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Timothy the Teacher
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Experience:  B.A./M.P.A> & a secondary teaching certificate Over 10 years of experience in Administration.
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1. The difference between a good and a service is that (Points

Customer Question

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
11. Households act as suppliers when they provide (Points: 1)
goods and services to firms and governments
resources to firms and governments
tax payments to governments
the demand for only what firms supply or make available
12. Household production is more likely to occur when (Points: 1)
it requires few specialized resources
technology makes it more costly than market production
tax avoidance is undesirable
less control over the final product is desirable
13. 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
14. Which of the following taxes is most clearly based on the benefits-received principle of taxation? 1)
corporate income tax
gasoline tax
personal income tax
payroll tax
15. Which of the following is not a function of government? (Points: 1)
providing the economy's private goods
redistribution of income through taxation and transfer payments
stabilization to achieve the macroeconomic goals
production of public goods
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. Two goods are considered substitutes only if a(n) (Points: 1)
decrease in the demand for one leads to a decrease in the supply of the other
increase in the demand for one leads to a decrease in the supply of the other
increase in the price of one leads to an increase in the demand for the other
decrease in the price of one leads to an increase in the demand for the other
18. If good B is a complement to good A, then a rise in the price of B (Points: 1)
increases the quantity demanded of A
decreases the demand for A
increases the demand for A
decreases the quantity demanded of A

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. Which of the following is correct when a price floor is set above the equilibrium price? (Points: 1)
quantity supplied is equal to quantity demanded at the set price
The market price is greater than the price floor
quantity supplied is less than quantity demanded at the set price
quantity supplied exceeds quantity demanded at the set price
22. Demand is inelastic only if (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
23. If a price reduction leads to larger total revenue, demand is (Points: 1)
perfectly inelastic
inelastic
unit elastic
elastic
24. If the demand for swordfish is price elastic and the price of swordfish increases, then (Points: 1)
the quantity of swordfish demanded will increase
the total revenue from swordfish sales will decrease
the total revenue from swordfish sales will increase
the total revenue from swordfish sales will not change
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. The supply curve will be more elastic if (Points: 1)
the good has few substitutes
the time the producer has to adjust is long
the time frame for adjusting to price changes is short
demand is elastic

27. For which of the following goods is the value of income elasticity most likely to be negative? (Points:
macaroni and cheese
champagne
airline tickets
clothes
28. Normal profit is defined as (Points: 1)
accounting profit
economic profit
profit necessary to ensure that opportunity costs are covered
accounting profit minus economic profit
29. Increasing marginal returns are generally the result of (Points: 1)
diseconomies of scale
increasing costs
specialization and division of labor
labor unions
30. The short-run average variable cost curve (Points: 1)
is always downward-sloping
is a horizontal line intersecting the vertical axis
slopes downward at low rates of output, then slopes upward at higher rates of output
starts above the origin and always slopes upward
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
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
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
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
41. For a monopolist, marginal revenue is (Points: 1)
equal to price
greater than price
less than price
represented by a horizontal curve
42. In the short run, a monopolist will always shut down when (Points: 1)
total revenue is greater than total variable cost at all output levels
total variable cost is greater than total revenue at all output levels
fixed cost is greater than total revenue at all output levels
total variable cost is greater than fixed cost
43. 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
44. An important difference between a perfectly competitive firm and a monopolist is that (Points: 1)
the perfectly competitive firm tends to be larger
only the monopolist attempts to maximize profit
only the perfectly competitive firm maximizes profit
the perfectly competitive firm faces a horizontal demand curve and the monopolist faces a de
45. Collusion among firms to raise price is rare in monopolistically competitive markets because (Points:
there are too many firms
there are too few firms
there is only one firm
products are homogeneous
46. Because of easy entry, monopolistically competitive firms will (Points: 1)
produce at the lowest average total cost
charge a price equal to marginal cost
earn no economic profit in the long run
take advantage of all economies of scale
47. In the long run, economic profit for a monopolistically competitive firm (Points: 1)
is zero, due to the lack of barriers to entry
is zero, due to product differentiation
may be positive, due to strong barriers to entry
may be positive, due to product differentiation
48. 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
49. Which of the following is unique to oligopoly among all the market structures? (Points: 1)
product differentiation
profit maximization
mutual interdependence
advertising




50. Each member of a cartel (Points: 1)
faces a temptation to cheat on the agreement because lowering its price slightly below the established price will usually increase the firm's sales and profit
faces a temptation to cheat on the agreement because raising its price slightly above the established price will usually increase the firm's sales and profit
has no temptation to cheat on the agreement because lowering its price slightly below the established price will usually have no impact on the firm's sales and profit
has no temptation to cheat on the agreement because raising its price slightly above the established price will usually decrease the firm's sales and profit
51. Derived demand refers to (Points: 1)
demand curves derived from utility functions
an individual demand curve estimated from a market demand curve
a market demand curve estimated from individual demand curves
demand for a resource derived from the demand for the product produced by that resource
52. If all of the returns to a resource are in the form of economic rent, (Points: 1)
the demand curve for that resource must be horizontal
the demand curve for that resource must be vertical
the supply curve of that resource must be horizontal
the supply curve of that resource must be vertical
53. Economic rent is defined as (Points: 1)
the opportunity cost of a resource
the payment to a resource in excess of its opportunity cost
opportunity cost
total earnings
54. The marginal revenue product of land curve indicates (Points: 1)
the additional output generated by an additional unit of land, other things constant
the additional cost to the firm when it employs an additional unit of land, other things constant
the additional profit the firm earns when it employs an additional unit of land, other things constant
the additional revenue the firm earns when it employs an additional unit of land, other things constant

55. Marginal revenue product is defined as the (Points: 1)
change in total output that results from the employment of an additional unit of a resource
change in total product that results from the employment of an additional unit of a resource
change in total revenue that results from the employment of an additional unit of a resource
change in resource employment that results from a change in total output
56. A large inheritance from a relative will tend to (Points: 1)
cause movement up and to the right along your labor supply curve
cause movement down and to the left along your labor supply curve
shift your labor supply curve outward
shift your labor supply curve inward
57. The source of power for a labor union is its ability to (Points: 1)
increase the quantity supplied of labor
decrease the quantity supplied of labor
decrease the demand for capital
decrease the supply of labor
58. When industrial unions negotiate with an entire industry, wage gains come at the cost of (Points: 1)
longer working hours
worse working conditions
reduced total employment
worse products
59. Craft unions typically attempt to increase wages by (Points: 1)
setting a wage floor
reducing labor supply
increasing labor demand
reducing initiation fees
60. Which of the following explains the recent decline in union membership in the United States? nts: 1)
smaller government safety nets
slower technological change
the change from a manufacturing to a service-based economy
increasing market concentration

61. Government controls of price, output, entry of new firms, and quality of service in industries where monopoly appears desirable are known as (Points: 1)
antitrust regulation
economic regulation
social regulation
antimerger regulation
62. The purpose of antitrust laws is to (Points: 1)
reduce anticompetitive activities
increase anticompetitive activities
guarantee worker safety
promote quality products
63. The index that the U.S. government currently uses to determine whether a merger should be allowed is the (Points: 1)
Herfindahl index
Schumpeter index
Dow Jones average index
consumer price index
64. Increased international trade and deregulation have resulted in (Points: 1)
increased competition in the U.S. economy
greater monopolization of industries in the U.S. economy
more oligopolies and cartels in the U.S. economy
greater government intervention in the U.S. economy
65. Why might two presidential candidates appear to have very similar opinions during an election year even if they come from different parties? (Points: 1)
They aim to please special-interest groups.
They are logrolling.
They try to appeal to the median voter.
Republicans and Democrats usually agree on most issues.



66. Special-interest legislation usually (Points: 1)
has widespread benefits and costs
has concentrated benefits and costs
has concentrated benefits but widespread costs
concerns the provision of public goods
67. Competing-interest legislation involves (Points: 1)
concentrated costs and widespread benefits
both widespread costs and widespread benefits
both concentrated costs and concentrated benefits
widespread costs and concentrated benefits
68. Activities that go unreported to the government in order to avoid paying taxes or because the activity is illegal are known collectively as the (Points: 1)
illegal economy
non-profit sector
special-interest category
underground economy
69. In a free market, a firm's rate of output is determined (Points: 1)
where marginal social cost equals marginal social benefit
where marginal private benefit equals marginal social benefit
where marginal social cost equals marginal private cost
where marginal private cost equals marginal private benefit
70. Markets fail when externalities are present (Points: 1)
because all of the costs and benefits of producing a good are reflected in the market price
because some of the costs and benefits of producing a good are not reflected in the market price
only if they are negative; positive externalities are not market failures
because profits are not maximized



71. If producers cannot afford the fees for pollution rights, (Points: 1)
they will pollute
they will buy pollution rights
they will sell pollution rights
they will have to find a cheaper way to deal with their pollution
72. In order to increase society's well-being, a process that produces a positive externality might be (Po
taxed to discourage production
subsidized to encourage production
taxed to encourage production
subsidized to discourage production
73. Which of the following is a flow variable? (Points: 1)
U.S. plant and equipment
the U.S. population
money supply
investment spending
74. Economic fluctuations (or business cycles) (Points: 1)
are changes in the number of businesses started
are fluctuations in the Dow Jones industrial average relative to a long-term growth trend
look at the role of business in the hiring resources
are fluctuations in the level of economic activity, relative to a long-term growth trend
75. A depression can be defined as (Points: 1)
a mild reduction in total production coupled with a rising unemployment rate that lasts for several years
a decline in total production that lasts less than six months
a severe fall in stock prices that causes financial panic and lasts several years
a severe reduction in total production coupled with high unemployment that lasts several years




76. If the economy were initially in equilibrium and the aggregate demand curve shifted to the left, (Points: 1)
employment would fall
the price level would rise
the aggregate supply curve would shift rightward
the aggregate supply curve would shift leftward
77. Fine-tuning the economy means (Points: 1)
making government economic policy more "people oriented"
using government policies to adjust the economy and promote economic stability
tinkering with microeconomic problems such as externalities and losing sight of the big picture
placing fewer regulations on the private sector, thereby eliminating the need for government intervention
78. Basic research (Points: 1)
usually has a larger immediate payoff than applied research
is more practical than applied research
is a search for general knowledge without a specific product or procedure in mind
is research done by a firm to market a good
79. Applied research (Points: 1)
is designed to answer particular questions
is more open-ended than basic research
contributes less to visible output changes than does basic research
is research done by a firm to market a good
80. The difference between basic and applied research is that (Points: 1)
basic research does not promote resource productivity while applied research does
applied research does not promote resource productivity while basic research does
basic research has less immediate payoff to society than applied research typically does
basic research occurs in science while applied research occurs in industry





81. The term industrial policy refers to (Points: 1)
the policy industries develop to promote growth
industry policy related to marketing strategies
the illegal activity that firms sometimes engage in to reduce competition
government policy arrived at enhancing our competitiveness with foreign industry
82. In double-entry GDP accounting, (Points: 1)
the value of output produced must equal the value of resource payments generated in producing that output
government is not counted because most of government spending is for transfer payments
payments to resources must equal the value of goods sold to households
inventories are counted twice, once as investment and once as output
83. Gross Domestic Product includes final goods and services, but not intermediate goods because (Points: 1)
intermediate goods are not part of investment spending
the value of the intermediate goods is already included in the value of the final goods
the value of the intermediate goods is already included as inventory investment
intermediate goods are only produced by government
84. Which of the following statements about exports and imports is true? (Points: 1)
Both imports and exports are added to a nation's GDP.
Both imports and exports are subtracted from a nation's GDP.
Imports are added to a nation's GDP; exports are subtracted.
Exports are added to a nation's GDP; imports are subtracted.
85. Aggregate income is defined as (Points: 1)
the sum of income earned by all laborers in the world economy
the sum of income earned by all workers in the private sector
the total income of all individuals who contribute resources to the market production of output
total income after all income taxes but before paying other payroll taxes



86. The national income accounting system measures economic activity based on the concept of the (Po
triangular flow of output and income through different sectors of the economy
stock of precious metals accumulated in the public treasury
comparative advantage of crucial national industries
circular flow of output and income through different sectors of the economy
87. Suppose U = the number of adults who are unemployed; E = the number of adults who are employed; and NLF = the number of adults not in the labor force. Which expression would equal the unemployment rate? (Points: 1)
U/(E + NLF)
U/E
U/(U + E)
U/(E + NLF)
88. Which of the following are classified as "discouraged workers"? (Points: 1)
all those between 16 and 65 who are neither disabled nor in an institution and are also neither employed nor seeking employment
labor force members who have chosen early retirement because they dislike their work or think the pay is too low
members of the noninstitutional population who say they want to be employed but are not searching for a job
members of the labor force who are looking for a job but cannot find one
89. Cyclical unemployment results from (Points: 1)
monetary cost and the time it takes to find the best job
seasonal decreases in demand for labor
prolonged declines in business activity
a mismatch of skills
90. Suppose you received a 4 percent increase in your nominal wage. Over the year, inflation runs about 7 percent. Which of the following is true? (Points: 1)
Both your nominal and real wages decreased.
Your real wage increased.
Both the nominal and real wages increased.
Although your nominal wage rose, your real wage decreased.

91. The real interest rate can be expressed as the (Points: 1)
nominal interest rate minus the real interest rate
inflation rate minus the nominal interest rate
nominal interest rate minus the inflation rate
inflation rate minus the real interest rate

92. The Budget of the United States Government is officially submitted by (Points: 1)
the President to the Congress and contains proposals for government expenditures
the Congress to the President and contains proposals for government expenditures
the President to the Congress and contains proposals for tax increases
the Congress to the President and contains proposals for tax increases
93. Which institution was created under the Employment Act of 1946 to assist the President in formulating an appropriate fiscal policy? (Points: 1)
the Council of Economic Advisers
the Board of Governors of the Fed
the Office of Management and Budget
the Fed's Open Market Committee
94. Problems with the federal government budget process include (Points: 1)
Congress having to make tough choices each year on which entitlement programs, if any, will receive full support and how much partial support all others will receive
the constitutional requirement that Congress balance the budget on an annual basis
an overly detailed budget that allows Congress to reward friends, thereby discouraging restraint on spending
a speedy process that causes errors that are expensive to correct
95. The money demand curve describes how the quantity of money demanded varies with (Points: 1)
nominal GDP
real GDP
the price level
the interest rate


96. If there is a decrease in the supply of money, which one of the following is most likely to happen? (Points: 1)
the demand for money will increase
planned investment spending will increase
interest rates will rise
aggregate expenditure will increase
97. If the Federal Reserve is targeting the interest rate when the demand for money increases, their proper response is to (Points: 1)
decrease the money supply
keep the money supply constant
increase the money supply
stimulate inflation to increase the demand for money
98. International trade is most likely to occur whenever (Points: 1)
one of the trading nations is self-sufficient
all of the trading nations are self-sufficient
one of the trading nations gains from trade
each of the trading nations gains from trade


99. World output will be maximized if each country (Points: 1)
attempts to be self-sufficient
specializes in producing those goods in which it has a comparative advantage
specializes in producing those goods in which it has an absolute advantage
reduces its consumption possibilities
100. A tariff is (Points: 1)
a tax on financial transactions
a tax on either imports or exports
the result of a treaty
a penalty imposed on importers of capital
Submitted: 3 years ago.
Category: Homework
Expert:  Timothy the Teacher replied 3 years ago.
Wow - a 100 eco questions. When do you have to turn this in? Can you provide the name of your text book/author?
Expert:  Timothy the Teacher replied 3 years ago.

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

Expert:  Timothy the Teacher replied 3 years ago.
11. Households act as suppliers when they provide (Points: 1) goods and services to firms and governments resources to firms and governments tax payments to governments the demand for only what firms supply or make available 12. Household production is more likely to occur when (Points: 1) it requires few specialized resources technology makes it more costly than market production tax avoidance is undesirable less control over the final product is desirable 13. 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 (note "final")14. Which of the following taxes is most clearly based on the benefits-received principle of taxation? 1) corporate income tax gasoline tax personal income tax payroll tax 15. Which of the following is not a function of government? (Points: 1) providing the economy's private goods redistribution of income through taxation and transfer payments stabilization to achieve the macroeconomic goals production of public goods 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. Two goods are considered substitutes only if a(n) (Points: 1) decrease in the demand for one leads to a decrease in the supply of the other increase in the demand for one leads to a decrease in the supply of the other increase in the price of one leads to an increase in the demand for the other decrease in the price of one leads to an increase in the demand for the other 18. If good B is a complement to good A, then a rise in the price of B (Points: 1) increases the quantity demanded of A decreases the demand for A increases the demand for A decreases the quantity demanded of A 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 (and equilibrium price increases)
Expert:  Timothy the Teacher replied 3 years ago.
21. Which of the following is correct when a price floor is set above the equilibrium price? (Points: 1) quantity supplied is equal to quantity demanded at the set price The market price is greater than the price floor quantity supplied is less than quantity demanded at the set price quantity supplied exceeds quantity demanded at the set price 22. Demand is inelastic only if (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 23. If a price reduction leads to larger total revenue, demand is (Points: 1) perfectly inelastic inelastic unit elastic elastic 24. If the demand for swordfish is price elastic and the price of swordfish increases, then (Points: 1) the quantity of swordfish demanded will increase the total revenue from swordfish sales will decrease the total revenue from swordfish sales will increase the total revenue from swordfish sales will not change 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. The supply curve will be more elastic if (Points: 1) the good has few substitutes the time the producer has to adjust is long the time frame for adjusting to price changes is short demand is elastic 27. For which of the following goods is the value of income elasticity most likely to be negative? (Points: macaroni and cheese champagne airline tickets clothes[hint: as your income rises which three are you more likely to buy more of - the one left over is the answer!] 28. Normal profit is defined as (Points: 1) accounting profit economic profit profit necessary to ensure that opportunity costs are covered[hint; term opportunity] accounting profit minus economic profit 29. Increasing marginal returns are generally the result of (Points: 1) diseconomies of scale increasing costs specialization and division of labor labor unions 30. The short-run average variable cost curve (Points: 1) is always downward-sloping is a horizontal line intersecting the vertical axis slopes downward at low rates of output, then slopes upward at higher rates of output starts above the origin and always slopes upward [hint: it is "u" shaped]
Expert:  Timothy the Teacher replied 3 years ago.

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.

 

Expert:  Timothy the Teacher replied 3 years ago.
41. For a monopolist, marginal revenue is (Points: 1) equal to price, greater than price, less than price, represented by a horizontal curve 42. In the short run, a monopolist will always shut down when (Points: 1) total revenue is greater than total variable cost at all output levels, total variable cost is greater than total revenue at all output levels, fixed cost is greater than total revenue at all output levels, total variable cost is greater than fixed cost 43. 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 44. An important difference between a perfectly competitive firm and a monopolist is that (Points: 1) the perfectly competitive firm tends to be larger, only the monopolist attempts to maximize profit, only the perfectly competitive firm maximizes profit, the perfectly competitive firm faces a horizontal demand curve and the monopolist faces a de? 45. Collusion among firms to raise price is rare in monopolistically competitive markets because (Points: 1) there are too many firms there are too few firms there is only one firm products are homogeneous 46. Because of easy entry, monopolistically competitive firms will (Points: 1) produce at the lowest average total cost charge a price equal to marginal cost earn no economic profit in the long run take advantage of all economies of scale 47. In the long run, economic profit for a monopolistically competitive firm (Points: 1) is zero, due to the lack of barriers to entry is zero, due to product differentiation may be positive, due to strong barriers to entry, may be positive due to product differentiation 48. 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 49. Which of the following is unique to oligopoly among all the market structures? (Points: 1) product differentiation, profit maximization, mutual interdependence, advertising 50. Each member of a cartel (Points: 1) faces a temptation to cheat on the agreement because lowering its price slightly below the established price will usually increase the firm's sales and profit, faces a temptation to cheat on the agreement because raising its price slightly above the established price will usually increase the firm's sales and profit has no temptation to cheat on the agreement because lowering its price slightly below the established price will usually have no impact on the firm's sales and profit has no temptation to cheat on the agreement because raising its price slightly above the established price will usually decrease the firm's sales and profit

Edited by Timothy the Teacher on 11/30/2010 at 12:02 PM EST
Expert:  Timothy the Teacher replied 3 years ago.
Nilla, I need a response to my info request due to the length of this request - i.e. name of Text Book/author and when you need this answer and when I can expect you to look at my answer as I will post it then if I am able to. I am submitting answers with choices underscored. When I submit the final answer please review it and leave positive feedback and any bonus will be appreciated when you accept it. thank you. Tim
Expert:  Timothy the Teacher 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.
Expert:  Timothy the Teacher replied 3 years ago.
Please reply to my posts this was a lengthy question, actually 100 ?s.....leave positive feed back and any bonus is greatly appreciated when you click on the accept answer button for your answer(s) above. Thank you, Tim.
Expert:  Timothy the Teacher replied 3 years ago.
Please let me know if you got the answers to your 100 questions posted above? I would appreciate a response as that was a lot of questions to review. Please accept your answer if you forgot to.Thank you.

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