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ECONOMICS

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Джумадилова Ш.
Hello World
Quiz por Hello World, atualizado more than 1 year ago
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Resumo de Recurso

Questão 1

Questão
1. The scientific method can best be defined as
Responda
  • • the use of modern electronic testing equipment in understanding the world.
  • • the use of controlled experiments in understanding the way the world works.
  • • the dispassionate development and testing of theories about how the world works
  • • finding evidence to support preconceived theories about how the world works.

Questão 2

Questão
2. The use of theory and observation is more difficult in economics than in sciences such as physics due to
Responda
  • • The difficulty in actually performing an experiment in an economic system.
  • • The difficulty in devising an economic experiment.
  • • The difficulty in evaluating an economic experiment.
  • • All of the above.

Questão 3

Questão
3. Because it is difficult for economists to use experiments to generate economic data
Responda
  • • They do without.
  • • They make up the data.
  • • They ask policymakers to conduct experiments for them.
  • • They use whatever data the world gives them.

Questão 4

Questão
4. Economists make assumptions
Responda
  • • To diminish the chance of wrong answers.
  • • To make certain that all necessary variables are included.
  • • Because all scientists make assumptions.
  • • To make the world easier to understand.

Questão 5

Questão
5. If an economist develops a theory about international trade based on the assumption that there are only two countries and two goods.
Responda
  • • The theory can be useful only in situations involving two countries and two goods.
  • • It is a total waste of time, since the actual world has many countries trading many goods.
  • • The theory can be useful in helping economists understand the complex world of international trade involving many countries and many goods.
  • • The theory can be useful in the classroom, but has no use in the real world.

Questão 6

Questão
6. What would be the best statement about a theory based on assumptions which are not true?
Responda
  • • If the assumptions underlying the theory are not true, the theory must be false.
  • • The ideas may be good in theory, but not in practice.
  • • The theory is a good one if no logical mistakes were made in developing it.
  • • The theory is a good one if it helps to understand how the world works.

Questão 7

Questão
7. What is the goal of theories?
Responda
  • • To provide an interesting, but not useful, framework of analysis
  • • To help scientists understand how the world works.
  • • To provoke stimulating debate in scientific journals
  • • To demonstrate that the developer of the theory is capable of logical thinking

Questão 8

Questão
8. Economists use models in order to
Responda
  • • Lear how the economy works.
  • • Make their profession appear more precise.
  • • Make economics difficult for students.
  • • Make sure that all of the details of the economy are included in their analysis

Questão 9

Questão
9. A model
Responda
  • • Simplifies reality.
  • • Can explain how the economy is organized.
  • • Assumes away irrelevant details.
  • • All of the above

Questão 10

Questão
10. Economic models are usually composed of
Responda
  • • Plastic.
  • • Beautiful people.
  • • Assumptions only.
  • • Diagrams and equations.

Questão 11

Questão
11. Which of the following is the most accurate statement about economic models?
Responda
  • • Economic models attempt mirror reality exactly.
  • • Economic models are useful, but should not be used for policy- making.
  • • Economic models cannot be used in the real world because they omit details.
  • • Economic models omit many details to allow us to see what is truly important.

Questão 12

Questão
12. The foundation stones from which economic models are built are
Responda
  • • Economic policies.
  • • The legal system.
  • • Assumptions.
  • • Statistical forecasts.

Questão 13

Questão
13. A circular-flow diagram is
Responda
  • • A model that illustrates cost – benefit analysis.
  • • A model that explains how the economy is organized.
  • • A model that explains how banks circulate money in the economy.
  • • A model that shows the flow of traffic in an economic region.

Questão 14

Questão
14. Factors of production are
Responda
  • • Inputs into the production process.
  • • Weather, social, and political conditions that affect production.
  • • The physical relationships between economic inputs and outputs.
  • • The mathematical calculations firms make to determine production.

Questão 15

Questão
15. For a scientist, the decision of which assumption to make
Responda
  • • Is part art.
  • • Is the flip of a coin.
  • • Is almost impossible.
  • • Is the easiest part of the scientific method.

Questão 16

Questão
1.People who provide you with goods and services
Responda
  • Are acting out of generosity
  • Are acting because they like you
  • Are required to do so by government
  • Do so because they get something in return

Questão 17

Questão
2.A rancher can produce only hamburgers, and a farmer can produce only french fries. The rancher and the farmer both like both foods. They
Responda
  • cannot gain from trade.
  • could gain from trade under certain circumstances, but not always.
  • could gain from trade because each would enjoy a greater variety of food.
  • could gain from trade only if each were indifferent between hamburgers and french fries.

Questão 18

Questão
3.Without trade
Responda
  • a country’s production possibilities frontier is also its consumption possibilities frontier.
  • a country is better off because it will become self-sufficient.
  • a country can still benefit from international specialization.
  • more product variety is available in a country.

Questão 19

Questão
4. Which of the following is NOT correct?
Responda
  • Trade allows for specialization.
  • Trade is good for nations.
  • Trade is based on absolute advantage.
  • Trade allows individuals to consume outside of their individual production possibilities curve.

Questão 20

Questão
Refer to the tables shown. For the Farmer, the opportunity cost of 1 pound of meat is:
Image:
1 (image/jpeg)
Responda
  • 8 hours labor
  • 4 hours labor
  • 2 pounds potatoes
  • 1/2 pound potatoes

Questão 21

Questão
Refer to the tables shown. For the Rancher, the opportunity cost of 1 pound of meat is:
Image:
3,6 (image/jpeg)
Responda
  • 5 hours labor
  • 1 hour labor
  • ¼ pound of potatoes
  • 4 pounds potatoes

Questão 22

Questão
Refer to the tables shown. For the Farmer, the opportunity cost of 1 pound of potatoes is:
Image:
3,7 (image/jpeg)
Responda
  • 8 hours labor
  • 4 hour labor
  • 2 pound of meat
  • ½ pounds meat

Questão 23

Questão
Refer to the tables shown. For the Rancher, the opportunity cost of 1 pound of potatoes is:
Image:
3,8 (image/jpeg)
Responda
  • 4 hours labor
  • 2 hours labor
  • 1/4 pound of meat
  • 4 pounds meat

Questão 24

Questão
Refer to the tables shown. The Farmer has an absolute advantage in _____and the Rancher has an absolute advantage in_____.
Image:
3,9 (image/jpeg)
Responda
  • Meat, potatoes
  • Potatoes, meat
  • Meat, meat
  • Neither food, both goods

Questão 25

Questão
Refer to the tables shown. The Rancher has an absolute advantage in _____and the Farmer has a comparative advantage in_____.
Image:
3,10 (image/jpeg)
Responda
  • Both goods, meat
  • meat, neither good
  • Meat, potatoes
  • both goods, potatoes

Questão 26

Questão
11. A country’s consumption possibilities frontier can be outside its production possibilities frontier
Responda
  • With trade
  • By allocating resources differently
  • By producing a greater variety of goods and services
  • By lowering unemployment in the country

Questão 27

Questão
12. A production possibilities frontier will be linear and not bowed out if
Responda
  • a. no tradeoffs exist.
  • b. the tradeoff between the two goods is always at a constant rate.
  • c. unemployment is zero.
  • d. resources are allocated efficiently.

Questão 28

Questão
Refer to the tables shown. The Farmer has an absolute advantage in _____and the Rancher has a comparative advantage in_____.
Image:
3,13 (image/jpeg)
Responda
  • Meat, meat
  • Potatoes, potatoes
  • Neither good, potatoes
  • Neither good, meat

Questão 29

Questão
Refer to the tables shown. The Rancher has a comparative advantage in _____and the Farmer has a comparative advantage in_____.
Image:
3,14 (image/jpeg)
Responda
  • Potatoes, meat
  • Both goods, neither good
  • Meat, potatoes
  • Neither good, both goods

Questão 30

Questão
Refer to the tables shown. The Farmer and Rancher both could benefit by the Farmer specializing in ________and the Rancher specializing in_______.
Image:
3,15 (image/jpeg)
Responda
  • Meat, potatoes
  • Potatoes, meat
  • Neither good, meat
  • They cannot benefit by specialization and trade

Questão 31

Questão
16. Imports are
Responda
  • Goods produced abroad and sold domestically
  • People who work in foreign countries
  • Whatever is given up to obtain some item
  • An example of an economic model

Questão 32

Questão
17.Exports are
Responda
  • Goods produced domestically and sold abroad
  • A country’s ability to produce a good
  • A limit placed on the quantity of goods brought into a country

Questão 33

Questão
Which of the following are the words most commonly used by economists?
Responda
  • • Supply and demand
  • • Scarcity and human wants
  • • Entrepreneurial ability
  • • Prices and exchange

Questão 34

Questão
In a free market, who determines how much of a good will be sold and the price at which it is sold?
Responda
  • • Demanders
  • • Suppliers
  • • The government
  • • Both suppliers and demanders

Questão 35

Questão
A market is
Responda
  • • A place where only buyers come together
  • • A place where only sellers meet
  • • A group of demanders and suppliers of a particular good or service
  • • A group of people with common desires

Questão 36

Questão
Firms that sell their products in a competitive market have limited pricing power because
Responda
  • • Sellers have reason to charge more than their competitors
  • • Each buyer has a significant influence on the price of the product
  • • Other sellers are offering very similar products
  • • None of the above are correct

Questão 37

Questão
If a seller in a competitive market chooses to charge more than the market price, then
Responda
  • • Buyers will tend to make their purchases elsewhere
  • • The owners of the raw materials used in production would raise the prices for the raw materials
  • • Other sellers would also raise their price
  • • Buyers would tend to buy more from this seller

Questão 38

Questão
If buyers and/or sellers are price takers, then individually
Responda
  • • They can somewhat influence the market price
  • • They have ultimate control over market price
  • • Buyers will be able to find prices lower than those determined in the market
  • • They have no influence on market price because there are so many in the market

Questão 39

Questão
There are thousands of wheat farmers who produce and sell wheat and there are millions of consumers who use wheat and wheat products. The market for wheat would be considered
Responda
  • • Perfectly competitive
  • • Monopolistic
  • • Monopolistically competitive
  • • Oligopolistic

Questão 40

Questão
As a seller, you would be considered part of a perfectly competitive market if
Responda
  • • Your actions are quickly followed by competitors
  • • Your pricing has no impact on the amount you can sell
  • • Your actions essentially have no effect on the market price
  • • Increases in the price of your product have an impact on the market price

Questão 41

Questão
A market with many sellers offering similar but slightly different products is called
Responda
  • • A monopoly
  • • Oligopolistic
  • • Monopolistically competitive

Questão 42

Questão
If a seller is supplying a product that is slightly different than that of many close competitors and is able to charge a different price than competitors, then the seller
Responda
  • • Is a monopolist
  • • Is producing a homogeneous product
  • • Will eventually have to decrease the price
  • • Is participating in a monopolistically competitive market

Questão 43

Questão
Which of the following would NOT be a determinant of demand?
Responda
  • • Tastes
  • • The price of related goods
  • • Income
  • • The prices of the inputs used to produce the good

Questão 44

Questão
If a good is “normal”, then an increase in income will result in
Responda
  • • A decrease in the demand for the good
  • • No change in the demand for the good
  • • An increase in the demand for the good
  • • A lower market price

Questão 45

Questão
Suppose you like banana cream pie made with vanilla pudding. Assuming all other things are constant, you notice that the price of bananas is higher. How would your demand for vanilla pudding be affected by this?
Responda
  • • It would increase
  • • It would decrease
  • • It would be unaffected
  • • There is insufficient information given to answer the question

Questão 46

Questão
A higher for batteries would tend to
Responda
  • • Increase the demand for flashlights
  • • Decrease the demand for electricity
  • • Increase the demand for electricity
  • • Increase the demand for batteries

Questão 47

Questão
In general, elasticity is
Responda
  • • the friction that develops between buyer and seller in a market.
  • • a measure of how much government intervention is prevalent in a market.
  • • a measure of how much buyers and sellers respond to changes in market conditions.
  • • a measure of the competitive nature of a market.

Questão 48

Questão
Demand is said to be elastic
Responda
  • • if the price of the good responds substantially to changes in demand.
  • • if demand shiftssubstantially when the price of the good changes.
  • • if the quantity demanded responds substantially to changes in the price of the good.
  • • if buyers don’t respond much to changes in the price of the good.

Questão 49

Questão
Demand is said to be inelastic
Responda
  • • if the price of the good responds only slightly to changes in demand.
  • • if demand shiftsonly slightly when the price of the good changes.
  • • if buyers respond substantially to changes in the price of the good.
  • • if the quantity demanded changes only slightly when the price of the good changes.

Questão 50

Questão
If a good is a necessity, demand for the good would tend to be
Responda
  • • elastic.
  • • inelastic.
  • • unit elastic.
  • • horizontal.

Questão 51

Questão
If a good is a luxury, demand for the good would tend to be
Responda
  • • elastic.
  • • inelastic.
  • • unit elastic.
  • • horizontal.

Questão 52

Questão
If a person has very little concern for his/her health, demand for health care would tend to be
Responda
  • • elastic.
  • • inelastic.
  • • unit elastic.
  • • horizontal.

Questão 53

Questão
A person who lives to be on the sea in a boat would tend to have what type of demand for boats?
Responda
  • • elastic.
  • • inelastic.
  • • unit elastic.
  • • weak.

Questão 54

Questão
Demand for a good would tend to be more elastic
Responda
  • • the greater the availability of complements.
  • • the longer the period of time considered.
  • • the fewer substitutes there are.
  • • the broader the definition of the market .

Questão 55

Questão
If there are very few, if any, good substitutes for good A, then
Responda
  • • the demand for good A would tend to be price elastic.
  • • the supply of good A would tend to be price elastic.
  • • the demand for good A would tend to be price inelastic.
  • • the demand for good A would tend to beincome elastic.

Questão 56

Questão
The demand for a good tends to be more elastic
Responda
  • • the greater the availability of close substitutes.
  • • the narrower the definition of the market.
  • • the longer the period of time.
  • • All of the above are correct.

Questão 57

Questão
Economists compute the price elasticity of demand as
Responda
  • • the percentage change in the price divided by the percentage change in quantity demanded.
  • • the change in the quantity demanded divided by the change in price.
  • • the percentage change in the quantity demanded divided by the percentage change in price.
  • • the percentage change in the quantity demanded divided by the percentage change in income.

Questão 58

Questão
Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
Responda
  • • 1.
  • • 0.
  • • 6.
  • • Infinite.

Questão 59

Questão
Suppose the price of product X is reduced from $1.45 to $1.25 and, as a result, the quantity of X demanded increases from 2,000 to 2,200. Using the midpoint method, the price elasticity of demand for X in the given price range is
Responda
  • • 2.00.
  • • 1.00.
  • • 1.55.
  • • .64.

Questão 60

Questão
If the price elasticity of demand for a good is 4.0, then a 10 percent increase in price would result in a
Responda
  • • 4.0 percent decrease in the quantity demanded.
  • • 10 percent decrease in the quantity demanded.
  • • 40 percent decrease in the quantity demanded.
  • • 400 percent decrease in the quantity demanded.

Questão 61

Questão
The main reason for using the midpoint method is that it
Responda
  • • gives the same answer regardless of the direction of change.
  • • rounds prices to the nearest dollar.
  • • uses fewer numbers.
  • • rounds quantities to the nearest whole unit.

Questão 62

Questão
The local pizza restaurant makes such great bread sticks that consumers do not respond much to a change in the price. If the owner is only interested in increasing revenue, he should
Responda
  • • Raise the price of the bread sticks.
  • • lower the price of the bread sticks.
  • • Reduce costs.
  • • Leave the price of the bread sticks alone.

Questão 63

Questão
1) A legal maximum price at which a good can be sold is a
Responda
  • • price floor
  • • price stabilization
  • • price support
  • • price ceiling

Questão 64

Questão
• A legal minimum price at which a good can be sold is a
Responda
  • • price floor
  • • price stabilization
  • • price ceiling
  • • price cut

Questão 65

Questão
• If a price ceiling is not binding
Responda
  • • the equilibrium price is above the ceiling
  • • the equilibrium price is below the ceiling
  • • it has no legal enforcement mechanism
  • • people must voluntarily agree to abide by it

Questão 66

Questão
• A price ceiling which is not binding
Responda
  • • has no effect
  • • is a detriment to society
  • • will cause a shortage
  • • will cause a surplus

Questão 67

Questão
• In the figure shown, a binding price ceiling is shown in
Image:
6,5 (image/jpeg)
Responda
  • • panel (a)
  • • panel (b)
  • • both panel (a) and panel (b)
  • • neither panel (a) nor panel (b)

Questão 68

Questão
• In which panel(s) in the figure shown would there be a shortage for CDs at the market price?
Image:
6,6 (image/jpeg)
Responda
  • • panel (a)
  • • panel (b)
  • • both panel (a) and panel (b)
  • • neither panel (a) nor panel (b)

Questão 69

Questão
• If a price ceiling is a binding constraint on the market
Responda
  • • the equilibrium price must be below the price ceiling
  • • the equilibrium price must be above the price ceiling
  • • the forcesof supply and demand must be in equilibrium
  • • it will have no effecton supply or demand

Questão 70

Questão
• If a price ceiling is a binding constraint
Responda
  • • the actual price will be below the price ceiling
  • • the actual price will be above the price ceiling
  • • the equilibrium price will equal the price ceiling
  • • the actual price will be equal the price ceiling

Questão 71

Questão
• A binding price ceiling is imposed on the market for peaches. At the ceiling price,
Responda
  • • the quantity demanded of peaches will be greater than the quantity supplied
  • • the quantity demanded of peaches will be equal to the quantity supplied
  • • the quantity demanded of peaches will be smaller than the quantity supplied
  • • the quantity demanded of peaches will be artificiallyrestricted by the price ceiling

Questão 72

Questão
• A binding price ceiling in the computer market will cause
Responda
  • o a surplus of computers
  • o a shortage of computers
  • o an increase in the demand for computers
  • o quantity demanded of computers to be equal to quantity supplied

Questão 73

Questão
• A binding price ceiling will make it necessary to
Responda
  • o supply more of the product
  • o develop a way of rationing the product, because there will be a shortage
  • o develop a better marketing plan, because there will be a surplus
  • o increase demand for product, because there will be a surplus

Questão 74

Questão
• According to the graph shown, if the government imposes a binding price ceiling in this market at a price of $5.00, the result would be
Image:
6,12 (image/jpeg)
Responda
  • • a shortage of 30 units
  • • a shortage of 20 units
  • • a surplus of 40 units
  • • a surplus of 20 units

Questão 75

Questão
• According to the graph shown, a binding price ceiling would exist at a price of
Image:
6,13 (image/jpeg)
Responda
  • • $8.00
  • • $6.00
  • • $5.00

Questão 76

Questão
• According to the graph shown, a binding price floor would exist at a price of
Image:
6,14 (image/jpeg)
Responda
  • • $5.00
  • • $2.00
  • • $6.00
  • • none of the above

Questão 77

Questão
• Rationing by long lines
Responda
  • • is inefficient, because it wastes buyers’ time
  • • is efficient, because those who are willing to wait the longest get the goods
  • • is the only way scarce goods can be rationed
  • • is only necessary if price ceilings are not binding

Questão 78

Questão
• According to the law of supply,
Responda
  • • the supply curve slopes downward
  • • firms are willing to produce a greater quantity of a good when the price of the good is higher
  • • firms’ production levels are not correlated with the price of a good
  • • none of the above

Questão 79

Questão
Industrial organization is the study of
Responda
  • • How industries organize for political advantage
  • • Now firms’ decisions regarding prices and quantities depend on the market conditions they face
  • • How labor unions organize workers in industries
  • • How profitable firms are in organized industries

Questão 80

Questão
The amount of money that firms receives from the sale of its outputs is called
Responda
  • • Total revenue
  • • Total net profit
  • • Total gross profit
  • • Net revenue

Questão 81

Questão
The amount of money that a firm pays to buy inputs is called
Responda
  • • Total cost
  • • Variable cost
  • • Marginal cost
  • • Fixed cost

Questão 82

Questão
Profit defined as
Responda
  • • Net revenue minus depreciation
  • • Average revenue minus average total cost
  • • Marginal revenue minus marginal cost
  • • Total revenue minus total cost

Questão 83

Questão
Profit plus total cost equals
Responda
  • • Total revenue
  • • Not profit
  • • Operational profit
  • • Capital profit

Questão 84

Questão
Total revenue equals
Responda
  • • Total output multiplied by sales price of output
  • • Total output multiplied by the profit
  • • (total output multiplied by sales price) – inventory surplus
  • • (total output multiplied by sales price) – inventory shortage

Questão 85

Questão
Those things that must be forgone to acquire a good are called
Responda
  • • competitors
  • • substitutes
  • • opportunity cost
  • • explicit costs

Questão 86

Questão
XYZ corporation produced 300 units of output but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100. Each of the 275 units sold were sold for a price of $95. Total revenue for the XYZ corporations would be
Responda
  • • $30,000.
  • • $28,500.
  • • $26,125.
  • • -$3,875.

Questão 87

Questão
Opportunity costs are comprised of
Responda
  • • Explicit costs
  • • Implicit costs
  • • Forgone income.
  • • all of the above

Questão 88

Questão
Which of the following would be categorized as an opportunity cost? (i) Wages of workers (ii) Raw materials costs (iii) Forgone investment opportunities
Responda
  • • (i) and (iii)
  • • (iii) only
  • • (ii) and (iii)
  • • All the above

Questão 89

Questão
Which of the following is an implicit cost? (i) A business owner forgoing an opportunity to earn a large salary working for a wall street brokerage firm (ii) Interest on debt (iii) Uncollected revenue
Responda
  • • (i) only
  • • (ii) and (iii)
  • • (i) and (iii)
  • • All the above

Questão 90

Questão
An example of an implicit cost of production would be
Responda
  • • The cost of raw materials for producing bread in a bakery.
  • • The cost of a delivery truck in a business that rarely makes deliveries.
  • • The income an entrepreneur could have earned working for someone else.
  • • All of the above

Questão 91

Questão
To an economist, the field of industrial organization answers which of the following questions?
Responda
  • • How does the difference in the number of firms affect prices and efficiency of market outcomes?
  • • Why are consumers subject to the law of demand?
  • • Why do firms experience falling marginal product of labor?
  • • Why do firms consider production costs when determining product supply?

Questão 92

Questão
Assuming John owns a shoe-shine business, his accountant most likely includes which of the following costs on his financial statements?
Responda
  • • Cost of shoe polish
  • • Dividends John’s money was earning in the stock market before John sold his stock and bought a shoe-shine booth
  • • Wages John could earn washing windows
  • • All of the above

Questão 93

Questão
An important implicit cost of almost every business is
Responda
  • • The opportunity cost of financial capital that has been invested in the business
  • • The cost of accounting services
  • • The cost of compliance with government regulation
  • • The cost of debt

Questão 94

Questão
1. Monopolistic competition is characterized by which of the following attributes? (i) Many sellers (ii) Product differentiation (iii) barriers to entry
Responda
  • (i) and (iii) only
  • (i) and (ii) only
  • (ii) and (iii) only
  • All of the above

Questão 95

Questão
2. In a monopolistically competitive market structure each firm sells a good that is
Responda
  • Slightly different from goods sold be other firms
  • Produced at minimum average cost
  • Identical to other goods sold in the market
  • Produced at minimum marginal cost

Questão 96

Questão
3. In a monopolistically competitive industry, price is
Responda
  • Above marginal cost since each firm is a price setter
  • Equal to marginal cost since each firm is a price taker
  • Below marginal cost since each firm is a price setter
  • Always a fraction of marginal cost since each firm is a price setter.

Questão 97

Questão
4. Which of the following market structures is consistent with many sellers in the market place? (i) perfect competition (ii) monopolistic competition (iii) monopoly (iv) oligopoly
Responda
  • (i) only
  • both (i) and (ii)
  • (ii) only
  • all of the above

Questão 98

Questão
5. Which of the following market structures do not have barriers to entry that restrict firms from entering the market? (i) perfect competition (ii) monopolistic competition (iii) monopoly (iv) oligopoly
Responda
  • (i) only
  • (i) and (ii) only
  • (ii) and (iii) only
  • All of the above are correct.

Questão 99

Questão
6. A profit-maximizing firm in a monopolistically competitive market differs from a firm in a perfectly competitive market because the firm in the monopolistically competitive market
Responda
  • Faces a downward-sloping demand curve for its product
  • Faces a horizontal demand curve at the market clearing price
  • Is characterized by market share maximization
  • Has no barriers to entry

Questão 100

Questão
7. The profit-maximizing rule for a firm in a monopolistically competitive market is to select the quantity at which
Responda
  • Average revenue exceeds average total cost
  • Marginal revenue is equal to marginal cost
  • Average total cost is minimum
  • Average total cost is equal to marginal revenue

Questão 101

Questão
8. A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following?
Responda
  • Revenue is always maximized along with profit
  • Average revenue exceeds marginal revenue
  • Marginal revenue exceeds average revenue.
  • Average revenue is equal to marginal revenue.

Questão 102

Questão
9. Which of the following graphs would most likely represent profit-maximizing firm in a monopolistically competitive market?
Image:
8.9 (image/jpeg)
Responda
  • panel a
  • panel b

Questão 103

Questão
10. The firm depicted in panel b faces a horizontal demand curve. If panel b depicts a profit-maximizing firm,
Responda
  • • It would not be operating in a monopolistically competitive market
  • • It would not have excess capacity in its production as long as it is earning zero economic profit
  • • It is not able to choose the price at which it sells its product
  • • All the above

Questão 104

Questão
11. Product differentiation causes the seller of a good to face what type of demand curve?
Responda
  • • Horizontal
  • • Vertical
  • • Downward sloping
  • • Upward sloping

Questão 105

Questão
12. Which of the graphs shown would be consistent with a firm in a monopolistically competitive market that is minimizing its losses?
Responda
  • • Panel a
  • • Panel b
  • • Panel c
  • • Panel d

Questão 106

Questão
13. Free entry into a market drives economic profit to
Responda
  • • Zero
  • • The Nash equilibrium

Questão 107

Questão
1. Which of the following best describes the economy’s stock of equipment and structures?
Responda
  • Aggregate stock
  • Capital
  • Aggregate demand
  • Long term inventory

Questão 108

Questão
2. Rent, interest, and profit are all forms of income paid to the owners of
Responda
  • Land and capital
  • Long term inventory
  • Aggregate stock
  • Aggregate demand

Questão 109

Questão
3. For a computer software firm, capital could be thought of as (i) Wages paid to computer programmers. (ii) Computer equipment (iii) The interest earned by shareholders.
Responda
  • (i) Only
  • (i) and(iii)
  • (ii) Only
  • (ii) and(iii)

Questão 110

Questão
4. When a gas station sells gas, which of the following would qualify as capital? (i) The service attendants time (ii) The physical space on which the station exists (iii) The gas tanks and pumps
Responda
  • (i)only
  • (iii)only
  • (i)and(iii)
  • (ii)and(iii)

Questão 111

Questão
5. A firm’s demand for a factor of production is derived form its decision to supply a good in the market, therefore we call this type of demand
Responda
  • Derived demand
  • Supplied demand
  • Differentiated demand
  • Secondary demand

Questão 112

Questão
6. Labor markets are governed by the force(s) of
Responda
  • Supply and demand
  • Regulation and supply
  • Supply only
  • Demand only

Questão 113

Questão
7. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market. What type of market structure is most likely to characterize the fresh pacific salmon market?
Responda
  • Monopolist
  • Oligopolist
  • Perfect competitor
  • Monopolistic competitor

Questão 114

Questão
8. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
Responda
  • Hire more crew workers
  • Become a seller in the factor market
  • Reduce her demand for crew workers
  • Try to increase her catch to make up for lost revenue

Questão 115

Questão
9. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market. If Gertrude is a competitor in both the fresh pacific salmon market and the market for crew workers she is called a
Responda
  • Price taker in the salmon market and a wage setter in the crew market
  • Price taker in both markets
  • Price takerin the crew market and a price setter in the salmon market
  • Price setter in both markets

Questão 116

Questão
10. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market. If Gertrude is a price taker in the crew market, she has only to decide
Responda
  • The wage to pay the crew she hires
  • How many crew members to hire
  • The price of fish she will catch
  • The size of the boats others use to catch salmon

Questão 117

Questão
11. Gertrude Kelp owns thee boats that participate in commercial fishing for fresh pacific salmon off the coast of Alaska. As part of her business the hires a captain and several crew members for each boat. In the market for fresh pacific salmon, Gertrude is one of thousands of fisher-persons. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market. Labor market theory assumes that Gertrude’s demand for crew workers and her supply of fresh pacific salmon results from
Responda
  • Her intrinsic desire to hire crew members
  • Her primary goal of maximizing profit
  • Altruistic motives to provide fresh salmon to consumers
  • All of the above

Questão 118

Questão
12. When a firm is a profit maximizer
Responda
  • It is driven to produce as much of its product as possible
  • It does not care directly about the number of workers it hires
  • It will measure its success by the number of employees it has
  • Its revenue will always be maximized as well

Questão 119

Questão
1. Macroeconomics is
Responda
  • • The study of market regulation.
  • • The study of economy-wide phenomena.
  • • The study of how households and firms make decisions and how they interact .
  • • The study of money and financial markets.

Questão 120

Questão
2. Statistics such as GDP, the unemployment rate, the rate of inflation, and the trade balance are
Responda
  • • Microeconomic, since they affect individual households and firms.
  • • Both microeconomic and macroeconomic.
  • • Macroeconomic, since they tell us something about the economy as a whole.
  • • Neither macroeconomic nor microeconomic.

Questão 121

Questão
3. The goal of macroeconomics is
Responda
  • • To explain the economic changes that affect a particular household, firm, or market.
  • • To explain the economic changes that affect many households, firms, and markets at once.
  • • To devise policies to deal with market failures such as monopoly, externalities, common resources, and public goods.
  • • All of the above.

Questão 122

Questão
4. Gross Domestic Product measures
Responda
  • • The total income of everyone in the economy.
  • • The total expenditure on the economy’s output of goods and services.
  • • Both a and b.
  • • Neither a nor b.

Questão 123

Questão
5. For the economy as a whole
Responda
  • • Income must equal expenditure.
  • • Expenditure exceeds income because of taxes.
  • • Income exceeds expenditure because of saving.
  • • Expenditure exceeds income because of the government budget deficit.

Questão 124

Questão
6. In a simple circular-flow diagram, total income and total expenditure in an economy
Responda
  • • Are seldom equal because of the dynamic changes which occur in an economy.
  • • Are equal only when all goods and services produced are sold.
  • • Are always equal because every transaction has both a buyer and seller.
  • • Are always equal because of accounting rules.

Questão 125

Questão
7. If you buy a new snowboard from the local sporting goods store, as a result of your purchase
Responda
  • • The increase in expenditure in the economy will equal the increase in income in economy.
  • • The increase in expenditure in the economy will exceed the increase in income in the economy
  • • The increase in income in the economy will exceed the increase in expenditure in the economy.
  • • It is impossible to tell whether the increase in income in the economy will equal the increase in expenditure.

Questão 126

Questão
8. A circular- flow diagram is used to describe
Responda
  • • How weather patterns affect the economy.
  • • The most efficient organization of the work process.
  • • The flow of income and expenditures in an economy.
  • • How banks create money.

Questão 127

Questão
9. In the real economy, expenditure and income are always the same
Responda
  • • Only if households spend all of their income and buy all the goods and services produced in the economy
  • • Only if households spend all of their income.
  • • Only if households buy all the goods ad services produced in the economy.
  • • Regardless of whether households spend all of their income or buy all of the goods and services produced in the economy.

Questão 128

Questão
10. Which of the following statements best explains the total income and total expenditure in an economy?
Responda
  • • Government taxes firms and redistributes the money to households until household income is high enough to equal total expenditures.
  • • Total income and total expenditure are always equal in an economy because only households purchase goods and services.
  • • Total income and total expenditure are equal in an economy because firms use the money they receive in sales to pay for workers' wages, landowners' rent, and firm owners' profit.
  • • All of the above are correct explanations

Questão 129

Questão
11. Gross domestic product is defined as
Responda
  • • The market value of all final goods and services produced within a country in a given period of time.
  • • The market value of all final goods and services produced by a country’s citizens in a given period of time
  • • The market value of all goods and services producedwithin a country in a given period of time.
  • • The market value of all goods and services producedby a country’s citizens in a given period of time.

Questão 130

Questão
12. The real economy is more complicated than the one illustrated in a simple circular-flow diagram because
Responda
  • • Households do not buy all goods and services produced in the economy, and households do not spend all of their income on goods and services.
  • • Saving should be counted as part of expenditure.
  • • Taxes should be included as part of expenditure.
  • • The income government gives poor people should be counted as government production of human capital.

Questão 131

Questão
13. In order to include many different products in a summary or aggregate measure gdp
Responda
  • • Uses a combination of weights and measures.
  • • Uses a combination of price indexes and costs of productions
  • • Uses only cost of production of the products.
  • • Uses market prices.

Questão 132

Questão
14. A nation’s standard of living is measured by its
Responda
  • • Nominal GDP.
  • • Real GDP.
  • • Nominal GDP per person.
  • • Real GDP per person.

Questão 133

Questão
15. Which of the following is a store of value?
Responda
  • • U.S. government bonds.
  • • Currency
  • • Fine art.
  • • All of the above correct.

Questão 134

Questão
• Which of the following is a store of value?
Responda
  • • Currency
  • • U.S. government bonds
  • • Fine art
  • • All of the above are correct

Questão 135

Questão
• When you put money in a cookie jar, which function of money are you using?
Responda
  • • Store of value
  • • Medium of exchange
  • • Unit of account
  • • None of the above is correct

Questão 136

Questão
• Which of the following best illustrates the medium of exchange function of money?
Responda
  • • You pay for your textbooks with currency
  • • You mark prices of CDsat your music store in dollars
  • • You keep a jar of pennies
  • • None of the above is correct

Questão 137

Questão
• Liquidity refers to
Responda
  • • A measurement of the intrinsic value of commodity money
  • • The stability of an asset to serve as a store of value
  • • None of the above refers to liquidity
  • • The ease with which an asset is converted to the medium of exchange

Questão 138

Questão
• Fiat currency
Responda
  • • Is used as a medium of exchange.
  • • Is equivalent to wealth
  • • Is backed by gold
  • • Both b and c are correct

Questão 139

Questão
• Commodity money is
Responda
  • • More commonly used than fiat money
  • • Backed by gold
  • • Money with intrinsic value
  • • All of the above are correct

Questão 140

Questão
• Inflation can be measured by the
Responda
  • • Percentage change in the consumer price index
  • • Change in the consumer price index
  • • Percentage change in the price of a specific commodity
  • • Change in the price of a specific commodity

Questão 141

Questão
• The rate of inflation measures
Responda
  • • The rate of increase in nominal GDP
  • • The rate of increase in the price of particular good
  • • The rate of change in nominal interest rates
  • • The rate of increase in the overall level of prices

Questão 142

Questão
• Deflation is a time period during which
Responda
  • • Inflation falls
  • • Prices fall
  • • Output and prices fall
  • • Output falls

Questão 143

Questão
• An extraordinarily high rate of inflation is called
Responda
  • • Deflation
  • • Disinflation
  • • Classical inflation
  • • Hyperinflation

Questão 144

Questão
• The quantity theory of money
Responda
  • • Argues that inflation is caused by too little money in the economy
  • • Can explain both moderate and hyperinflations
  • • Is a fairly recent addition to economic theory
  • • All of the above are correct

Questão 145

Questão
• The price level
Responda
  • • Refers to the price of individual goods
  • • Is high when the value of money is high
  • • All of the above are correct
  • • Is measured by a price index like the CPI or GDP deflator

Questão 146

Questão
• When the price level rises, the number of dollars needed to buy a representative basket goods
Responda
  • • Increases, so the value of money rises
  • • Increases, so the value of money falls
  • • Decreases, so the value of money rises
  • • Decreases, so the value of money falls

Questão 147

Questão
• The value of money
Responda
  • • Is positively related to the price level
  • • Is constant
  • • Is determined by the supply and demand of money
  • • Is not explained by the quantity theory of money

Questão 148

Questão
1. The word economy comes from the Greek word for
Responda
  • a) “Environment”
  • c) “One who manages a household”
  • b) “One who participates in a market”
  • d) “Conservation”

Questão 149

Questão
2. Economics deals primarily with the concepts of
Responda
  • a) Poverty
  • b) Scarcity
  • c) Change
  • d) Power

Questão 150

Questão
3. Which of the following is NOT included in the decisions that every society must make?
Responda
  • a) What goods will be produced
  • b) What determines consumer preferences
  • c) Who will produce goods
  • d) Who will consume the goods

Questão 151

Questão
4. Scarcity exists when
Responda
  • a) There is less than an infinite among
  • b) There is less of a good or resources
  • c) Society can meet the wants (доконцаневидно)
  • d) невидно

Questão 152

Questão
5. Economics is defines as
Responda
  • a) The study of business
  • b) The study of how society manages its scarce resources
  • c) The study of central planning
  • d) The study of government regulation

Questão 153

Questão
6. Which of the following is NOT a major area of study for economists?
Responda
  • a) How people make decisions
  • b) How people interact with each other
  • c) How forces and trends affects the overall economy
  • d) How countries choose national leaders

Questão 154

Questão
7. Daniel decides to spend an hour playing basketball rather than working at $6 dollar per hour. His tradeoff is
Responda
  • b) the increase in skill he obtains from playing basketball for that hour.
  • a) Nothing, because he enjoys playing basketball more than working.
  • c) the $6 he could have earned.
  • d) nothing, because he spent $6 for admission into the sports complex to play basketball.

Questão 155

Questão
8. When society requires that firms reduce pollution,
Responda
  • a) there is no tradeoff, since everyone benefits from reduced pollution.
  • b) there is no tradeoff for society as a whole, since the cost of reducing pollut(доконцаневидно)
  • c) there is a tradeoffonly if some firms are forced to close.
  • d) there is no tradeoff because of reduced incomes o the firm (доконцаневидно) customers

Questão 156

Questão
9. A good definition of equity would be
Responda
  • a) everyone receiving the same income
  • b) fairness
  • c) efficiency
  • d) (доконцаневидно)

Questão 157

Questão
10. Вопроса не видно
Responda
  • a) the out-of-pocket expense of obtaining it
  • b) what you give up to get it
  • c) always measured in units of time
  • d) always higher than people think

Questão 158

Questão
11. The opportunity cost of going to college is
Responda
  • a) the total spent on food, clothing, books, transportation tuition, lodging, and other expenses.
  • b) zero for studens who are fortunate enough to have all of their college expenses paid by someone else.
  • c) the value of the best opportunity a student gives up to attend college.
  • d) zero, since a college education will allow a student to earn a larger income after graduation.

Questão 159

Questão
12. For most students, the largest single cost of a college education is
Responda
  • a) transportation, parking, and entertainment
  • b) tuition, fees, and books.
  • c) room and board.
  • d) the wages given up to attend school.

Questão 160

Questão
13. Carolyn decides to spend an additional hour working overtime rather than watching a video with her friends. She earns $8 for her hour's work. Her opportunity cost of working is
Responda
  • a) the $8 she earns
  • b) the enjoyment she would have received had she watched the video
  • c) the $8 minus the enjoyment she would have received from watching the video
  • d) nothing, since she would have received less than $8 of enjoyment from the video

Questão 161

Questão
14. College-age athletes who drop out of school to play professional sports
Responda
  • a) are making a bad economic decision, since they can't play forever.
  • b) are unaware of their opportunity cost of attending college.
  • c) underestimate the value of a college education.
  • d) are well aware that their opportunity cost of attending college is very high.

Questão 162

Questão
15. People make decisions at the margin by
Responda
  • a) following tradition
  • b) comparing costs and benefits
  • c) experience
  • d) calculating dollar costs

Questão 163

Questão
16. Which of the following is the best example of a marginal change?
Responda
  • a) Mark graduates from college and takes a job. His income increases from $10,000 per year to $50,000 per year.
  • b) The price of housing rises in Seattle by 25% in one year.
  • c) Kim works at the college bookstore. She gets a raise from $5.15 per hour to $5.20 per hour.
  • d) A drought hits the upper Midwest and the price of wheat increases from $4.00 per bushel to $8.00 per bushel.

Questão 164

Questão
17. A rational decision maker takes an action only if
Responda
  • a) The marginal benefit is greater than the marginal cost
  • b) The marginal benefit is less than the marginal cost
  • c) The marginal benefit is greater than the average cost
  • d) The marginal benefit is greater than both the average cost and the marginal cost

Questão 165

Questão
18. You have spent $500 purchasing and repairing an old car which you expects to sell for $800 once the repairs are complete. You discover that you need an additional part, which will cost $400, including labor. In order to complete the repairs. You can sell the car as it is now for $300. What should you do?
Responda
  • a) You should complete the repairs and sell the car
  • b) You should cut your losses and take the $300
  • c) You should never sell something for less than it costs
  • d) It doesn’t matter which action you take; the outcome is the same either way

Questão 166

Questão
19. In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, what were paid for meeting output targets, not for selling products. Under those circumstances, what were the economic incentives for producers?
Responda
  • b) To conserve on costs, so as to maintain efficiency in the economy
  • a) To produce good quality products so that society benefits from the resources used
  • c) To produce these products that society desires most
  • d) To produce enough to meet the output target, without regard for quality or cost

Questão 167

Questão
by Which of the following?
Image:
Losed (image/jpeg)
Responda
  • revenue is always maximized along with profit
  • average revenue exceeds marginal revenue
  • marginal revenue exceedsaverage revenue
  • average revenue is equas to marginal revenue

Questão 168

Questão
if a firm in a monopolistically competetivemarket was producingthe level of output depicted as Qdin panel d, it would
Image:
Losed (image/jpeg)
Responda
  • be minimizing its looses
  • be losing market share to other firms in the market
  • be operating at excees capacity
  • not be minimizing its profit

Questão 169

Questão
When government policies are being designed,
Responda
  • a. there is usually a tradeoff between equity and efficiency.
  • d. increasing efficiency usually results in more equity.
  • c. equity can usually be achieved without an efficiency loss.
  • b. equity and efficiency goals are usually independent of each other.

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