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 Timothy the Teacher Your Own Question

Timothy the Teacher
Timothy the Teacher, Teacher
Category: Homework
Satisfied Customers: 161
Experience:  B.A./M.P.A> & a secondary teaching certificate Over 10 years of experience in Administration.
16032772
Type Your Homework Question Here...
Timothy the Teacher is online now
A new question is answered every 9 seconds

Determine difference between a good and a service?

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. ***** *****'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, moralistically 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: 4 years ago.
Category: Homework
Expert:  Timothy the Teacher replied 4 years ago.

Hello,

Please find the answers below:

1. The difference between a good and a service is that (Points: 1)

a good is tangible; 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

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

4. Macroeconomics is the study of (Points: 1)

the behavior of the economy as a whole

5. The other-things-constant assumption (Points: 1)

allows the economist to make useful predictions

6. Division of labor increases productivity because (Points: 1)

tasks can be assigned according to individual tastes and abilities

7. A production possibilities frontier will be bowed out if (Points: 1)

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

9. Which economic question does the decision to give all of the butter the economy produces to the homeless answer? (Points: 1)

For whom to produce?

10. Adam Smith's term, " the invisible hand," refers to (Points: 1)

the most capable entrepreneurs in the economy

11. Households act as suppliers when they provide (Points: 1)

resources to firms and governments tax payments to governments

12. Household production is more likely to occur when (Points: 1)

it requires few specialized resources

13. Gross Domestic Product is the value of all (Points: 1)

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?

gasoline tax

15. Which of the following is not a function of government? (Points: 1)

providing the economy's private goods

16. The difference between normal and inferior goods is that (Points: 1)

an increase in price will shift the demand curve for a normal good rightward and the demand curve for an inferior good leftward

17. Two goods are considered substitutes only if a(n) (Points: 1)

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

20. If the demand for bicycles increases, (Points: 1)

quantity supplied increases (and equilibrium price increases)

21. Which of the following is correct when a price floor is set above the equilibrium price? (Points: 1)

quantity supplied exceeds quantity demanded at the set price

22. Demand is inelastic only if (Points: 1)

price elasticity has an absolute value less than 1

23. If a price reduction leads to larger total revenue, demand is (Points: 1) elastic

24. If the demand for swordfish is price elastic and the price of swordfish increases, then (Points: 1)

the total revenue from swordfish sales will decrease

25. The more broadly a good is defined, (Points: 1)

the more substitutes it has so the more elastic is its demand

26. The supply curve will be more elastic if (Points: 1)

the time the producer has to adjust is long

27. For which of the following goods is the value of income elasticity most likely to be negative? (Points: macaroni and cheese

28. Normal profit is defined as (Points: 1) accounting profit economic profit

profit necessary to ensure that opportunity costs are covered[hint; term opportunity]

29. Increasing marginal returns are generally the result of (Points: 1) specialization and division of labor

30. The short-run average variable cost curve (Points: 1)

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]

31. Economies of scale can be caused by (Points: 1)

all of the following,

32. Minimum efficient scale is the level of output at which (Points: 1)

long-run average cost stops decreasing

33. Which of the following is not characteristic of perfect competition? (Points: 1) brand name advertising

34. Marginal revenue is (Points: 1)

the change in total revenue divided by the change in output,

35. A perfectly competitive firm's profit per unit of output equals (Points: 1)

price times quantity

36. Which of the characteristics of perfect competition assures that economic profit will be zero in the long run?

There is easy entry and exit in the market.

37. Productive efficiency occurs in markets when (Points: 1)

goods are produced at the lowest marginal cost

38. The term allocative efficiency refers to (Points:1)

the equality between MR and MC

39. Which of the following is true of monopoly? (Points: 1)

There are no close substitutes for the product being produced.

40. In the monopoly market structure, new firms (Points: 1)

cannot profitably enter the industry

41. For a monopolist, marginal revenue is (Points: 1)

less than price

42. In the short run, a monopolist will always shut down when (Points: 1)

fixed cost is greater than total revenue at all output levels

43. The main reason a monopolist can earn long-run economic profit, whereas a perfectly competitive firm cannot, is that (Points: 1)

there are no barriers to entry in perfect competition

44. An important difference between a perfectly competitive firm and a monopolist is that (Points: 1)

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

46. Because of easy entry, monopolistically competitive firms will (Points: 1)

charge a price equal to marginal cost

47. In the long run, economic profit for a monopolistically competitive firm (Points: 1)

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

49. Which of the following is unique to oligopoly among all the market structures? (Points: 1)

mutual interdependence

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.

51. Derived demand refers to (Points: 1)

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 supply curve of that resource must be vertical

53. Economic rent is defined as (Points: 1)

the payment to a resource in excess of its opportunity cost

54. The marginal revenue product of land curve indicates (Points: 1)

other things constant the additional cost to the firm when it employs an additional unit of land

55. Marginal revenue product is defined as the (Points: 1)

change in total revenue that results from the employment of an additional unit of a resource

56. A large inheritance from a relative will tend to (Points: 1)

shift your labor supply curve outward shift

57. The source of power for a labor union is its ability to (Points: 1)

decrease the supply of labor

58. When industrial unions negotiate with an entire industry, wage gains come at the cost of (Points: 1)

reduced total employment

59. Craft unions typically attempt to increase wages by (Points: 1)

setting a wage floor

60. Which of the following explains the recent decline in union membership in the United States? (Points: 1)

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) economic regulation

62. The purpose of antitrust laws is to (Points: 1)

reduce anticompetitive activities

63. The index that the U.S. government currently uses to determine whether a merger should be allowed is the (Points: 1)

Herfindahl index

64. Increased international trade and deregulation have resulted in (Points: 1)

increased competition 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.

66. Special-interest legislation usually (Points: 1)

has concentrated benefits but widespread costs

67. Competing-interest legislation involves (Points: 1)

both concentrated 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) underground economy

69. In a free market, a firm's rate of output is determined (Points: 1)

where marginal private cost equals marginal private benefit

70. Markets fail when externalities are present (Points: 1)

because some of the costs and benefits of producing a good are not reflected in the market price

71. If producers cannot afford the fees for pollution rights, (Points: 1)

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 (Points: 1)

subsidized to encourage production

73. Which of the following is a flow variable? (Points: 1)

investment spending

74. Economic fluctuations (or business cycles) (Points: 1)

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 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)

the aggregate supply curve would shift leftward

77. Fine-tuning the economy means (Points: 1)

using government policies to adjust the economy and promote economic stability

78. Basic research (Points: 1)

is a search for general knowledge without a specific product or procedure in mind

79. Applied research (Points: 1)

is designed to answer particular questions,

80. The difference between basic and applied research is that (Points: 1)

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)

government policy arrived at enhancing our competitiveness with foreign industry

82. In double-entry GDP accounting, (Points: 1)

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)

is already included in the value of the final goods

84. Which of the following statements about exports and imports is true? (Points: 1)

Exports are added to a nation's GDP; imports are subtracted.

85. Aggregate income is defined as (Points: 1)

the total income of all individuals who contribute resources to the market production of output,

86. The national income accounting system measures economic activity based on the concept of the (Points: 1)

triangular 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)

members of the noninstitutional population who say they want to be employed but are not searching for a job,

89. Cyclical unemployment results from (Points: 1)

prolonged declines in business activity

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) 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 inflation 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

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

94. Problems with the federal government budget process include (Points: 1)

the constitutional requirement that Congress balance the budget on an annual basis

95. The money demand curve describes how the quantity of money demanded varies with (Points: 1)

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)

interest rates will rise

97. If the Federal Reserve is targeting the interest rate when the demand for money increases, their proper response is to (Points: 1)

increase the money supply

98. International trade is most likely to occur whenever (Points: 1)

each of the trading nations gains from trade

99. World output will be maximized if each country (Points: 1)

specializes in producing those goods in which it has a comparative advantage

100. A tariff is (Points: 1)

a tax on either imports or exports

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:

    4522
    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:

    4522
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3458
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • 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:

    3124
    Post Graduate Diploma in Management (MBA)
  • 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:

    2385
    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:

    1988
    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:

    1876
    Bachelors Degree and CPA with Accounting work experience
  • http://ww2.justanswer.com/uploads/avremote/photoa.jpg Seanna's Avatar

    Seanna

    Tutor

    Satisfied Customers:

    1781
    3,000+ satisfied customers, all topics, A+ work
 
 
 
Chat Now With A Tutor
Timothy the Teacher
Timothy the Teacher
114 Satisfied Customers
B.A./M.P.A--> & a secondary teaching certificate Over 10 years of experience in Administration.