one more worker.

   

d. the additional output after equipping workers with upgraded tools.

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a. the total output of all workers.

   

b. the additional output after hiring one more worker and buying her the necessary tools and equipment.

   

c. the additional output after hiring one more worker.

   

d. the additional output after equipping workers with upgraded tools.

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a. the total output of all workers.

       

a. the total output of all workers.

a. the total output of all workers. a. the total output of all workers.

   

b. the additional output after hiring one more worker and buying her the necessary tools and equipment.

       

b. the additional output after hiring one more worker and buying her the necessary tools and equipment.

b. the additional output after hiring one more worker and buying her the necessary tools and equipment. b. the additional output after hiring one more worker and buying her the necessary tools and equipment.

   

c. the additional output after hiring one more worker.

       

c. the additional output after hiring one more worker.

c. the additional output after hiring one more worker. c. the additional output after hiring one more worker.

   

d. the additional output after equipping workers with upgraded tools.

       

d. the additional output after equipping workers with upgraded tools.

d. the additional output after equipping workers with upgraded tools. d. the additional output after equipping workers with upgraded tools.

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Question 11

 

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Question 11

 

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Question 11 Question 11 Question 11

   

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Which of the following is an example of a change in the quantity demanded? Which of the following is an example of a change in the quantity demanded?

   

a. An increase in salary leads to increased spending on clothing.

   

b. A sale on shoes leads to higher purchases of shoes.

   

c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches.

   

d.An outbreak of e-coli in chicken leads to higher demand for beef.

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a. An increase in salary leads to increased spending on clothing.

   

b. A sale on shoes leads to higher purchases of shoes.

   

c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches.

   

d.An outbreak of e-coli in chicken leads to higher demand for beef.

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a. An increase in salary leads to increased spending on clothing.

       

a. An increase in salary leads to increased spending on clothing.

a. An increase in salary leads to increased spending on clothing. a. An increase in salary leads to increased spending on clothing.

   

b. A sale on shoes leads to higher purchases of shoes.

       

b. A sale on shoes leads to higher purchases of shoes.

b. A sale on shoes leads to higher purchases of shoes. b. A sale on shoes leads to higher purchases of shoes.

   

c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches.

       

c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches.

c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches. c.A rise in the price of peanut butter leads to higher demand for cheese sandwiches.

   

d.An outbreak of e-coli in chicken leads to higher demand for beef.

       

d.An outbreak of e-coli in chicken leads to higher demand for beef.

d.An outbreak of e-coli in chicken leads to higher demand for beef. d.An outbreak of e-coli in chicken leads to higher demand for beef.

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Question 12

 

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Question 12

 

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Question 12

 

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Question 12

 

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Question 12

Question 12 Question 12 Question 12

   

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Which situation describes the increasing returns stage of the production function? Which situation describes the increasing returns stage of the production function?

   

a.Hiring one more tailor results in three more suits produced per hour.

   

b. Hiring one more baker results in the same output because there is now less than one oven available per baker.

   

c.Buying one more office computer causes there to be more computers than workers.

   

d.Extending the workday results in more tired and less productive workers.

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a.Hiring one more tailor results in three more suits produced per hour.

   

b. Hiring one more baker results in the same output because there is now less than one oven available per baker.

   

c.Buying one more office computer causes there to be more computers than workers.

   

d.Extending the workday results in more tired and less productive workers.

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a.Hiring one more tailor results in three more suits produced per hour.

       

a.Hiring one more tailor results in three more suits produced per hour.

a.Hiring one more tailor results in three more suits produced per hour. a.Hiring one more tailor results in three more suits produced per hour.

   

b. Hiring one more baker results in the same output because there is now less than one oven available per baker.

       

b. Hiring one more baker results in the same output because there is now less than one oven available per baker.

b. Hiring one more baker results in the same output because there is now less than one oven available per baker. b. Hiring one more baker results in the same output because there is now less than one oven available per baker.

   

c.Buying one more office computer causes there to be more computers than workers.

       

c.Buying one more office computer causes there to be more computers than workers.

c.Buying one more office computer causes there to be more computers than workers. c.Buying one more office computer causes there to be more computers than workers.

   

d.Extending the workday results in more tired and less productive workers.

       

d.Extending the workday results in more tired and less productive workers.

d.Extending the workday results in more tired and less productive workers. d.Extending the workday results in more tired and less productive workers.

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Question 13

 

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Question 13

 

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Question 13

 

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Question 13 Question 13 Question 13

   

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The amount of pollution and the cost of pollution abatement are optimal when The amount of pollution and the cost of pollution abatement are optimal when

   

a.  The marginal social benefit of production is less than the marginal social cost of production.

   

b.  The marginal social benefit of production equals the marginal social cost of production.

   

c.  The marginal social benefit of production exceeds the marginal social cost of production.

   

d.  The marginal social benefit of production equals the marginal  cost of production.

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a.  The marginal social benefit of production is less than the marginal social cost of production.

   

b.  The marginal social benefit of production equals the marginal social cost of production.

   

c.  The marginal social benefit of production exceeds the marginal social cost of production.

   

d.  The marginal social benefit of production equals the marginal  cost of production.

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a.  The marginal social benefit of production is less than the marginal social cost of production.

       

a.  The marginal social benefit of production is less than the marginal social cost of production.

a.  The marginal social benefit of production is less than the marginal social cost of production. a.  The marginal social benefit of production is less than the marginal social cost of production.

   

b.  The marginal social benefit of production equals the marginal social cost of production.

       

b.  The marginal social benefit of production equals the marginal social cost of production.

b.  The marginal social benefit of production equals the marginal social cost of production. b.  The marginal social benefit of production equals the marginal social cost of production.

   

c.  The marginal social benefit of production exceeds the marginal social cost of production.

       

c.  The marginal social benefit of production exceeds the marginal social cost of production.

c.  The marginal social benefit of production exceeds the marginal social cost of production. c.  The marginal social benefit of production exceeds the marginal social cost of production.

   

d.  The marginal social benefit of production equals the marginal  cost of production.

       

d.  The marginal social benefit of production equals the marginal  cost of production.

d.  The marginal social benefit of production equals the marginal  cost of production. d.  The marginal social benefit of production equals the marginal  cost of production.

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Question 14

 

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Question 14

 

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Question 14

 

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Question 14

 

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Question 14

Question 14 Question 14 Question 14

   

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An oligopoly is characterized by An oligopoly is characterized by

   

a. A small number of buyers who collectively set a purchase price.

   

b.A large number of relatively small firms who collude on supply and price.

   

c.A small number of relatively large firms, each with substantial control of the market.

   

d.A single large firm that dominates the market and determines the market price.

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a. A small number of buyers who collectively set a purchase price.

   

b.A large number of relatively small firms who collude on supply and price.

   

c.A small number of relatively large firms, each with substantial control of the market.

   

d.A single large firm that dominates the market and determines the market price.

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a. A small number of buyers who collectively set a purchase price.

       

a. A small number of buyers who collectively set a purchase price.

a. A small number of buyers who collectively set a purchase price. a. A small number of buyers who collectively set a purchase price.

   

b.A large number of relatively small firms who collude on supply and price.

       

b.A large number of relatively small firms who collude on supply and price.

b.A large number of relatively small firms who collude on supply and price. b.A large number of relatively small firms who collude on supply and price.

   

c.A small number of relatively large firms, each with substantial control of the market.

       

c.A small number of relatively large firms, each with substantial control of the market.

c.A small number of relatively large firms, each with substantial control of the market. c.A small number of relatively large firms, each with substantial control of the market.

   

d.A single large firm that dominates the market and determines the market price.

       

d.A single large firm that dominates the market and determines the market price.

d.A single large firm that dominates the market and determines the market price. d.A single large firm that dominates the market and determines the market price.

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Question 15

 

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Question 15

 

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Which of these does NOT generate an externality? Which of these does NOT generate an externality?

   

a. A manufacturer buys a pollution permit and then emits carbon as a waste product.

   

b.A manufacturer dumps waste in a nearby river.

   

c. A smoker has a cigarette in a crowded restaurant.

   

d. An R&D firm receives a patent on life-saving cancer treatments.

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a. A manufacturer buys a pollution permit and then emits carbon as a waste product.

   

b.A manufacturer dumps waste in a nearby river.

   

c. A smoker has a cigarette in a crowded restaurant.

   

d. An R&D firm receives a patent on life-saving cancer treatments.

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a. A manufacturer buys a pollution permit and then emits carbon as a waste product.

       

a. A manufacturer buys a pollution permit and then emits carbon as a waste product.

a. A manufacturer buys a pollution permit and then emits carbon as a waste product. a. A manufacturer buys a pollution permit and then emits carbon as a waste product.

   

b.A manufacturer dumps waste in a nearby river.

       

b.A manufacturer dumps waste in a nearby river.

b.A manufacturer dumps waste in a nearby river. b.A manufacturer dumps waste in a nearby river.

   

c. A smoker has a cigarette in a crowded restaurant.

       

c. A smoker has a cigarette in a crowded restaurant.

c. A smoker has a cigarette in a crowded restaurant. c. A smoker has a cigarette in a crowded restaurant.

   

d. An R&D firm receives a patent on life-saving cancer treatments.

       

d. An R&D firm receives a patent on life-saving cancer treatments.

d. An R&D firm receives a patent on life-saving cancer treatments. d. An R&D firm receives a patent on life-saving cancer treatments.

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Question 16

 

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Question 16

 

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Question 16

 

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Question 16

 

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Question 16

Question 16 Question 16 Question 16

   

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Monoplistic competition describes Monoplistic competition describes

   

a.  A market structure with a large number of relatively small competitors.

   

b.  Each firm has a large amount of control over supply and prices.

   

c. A small number of sellers coordinate products and prices.

   

d. A single firm dominates supply and determines prices.

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a.  A market structure with a large number of relatively small competitors.

   

b.  Each firm has a large amount of control over supply and prices.

   

c. A small number of sellers coordinate products and prices.

   

d. A single firm dominates supply and determines prices.

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a.  A market structure with a large number of relatively small competitors.

       

a.  A market structure with a large number of relatively small competitors.

a.  A market structure with a large number of relatively small competitors. a.  A market structure with a large number of relatively small competitors.

   

b.  Each firm has a large amount of control over supply and prices.

       

b.  Each firm has a large amount of control over supply and prices.

b.  Each firm has a large amount of control over supply and prices. b.  Each firm has a large amount of control over supply and prices.

   

c. A small number of sellers coordinate products and prices.

       

c. A small number of sellers coordinate products and prices.

c. A small number of sellers coordinate products and prices. c. A small number of sellers coordinate products and prices.

   

d. A single firm dominates supply and determines prices.

       

d. A single firm dominates supply and determines prices.

d. A single firm dominates supply and determines prices. d. A single firm dominates supply and determines prices.

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Question 17

 

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Question 17

 

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Question 17

 

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Question 17

 

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Question 17

Question 17 Question 17 Question 17

   

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The tragedy of the commons The tragedy of the commons

   

a. describes the gradual shift from individual to communal grazing rights.

   

b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention.

   

c.followed from excessive government interference in the maintenance of the commons.

   

d.occurred because no one person owned the commons, so no one had the incentive to take care of it.

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a. describes the gradual shift from individual to communal grazing rights.

   

b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention.

   

c.followed from excessive government interference in the maintenance of the commons.

   

d.occurred because no one person owned the commons, so no one had the incentive to take care of it.

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a. describes the gradual shift from individual to communal grazing rights.

       

a. describes the gradual shift from individual to communal grazing rights.

a. describes the gradual shift from individual to communal grazing rights. a. describes the gradual shift from individual to communal grazing rights.

   

b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention.

       

b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention.

b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention. b.can be successfully solved by allowing individuals to follow their self-interest, without a need for government intevention.

   

c.followed from excessive government interference in the maintenance of the commons.

       

c.followed from excessive government interference in the maintenance of the commons.

c.followed from excessive government interference in the maintenance of the commons. c.followed from excessive government interference in the maintenance of the commons.

   

d.occurred because no one person owned the commons, so no one had the incentive to take care of it.

       

d.occurred because no one person owned the commons, so no one had the incentive to take care of it.

d.occurred because no one person owned the commons, so no one had the incentive to take care of it. d.occurred because no one person owned the commons, so no one had the incentive to take care of it.

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Question 18

 

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Question 18

 

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Question 18

 

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Question 18

 

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Question 18

Question 18 Question 18 Question 18

   

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Markets are more efficient when information is perfect; an example is: Markets are more efficient when information is perfect; an example is:

   

a. insider information on the release of a new block-buster drug.

   

b.  CARFAX reports that reveal the accident and repair history of a used car.

   

c. a fortune-tellers prediction of future interest rate movements.

   

d. a readily available archive of historical weather reports.

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a. insider information on the release of a new block-buster drug.

   

b.  CARFAX reports that reveal the accident and repair history of a used car.

   

c. a fortune-tellers prediction of future interest rate movements.

   

d. a readily available archive of historical weather reports.

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a. insider information on the release of a new block-buster drug.

       

a. insider information on the release of a new block-buster drug.

a. insider information on the release of a new block-buster drug. a. insider information on the release of a new block-buster drug.

   

b.  CARFAX reports that reveal the accident and repair history of a used car.

       

b.  CARFAX reports that reveal the accident and repair history of a used car.

b.  CARFAX reports that reveal the accident and repair history of a used car. b.  CARFAX reports that reveal the accident and repair history of a used car.

   

c. a fortune-tellers prediction of future interest rate movements.

       

c. a fortune-tellers prediction of future interest rate movements.

c. a fortune-tellers prediction of future interest rate movements. c. a fortune-tellers prediction of future interest rate movements.

   

d. a readily available archive of historical weather reports.

       

d. a readily available archive of historical weather reports.

d. a readily available archive of historical weather reports. d. a readily available archive of historical weather reports.

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Question 19

 

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Question 19

 

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Question 19

 

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Question 19

 

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Question 19

Question 19 Question 19 Question 19

   

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If the supply of a product is inelastic, then  If the supply of a product is inelastic, then 

   

   

a 25 percent change in price will lead to more than 25 percent change in quantity supplied.

 

   

a 25 percent change in price will lead to a 100 percent change in quantity supplied

 

   

a 25 percent change in price will lead to less than 25 percent change in quantity supplied

   

a 25 percent change in price will lead to a 25 percent change in income.

Question 20

 

1 / 1 point

           
   

a 25 percent change in price will lead to more than 25 percent change in quantity supplied.

 

   

a 25 percent change in price will lead to a 100 percent change in quantity supplied

 

   

a 25 percent change in price will lead to less than 25 percent change in quantity supplied

   

a 25 percent change in price will lead to a 25 percent change in income.

Question 20

 

1 / 1 point

           
   

a 25 percent change in price will lead to more than 25 percent change in quantity supplied.

 

       

a 25 percent change in price will lead to more than 25 percent change in quantity supplied.

 

a 25 percent change in price will lead to more than 25 percent change in quantity supplied. a 25 percent change in price will lead to more than 25 percent change in quantity supplied.

   

   

a 25 percent change in price will lead to a 100 percent change in quantity supplied

 

       

a 25 percent change in price will lead to a 100 percent change in quantity supplied

 

a 25 percent change in price will lead to a 100 percent change in quantity supplied a 25 percent change in price will lead to a 100 percent change in quantity supplied

   

   

a 25 percent change in price will lead to less than 25 percent change in quantity supplied

       

a 25 percent change in price will lead to less than 25 percent change in quantity supplied

a 25 percent change in price will lead to less than 25 percent change in quantity supplied a 25 percent change in price will lead to less than 25 percent change in quantity supplied

   

a 25 percent change in price will lead to a 25 percent change in income.

       

a 25 percent change in price will lead to a 25 percent change in income.

a 25 percent change in price will lead to a 25 percent change in income. a 25 percent change in price will lead to a 25 percent change in income.

Question 20

 

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Question 20

Question 20 Question 20 Question 20

   

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The cost of going to college is a major expense for many of us.  What is often the largest opprtunity cost? The cost of going to college is a major expense for many of us.  What is often the largest opprtunity cost?

   

tuition at a state university

 

   

the foregone earnings (or leisure time) of the student

 

   

textbooks

   

transportation to and from class

   

tuition at a state university

 

   

the foregone earnings (or leisure time) of the student

 

   

textbooks

   

transportation to and from class

   

tuition at a state university

 

       

tuition at a state university

 

tuition at a state university tuition at a state university

   

   

the foregone earnings (or leisure time) of the student

 

       

the foregone earnings (or leisure time) of the student

 

the foregone earnings (or leisure time) of the student the foregone earnings (or leisure time) of the student

   

   

textbooks

       

textbooks

textbooks textbooks

   

transportation to and from class

       

transportation to and from class

transportation to and from class transportation to and from class

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