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Falak Naz
Falak Naz, Accountant
Category: Homework
Satisfied Customers: 532
Experience:  I am a qualified Chartered Accountant. For the last five years i am working as manager
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Because peoples wants are unlimited but resources are scarce,

Customer Question

Because people's wants are unlimited but resources are scarce, (Points: 1)
only the rich get everything they want
choices must be made
there will be more services produced than goods
people search for spiritual fulfillment rather than material fulfillment


2. A resource is something that (Points: 1)
is used to produce goods and services
is provided by nature, not made by society
exists in unlimited quantities
must be produced by a firm


3. The difference between a good and a service is that (Points: 1)
a service helps satisfy unlimited wants; a good does not
a services is available in unlimited quantities; a good is not
a good is tangible; a service is not
a good is available in unlimited quantities; a service is not


4. The assumption that individuals act rationally implies that (Points: 1)
people implicitly calculate the costs and benefits of an activity to decide if it is worthwhile
people only consider the costs of an activity to decide whether it is worthwhile
people undertake all those activities that yield benefits to themselves
the greater the cost of a charitable deed to a benefactor, the more likely he or she is to perform that deed


5. One might commit the fallacy of composition by concluding that (Points: 1)
statements that are true during prosperity are necessarily true during depression
what is good for the individual is necessarily good for the group
an event that precedes another is necessarily the cause of the latter
intentions need not coincide with actions


6. On a given production possibilities frontier, which of the following is not assumed to be fixed? (Points: 1)
the amount of labor available
the amount of capital available
the level of technology
the amount of land and natural resources available
production of each item


7. When drawing a production possibilities frontier, all of the following are usually assumed except one. Which is the exception? (Points: 1)
The quantity of resources is rapidly growing.
Technology is fixed.
Resources can be shifted between production of the two goods.
The production possibilities frontier is drawn for a particular time period.
Resources are fully and efficiently employed.


8. The production possibilities frontier can be used to show all of the following except one. Which is the exception? (Points: 1)
scarcity
opportunity cost
the law of increasing opportunity cost
efficiency
the best combination of goods and services for an economy


9. Which economic question does the decision to produce butter instead of guns answer? (Points: 1)
What to produce?
How to produce?
For whom to produce?
Who has a comparative advantage in gun production?
Who has an absolute advantage in butter production?


10. XXXXX XXXXX's term, "the invisible hand," refers to (Points: 1)
the hidden role of government in setting regulations that govern trading in markets
the most capable entrepreneurs in the economy
market forces
the unseen work of the financial markets that facilitates trade
the role of technological change and random events in the economy


11. In the United States since World War II, there has been (Points: 1)
a dramatic increase in the population living in rural areas
a decline in the number of women in the labor force
a decrease in the opportunity cost of working in the home
a dramatic increase in the number of married women in the labor force


12. Which of the following is a disadvantage of the corporation compared to the sole proprietorship? (Points: 1)
limited liability
difficulty raising start-up money
lack of profitability
corporate income is taxed twice


13. Externalities are defined as (Points: 1)
any transaction external to the firm
costs or benefits that fall on third parties
policies that firms undertake to sell products outside the country
managers' dealings with stockholders outside the firm


14. Gross Domestic Product is the value of all (Points: 1)
goods and services produced during a particular year
goods and services sold during a particular year
final goods and services sold during a particular year
final goods and services produced during a particular year


15. Which of the following taxes is most clearly based on the benefits-received principle of taxation? (Points: 1)
corporate income tax
gasoline tax
personal income tax
payroll tax


16. The difference between normal and inferior goods is that (Points: 1)
an inferior good is something that will not be demanded until quantities of the normal good have been exhausted
an increase in income will shift the demand curve for a normal good rightward and the demand curve for an inferior good leftward
an increase in price will shift the demand curve for a normal good rightward and the demand curve for an inferior good leftward
if the price of a normal good increases, individuals who buy it are poorer; for inferior goods, the opposite is true


17. The market supply curve of a particular product indicates the total quantities (Points: 1)
that are actually sold during a given time period
that buyers are willing to purchase at alternative prices
that sellers are willing and able to offer at alternative prices
that sellers are willing to offer for sale


18. Which of the following would shift the supply curve for a product to the right? (Points: 1)
an improvement in the technology for producing the good
the expectation of a higher price in the near future
an increase in the price of the product
an increase in the price of an alternative good


19. Which of the following would shift the supply curve for a good to the left? (Points: 1)
an increase in the price of that good
a decrease in the price of an alternative good
an improvement in technology for producing that good
an increase in the cost of an important resource used to make that good


20. If the demand for bicycles increases, (Points: 1)
the quantity demanded decreases
equilibrium price increases and equilibrium quantity decreases
equilibrium price decreases and equilibrium quantity increases
quantity supplied increases


21. Economists (Points: 1)
believe that tastes are the major influence on consumers' income expectations
have observed that tastes vary with changes in the number of consumers
recognize that tastes have an important impact on demand
can say a great deal about the origin of tastes


22. The price elasticity of demand helps determine the effect of price changes on a firm's (Points: 1)
property taxes
profits
quantity supplied
revenues


23. Demand is unit elastic whenever (Points: 1)
price elasticity has an absolute value of 1
price elasticity has an absolute value greater than 1
price elasticity has an absolute value less than 1
price elasticity is negative


24. Along a straight-line downward-sloping demand curve, elasticity is (Points: 1)
constant, but its value cannot be determined without measurement
constant and equal to an absolute value of one
greater at higher prices
greater at lower prices


25. The more broadly a good is defined, (Points: 1)
the more substitutes it has so the more elastic is its demand
the fewer substitutes it has so the more elastic is its demand
the more substitutes it has so the less elastic is its demand
the fewer substitutes it has so the less elastic is its demand


26. If supply is perfectly elastic, the supply curve is (Points: 1)
vertical
horizontal
any straight-line supply curve
any supply curve intersecting a perfectly elastic demand curve


27. The most important determinant of price elasticity of supply is (Points: 1)
price elasticity of demand
technological conditions such as how rapidly costs increase when a firm increases its output
whether the production process relies heavily on capital or on labor
the number and closeness of available substitutes


28. Unlike implicit costs, explicit costs (Points: 1)
reflect opportunity costs
include the value of the owner's time
are not included in a firm's accounting statements
are actual cash payments


29. The long run is a period of time (Points: 1)
during which at least one resource is fixed
during which all resources are variable
during which all resources are fixed
less than one year


30. Total cost is calculated as (Points: 1)
average fixed cost plus average variable cost
fixed cost plus variable cost
the additional cost of the last unit produced
marginal cost plus variable cost


31. Economies of scale occur where (Points: 1)
long-run average cost falls as new firms enter the industry
short-run average cost falls as new firms enter the industry
long-run average cost falls as one firm expands plant size
short-run average cost falls as one firm expands plant size


32. Diseconomies of scale at the firm level occur (Points: 1)
wherever the firm's long-run average cost curve is horizontal
wherever the firm's long-run total cost curve is horizontal
where marginal cost equals marginal revenue
if a firm becomes "too large"


33. Which of the following is likely to be present in a perfectly competitive market? (Points: 1)
patents
nonprice competition such as advertising
high capital costs
firms producing identical products


34. A perfectly competitive firm has no control over the (Points: 1)
quantity of output produced
quantities of inputs used
price of the product
type of good produced


35. Marginal revenue is (Points: 1)
total revenue minus total cost
total revenue divided by quantity of output
the change in total revenue divided by the change in output
the change in total revenue divided by the change in the quantity of an input used


36. A perfectly competitive firm in the short run determines its quantity supplied at various prices by using (Points: 1)
the portion of its marginal cost curve rising above its average total cost curve
the portion of its marginal cost curve rising above its average variable cost
its average variable cost curve
its average total cost curve


37. A constant-cost industry is one (Points: 1)
that faces constant average costs in the short run
that experiences economies of scale
that experiences stable demand
whose cost curves do not change as new firms enter


38. Economic profits in a competitive industry are signals that (Points: 1)
attract new firms into the industry
prevent firms from adopting newer technologies
encourage existing firms to continue to operate inefficiently
indicate that business conditions are improving


39. Which of the following is true of monopoly? (Points: 1)
There are no barriers to entry.
The firm is a price taker.
There are no close substitutes for the product being produced.
There are many firms in the industry.


40. Which of the following describes the market structure of monopoly? (Points: 1)
many firms with some control over price, and considerable product differentiation
a single firm producing all of the output for the industry
many firms with no control over price, producing identical products with no differentiation
a few firms with no control over price, producing highly differentiated products


41. A natural monopoly results when a firm has (Points: 1)
a license
a patent
official approval to produce a product
decreasing average costs over the range of market demand


42. A monopolist (Points: 1)
can charge whatever price it wants
charges more than almost any consumer is willing to pay
is constrained by marginal cost in setting price
is constrained by demand in setting price


43. If a nondiscriminating monopolist is operating at an output level where price equals average total cost, we can conclude that (Points: 1)
economic profit is $0
the firm is not maximizing profit
the firm should go out of business in the long run
the firm is not earning its normal profit


44. The main reason a monopolist can earn long-run economic profit, whereas a perfectly competitive firm cannot, is that (Points: 1)
demand for the monopolist's output is inelastic
there are no barriers to entry in perfect competition
demand for the monopolist's output is elastic
perfectly competitive firms have opportunity costs


45. A firm will only earn normal profit in the long run (Points: 1)
if firms can freely enter or leave the market
if firms do not try to maximize profit
only if the industry is perfectly competitive
whenever products are not differentiated


46. Compared to a firm in perfect competition, the monopolistically competitive firm tends to (Points: 1)
produce less and charge a higher price
produce less and charge a lower price
produce more and charge a lower price
produce more and charge a higher price


47. It is harder to explain the behavior of firms in oligopoly than in other market structures because in oligopoly (Points: 1)
the firms act independently of each other
firms base their decisions on what their rivals do
only differentiated products are produced
only homogeneous products are produced


48. Collusion occurs when (Points: 1)
a firm chooses a level of output to maximize its own profit
firms get together to maximize joint profits
firms refuse to follow their price leaders
firms petition their U.S. senators for favors


49. The term strategy in terms of game theory refers to (Points: 1)
the relationship between price and marginal cost
the relationship between individual firm demand curves and the market demand curve
each firm's game plan in making decisions
the interrelationship between price and marginal revenue


50. Which oligopoly model was developed to explain price wars in an industry? (Points: 1)
natural oligopolies
cartels
price leadership by a dominant firm
game theory


51. Resource owners will supply additional units of a resource as long as doing so (Points: 1)
decreases their opportunity cost
increases their income
increases their utility
decreases their income taxes
Submitted: 4 years ago.
Category: Homework
Expert:  Falak Naz replied 4 years ago.
hi ruf,

i can assist yo with the solution, whats your deadline?
Customer: replied 4 years ago.

Hello Falak

 

my deadline is tuesday.

Expert:  Falak Naz replied 4 years ago.

ok, i will post your answers before your deadline.

 

Customer: replied 4 years ago.
ok thank you
Expert:  Falak Naz replied 4 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Customer: replied 4 years ago.

Falak

 

I needed the answers by tuesday for my test. Since you were not responding in the needed time frame someone else answered the question and I was able to turn in my exam on time. Thank you anyway

 

Lakisha

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