Nilla, I need some info.....I need to be sure you can use my answers....when do you need this submitted to you by? Look at the format I used below, because you don't have a, b, c, d, etc. dividing the choices I simply underlined the portion that is correct -- see the first ten answers below?
1. 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 2. 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 3. A rational decision maker will take only those actions for which the expected marginal benefit (Points: is positive is at its maximum level is greater than or equal to the expected marginal cost is less than the expected marginal cost 4. Macroeconomics is the study of (Points: 1) the behavior of large firms in the marketplace the economic behavior of individual decision makers the behavior of the economy as a whole how to use the fewest natural resources to produce goods and services 5. The other-things-constant assumption (Points: 1) allows the economist to make useful predictions is a prediction applies only to consumers' decisions, not to those of firms forces the economist to ignore reality, where things are constantly changing 6. Division of labor increases productivity because (Points: 1) tasks can be assigned according to individual tastes and abilities workers who repeatedly perform the same tasks become bored each worker must learn each of the numerous tasks in the total production process specialization of labor allows for the introduction of cheaper, less sophisticated production techniques managers can force workers to produce goods that are valued more highly than the costs of producing them. 7. A production possibilities frontier will be bowed out if (Points: 1) there is scarcity resources are used efficiently production of one good involves an opportunity cost resources are not perfectly adaptable to making each good technology is improving 8. Any movement along the production possibilities frontier involves the production of (Points: 1) more of both goods more of one good and less of the other less of both goods more resources better technology 9. Which economic question does the decision to give all of the butter the economy produces to the homeless answer? (Points: 1) What to produce? How to produce? For whom to produce? Who has a comparative advantage in butter 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
31. Economies of scale can be caused by (Points: 1) all of the following, short-run increases in marginal productivity, the use of larger, more specialized machines, higher information costs as a firm expands. [hint: these represent production function, fixed and variable inputs, and average costs.] 32. Minimum efficient scale is the level of output at which (Points: 1) short-run average total cost stops decreasing short-run average total cost stops increasing long-run average cost stops decreasing long-run average cost stops increasing 33. Which of the following is not characteristic of perfect competition? (Points: 1) many buyers and sellers, brand name advertising, standardized products, fully informed buyers and sellers 34. 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 [Hint: Output refers to the # XXXXX units sold] 35. A perfectly competitive firm's profit per unit of output equals (Points: 1) price times quantity, total revenue minus total cost, price minus average variable cost, price minus average total cost 36. Which of the characteristics of perfect competition assures that economic profit will be zero in the long run? ( Each firm is small relative to the market. Each firm is a price taker. Each firm has access to perfect information. There is easy entry and exit in the market. 37. Productive efficiency occurs in markets when (Points: 1) goods are produced at the lowest possible average total cost, goods are produced at the lowest average variable cost, goods are produced at the lowest marginal cost goods are produced at the lowest average fixed cost [Hint: Marginal cost] 38. The term allocative efficiency refers to (Points:1) the level of output where MC = AVC, the equality between MR and MC, the production of those goods and services most valued by consumers, the point where marginal revenue equals average total cost 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. In the monopoly market structure, new firms (Points: 1) cannot profitably enter the industry, even in the long run may freely enter and leave the industry in both the short run and the long run may freely enter and leave the industry in the long run only may freely enter and leave the industry in the short run only.