How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Jabi Your Own Question

Jabi
Jabi, Lecturer
Category: Homework
Satisfied Customers: 1364
Experience:  I have done MBA in Finance and Accounting.
45811717
Type Your Homework Question Here...
Jabi is online now
A new question is answered every 9 seconds

The advent of DVDs has virtually demolished the market for

Resolved Question:

The advent of DVDs has virtually demolished the market for videocassettes. This is an example of: A. derived demand. B. capital accumulation. C. creative destruction. D. the difference between normal and economic profits. 2) If the demand for farm products is price inelastic, a good harvest will cause farm revenues to: XXXXX XXXXX B. be unchanged. C. increase D. either increase or decrease, depending on what happens to supply. 3) In a competitive market economy firms will select the least-cost production technique because: A. to do so will maximize the firms' profits. B. this will prevent new firms from entering the industry. C. such choices will result in the full employment of available resources. D. "dollar voting" by consumers mandates such a choice. 4) If price is above the equilibrium level, competition among sellers to reduce the resulting: A. shortage will decrease quantity demanded and increase quantity supplied. B. surplus will decrease quantity demanded and increase quantity supplied. C. surplus will increase quantity demanded and decrease quantity supplied. D. shortage will increase quantity demanded and decrease quantity supplied. 5) Which of the following statements is true about productive and allocative efficiency? A. Productive efficiency can only occur if there is also allocative efficiency. B. Society can achieve either productive efficiency or allocative efficiency, but not both simultaneously. C. Realizing allocative efficiency implies that productive efficiency has been realized. D. Productive efficiency and allocative efficiency can only occur together; neither can occur without the other. 6) Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at an average price of $19,500 per car. These statements: A. suggest that the supply of Mustangs must have increased between 2007 and 2008. B. suggest that the demand for Mustangs increased between 2007 and 2008. C. suggest that the demand for Mustangs decreased between 2007 and 2008. D. constitute an exception to the law of demand in that they suggest an upsloping demand curve. 7) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue: A. will also be $5. B. will be greater than $5. C. will be less than $5. D. may be either greater or less than $5. 8) A firm that is motivated by self interest should: A. hire each input so the productivity of each is equal at the margin. B. always use large amounts of cheap inputs and small amounts of expensive inputs in producing its output. C. always use large amounts of the most productive inputs and small amounts of the least productive inputs in producing its output. D. employ the combination of resources that will produce the profit-maximizing output at the minimum cost. 9) A firm is producing an output such that the benefit from one more unit is more than the cost of producing that additional unit. This means the firm is: A. producing less output than allocative efficiency requires. B. producing an inefficient output, but we cannot say whether output should be increased or decreased. C. achieving productive efficiency. D. producing more output than allocative efficiency requires. 10) In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2.00 and its average fixed costs are $.50. The firm's total costs: A. are $1,250. B. are $1,100. C. are $750. D. are $2.50. 11) In which of the following industries are economies of scale exhausted at relatively low levels of output? A. automobile manufacturing B. newspaper printing C. concrete mixing D. aircraft production 12) Which of the following represents a long-run adjustment? A. unable to meet foreign competition, a U.S. watch manufacturer sells one of its branch plants B. a supermarket hires four additional clerks C. a steel manufacturer cuts back on its purchases of coke and iron ore D. a farmer uses an extra dose of fertilizer on his corn crop 13) Paying an above-equilibrium wage rate might reduce unit labor costs by: A. increasing the cost to workers of being fired for shirking. B. increasing the supply of labor. C. increasing voluntary worker turnover. D. permitting the firm to attract lower-quality labor. 14) A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. The marginal wage cost of the seventh worker is: A. $10. B. $21. C. $15. D. $9. 15) A profit-maximizing firm will: A. reduce employment if marginal revenue product exceeds marginal resource cost. B. reduce employment if marginal revenue product equals marginal resource cost. C. expand employment if marginal revenue product equals marginal resource cost. D. expand employment if marginal revenue product exceeds marginal resource cost. 16) Oligopoly is difficult to analyze primarily because: A. the price and output decisions of any one firm depend on the reactions of its rivals. B. neither allocative nor productive efficiency is achieved. C. output may be either homogenous or differentiated. D. the number of firms is too large to make collusion understandable. 17) In the long-run, a profit-maximizing monopolistically competitive firm sets it price: A. below marginal cost. B. equal to marginal cost. C. above marginal cost. D. equal to marginal revenue. 18) Price is constant or given to the individual firm selling in a purely competitive market because: A. of product differentiation reinforced by extensive advertising. B. there are no good substitutes for its product. C. the firm's demand curve is downsloping. D. each seller supplies a negligible fraction of total supply. 19) Nonprice competition refers to: XXXXX XXXXX increases by a firm that are ignored by its rivals. B. reductions in production costs that are not reflected in price reductions. C. competition between products of different industries, for example, competition between aluminum and steel in the manufacture of automobile parts. D. advertising, product promotion, and changes in the real or perceived characteristics of a product. 20) Which of the following is not a possible source of natural monopoly? A. simultaneous consumption B. rent-seeking behavior C. large-scale network effects D. greater use of specialized inputs 21) The practice of price discrimination is associated with pure monopoly because: A. monopolists have considerable ability to control output and price. B. most monopolists sell differentiated products. C. it can be practiced whenever a firm's demand curve is downsloping. D. monopolists usually realize economies of scale. 22) A monopolistically competitive industry combines elements of both competition and monopoly. The monopoly element results from: A. high entry barriers. B. mutual interdependence in decision making. C. the likelihood of collusion. D. product differentiation. 23) In an oligopolistic market: A. products may be standardized or differentiated. B. the industry is monopolistically competitive. C. one firm is always dominant. D. the four largest firms account for 20 percent or less of total sales. 24) Assume the several manufacturers of ceramic tile in a city reach a verbal agreement to establish the price of their product at 55 cents per tile. This best describes: A. a cartel. B. price leadership. C. multiproduct pricing. D. an informal understanding. 25) When economists view technological change as internal to the economy, they mean that it: A. occurs accidentally. B. arises mainly from government subsidies. C. occurs randomly. D. arises deliberately from the profit motive and competition. 26) Those who contend that oligopolists are less likely than more competitive firms to engage in R&D say that: A. the undistributed profits of oligopolists give them a source of readily available, relatively low cost funds for financing R & D. B. Oligopolists have little incentive to introduce costly new technology and produce new products when they currently are earning large economic profit using existing technology and selling existing products. C. entry barriers enable oligopolists to sustain the profits they gain from innovation. D. the large size of oligopolists' R&D departments allow them to use very specialized, expensive R&D equipment and employ teams of specialized researchers. 27) Other things equal, a price discriminating monopolist will: A. produce a larger output than a nondiscriminating monopolist. B. realize a smaller economic profit than a nondiscriminating monopolist. C. produce the same output as a nondiscriminating monopolist. D. produce a smaller output than a nondiscriminating monopolist. 28) Inflation is undesirable because it: A. invariably leads to hyperinflation. B. arbitrarily redistributes real income and wealth. C. usually is accompanied by declining real GDP. D. reduces everyone's standard of living. 29) The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are: A. services and nondurable consumer goods. B. military goods and capital goods. C. clothing and education. D. capital goods and durable consumer goods. 30) Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggregate: A. supply curve will shift rightward. B. demand curve will shift leftward. C. supply curve will shift leftward. D. expenditures curve will shift downward. 31) Expansionary fiscal policy is so named because it: A. necessarily expands the size of government. B. involves an expansion of the nation's money supply. C. is aimed at achieving greater price stability. D. is designed to expand real GDP. 32) Kara voluntarily quit her job as an insurance agent to return to school full-time to earn an MBA degree. With degree in hand she is now searching for a position in management. Kara presently is: A. structurally unemployed. B. cyclically unemployed. C. frictionally unemployed. D. not a member of the labor force. 33) Given the annual rate of inflation, the "rule of 70" allows one to: XXXXX XXXXX the accompanying rate of unemployment. B. determine whether the inflation is demand-pull or cost-push. C. determine when the value of a real asset will approach zero. D. calculate the number of years required for the price level to double. 34) Other things equal, a 10 percent decrease in corporate income taxes will: A. have no effect on the location of the investment-demand curve. B. decrease the market price of real capital goods. C. shift the investment-demand curve to the right. D. shift the investment-demand curve to the left. 35) Stabilizing a nation's price level and the purchasing power of its money can be achieved: A. only with monetary policy. B. only with fiscal policy. C. with both fiscal and monetary policy. D. with neither fiscal nor monetary policy. 36) In a fractional reserve banking system: A. the monetary system must be backed by gold. B. bank panics cannot occur. C. banks can create money through the lending process. D. the Federal Reserve has no control over the amount of money in circulation. 37) ___________ purchasing power parity states that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time. A. Partial B. Full C. Relative D. Absolute 38) Exchange rates are determined in the long-run by: A. Real growth rates. B. Interest rate differentials. C. Purchasing power parity. D. Financial asset pricing. 39) The quantity theory of the demand for money states that a country's money supply is proportional to: XXXXX XXXXX real level of gross domestic product. B. The domestic interest rate. C. The exchange rate. D. The money value of gross domestic product.
Submitted: 3 years ago.
Category: Homework
Expert:  Jabi replied 3 years ago.

Hello dear client!

 

When do you need these questions?

 

Thanks

Jabi

Customer: replied 3 years ago.
Within the next 45 minutes. Right now my clock is showing 9:50.
Expert:  Jabi replied 3 years ago.

It needs time to check one by one question.

Customer: replied 3 years ago.
Fine. How do I accept?
Expert:  Jabi replied 3 years ago.

Hello,

 

So far i have solved upto 27 questions. Once i post the questions than you will have to accept.

 

Jabi

Customer: replied 3 years ago.
Thanks.
Expert:  Jabi replied 3 years ago.

I am confused with some of the answers :) Please let me know if it is acceptable to you than i will post my answers.

 

Jabi

Customer: replied 3 years ago.
It is acceptable.
Expert:  Jabi replied 3 years ago.

 

Hello,

 

Thank you for all your patience

 

Please CLICK ACCEPT so that i get credit for my efforts.

 

 

The advent of DVDs has virtually demolished the market for videocassettes. This is an example of:

 

C. creative destruction.

 

If the demand for farm products is price inelastic, a good harvest will cause farm revenues to: A. decrease

 

3) In a competitive market economy firms will select the least-cost production technique because: A. to do so will maximize the firms' profits

 

4) If price is above the equilibrium level, competition among sellers to reduce the resulting: A. shortage will decrease quantity demanded and increase quantity supplied. B. surplus will decrease quantity demanded and increase quantity supplied. C. surplus will increase quantity demanded and decrease quantity supplied. D. shortage will increase quantity demanded and decrease quantity supplied.

 

5) Which of the following statements is true about productive and allocative efficiency?

Realizing allocative efficiency implies that productive efficiency has been realized

 

6) Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at an average price of $19,500 per car. These statements: A. suggest that the supply of Mustangs must have increased between 2007 and 2008. B. suggest that the demand for Mustangs increased between 2007 and 2008. C. suggest that the demand for Mustangs decreased between 2007 and 2008. D. constitute an exception to the law of demand in that they suggest an upsloping demand curve.

 

7) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue: A. will also be $5.

 

8) A firm that is motivated by self interest should: A. hire each input so the productivity of each is equal at the margin. B. always use large amounts of cheap inputs and small amounts of expensive inputs in producing its output. C. always use large amounts of the most productive inputs and small amounts of the least productive inputs in producing its output. D. employ the combination of resources that will produce the profit-maximizing output at the minimum cost.

 

9) A firm is producing an output such that the benefit from one more unit is more than the cost of producing that additional unit. This means the firm is: A. producing less output than allocative efficiency requires. B. producing an inefficient output, but we cannot say whether output should be increased or decreased. C. achieving productive efficiency. D. producing more output than allocative efficiency requires.

 

10) In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2.00 and its average fixed costs are $.50. The firm's total costs: A. are $1,250. B. are $1,100. C. are $750. D. are $2.50.

 

 

11) In which of the following industries are economies of scale exhausted at relatively low levels of output? A. automobile manufacturing B. newspaper printing C. concrete mixing D. aircraft production

 

12) Which of the following represents a long-run adjustment? A. unable to meet foreign competition, a U.S. watch manufacturer sells one of its branch plants B. a supermarket hires four additional clerks C. a steel manufacturer cuts back on its purchases of coke and iron ore D. a farmer uses an extra dose of fertilizer on his corn crop

 

13) Paying an above-equilibrium wage rate might reduce unit labor costs by: A. increasing the cost to workers of being fired for shirking. B. increasing the supply of labor. C. increasing voluntary worker turnover. D. permitting the firm to attract lower-quality labor.

 

14) A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. The marginal wage cost of the seventh worker is: A. $10. B. $21. C. $15. D. $9.

 

15) A profit-maximizing firm will: A. reduce employment if marginal revenue product exceeds marginal resource cost. B. reduce employment if marginal revenue product equals marginal resource cost. C. expand employment if marginal revenue product equals marginal resource cost. D. expand employment if marginal revenue product exceeds marginal resource cost.

 

16) Oligopoly is difficult to analyze primarily because: A. the price and output decisions of any one firm depend on the reactions of its rivals. B. neither allocative nor productive efficiency is achieved. C. output may be either homogeneous or differentiated. D. the number of firms is too large to make collusion understandable.

 

17) In the long-run, a profit-maximizing monopolistically competitive firm sets it price: A. below marginal cost. B. equal to marginal cost. C. above marginal cost. D. equal to marginal revenue.

 

18) Price is constant or given to the individual firm selling in a purely competitive market because: A. of product differentiation reinforced by extensive advertising. B. there are no good substitutes for its product. C. the firm's demand curve is downs loping. D. each seller supplies a negligible fraction of total supply.

 

19) Non price competition refers to: XXXXX XXXXX increases by a firm that are ignored by its rivals. B. reductions in production costs that are not reflected in price reductions. C. competition between products of different industries, for example, competition between aluminum and steel in the manufacture of automobile parts. D. advertising, product promotion, and changes in the real or perceived characteristics of a product.

 

20) Which of the following is not a possible source of natural monopoly? A. simultaneous consumption B. rent-seeking behavior C. large-scale network effects D. greater use of specialized inputs

 

21) The practice of price discrimination is associated with pure monopoly because: A. monopolists have considerable ability to control output and price. B. most monopolists sell differentiated products. C. it can be practiced whenever a firm's demand curve is downs loping. D. monopolists usually realize economies of scale.

22) A monopolistically competitive industry combines elements of both competition and monopoly. The monopoly element results from: A. high entry barriers. B. mutual interdependence in decision making. C. the likelihood of collusion. D. product differentiation.

 

23) In an oligopolistic market: A. products may be standardized or differentiated. B. the industry is monopolistically competitive. C. one firm is always dominant. D. the four largest firms account for 20 percent or less of total sales.

 

24) Assume the several manufacturers of ceramic tile in a city reach a verbal agreement to establish the price of their product at 55 cents per tile. This best describes: A. a cartel. B. price leadership. C. multi product pricing. D. an informal understanding.

 

25) When economists view technological change as internal to the economy, they mean that it: A. occurs accidentally. B. arises mainly from government subsidies. C. occurs randomly. D. arises deliberately from the profit motive and competition.

 

26) Those who contend that oligopolists are less likely than more competitive firms to engage in R&D say that: A. the undistributed profits of oligopolists give them a source of readily available, relatively low cost funds for financing R & D. B. Oligopolists have little incentive to introduce costly new technology and produce new products when they currently are earning large economic profit using existing technology and selling existing products. C. entry barriers enable oligopolists to sustain the profits they gain from innovation. D. the large size of oligopolists' R&D departments allow them to use very specialized, expensive R&D equipment and employ teams of specialized researchers.

 

27) Other things equal, a price discriminating monopolist will: A. produce a larger output than a non discriminating monopolist. B. realize a smaller economic profit than a non discriminating monopolist. C. produce the same output as a non discriminating monopolist. D. produce a smaller output than a non discriminating monopolist.

 

28) Inflation is undesirable because it: A. invariably leads to hyperinflation. B. arbitrarily redistributes real income and wealth. C. usually is accompanied by declining real GDP. D. reduces everyone's standard of living.

 

29) The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are: A. services and nondurable consumer goods. B. military goods and capital goods. C. clothing and education. D. capital goods and durable consumer goods.

 

30) Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggregate: A. supply curve will shift rightward. B. demand curve will shift leftward. C. supply curve will shift leftward. D. expenditures curve will shift downward.

 

31) Expansionary fiscal policy is so named because it: A. necessarily expands the size of government. B. involves an expansion of the nation's money supply. C. is aimed at achieving greater price stability. D. is designed to expand real GDP.

 

32) Kara voluntarily quit her job as an insurance agent to return to school full-time to earn an MBA degree. With degree in hand she is now searching for a position in management. Kara presently is: A. structurally unemployed. B. cyclically unemployed. C. frictionally unemployed. D. not a member of the labor force.

 

33) Given the annual rate of inflation, the "rule of 70" allows one to: XXXXX XXXXX the accompanying rate of unemployment. B. determine whether the inflation is demand-pull or cost-push. C. determine when the value of a real asset will approach zero. D. calculate the number of years required for the price level to double.

 

34) Other things equal, a 10 percent decrease in corporate income taxes will: A. have no effect on the location of the investment-demand curve. B. decrease the market price of real capital goods. C. shift the investment-demand curve to the right. D. shift the investment-demand curve to the left.

 

35) Stabilizing a nation's price level and the purchasing power of its money can be achieved: A. only with monetary policy. B. only with fiscal policy. C. with both fiscal and monetary policy. D. with neither fiscal nor monetary policy.

 

36) In a fractional reserve banking system: A. the monetary system must be backed by gold. B. bank panics cannot occur. C. banks can create money through the lending process. D. the Federal Reserve has no control over the amount of money in circulation.

 

37) ___________ purchasing power parity states that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time. A. Partial B. Full C. Relative D. Absolute

 

38) Exchange rates are determined in the long-run by: A. Real growth rates. B. Interest rate differentials. C. Purchasing power parity. D. Financial asset pricing.

 

39) The quantity theory of the demand for money states that a country's money supply is proportional to: XXXXX XXXXX real level of gross domestic product. B. The domestic interest rate. C. The exchange rate. D. The money value of gross domestic product.

 

Thanks

Jabi

 

 



Edited by Jabi on 10/10/2010 at 6:56 PM EST
Jabi, Lecturer
Category: Homework
Satisfied Customers: 1364
Experience: I have done MBA in Finance and Accounting.
Jabi and 13 other Homework Specialists are ready to help you
Expert:  Jabi replied 3 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3121
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3035
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

    Lani S.

    Tutor

    Satisfied Customers:

    2457
    Registered Nurse, Internet Researcher, Private Tutor
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2341
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1975
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1873
    Bachelors Degree and CPA with Accounting work experience