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1. Which of the following is a positive statement? (Points

Customer Question

1. Which of the following is a positive statement? (Points : 1)
An unemployment rate of 7 percent or higher is a national disgrace.
Unemployment is a less important problem than inflation.
When the national unemployment rate is 7 percent, the unemployment rate for inner-city youth is often close to 40 percent.
Unemployment and inflation are equally important problems.


2. Households (Points : 1)
own and sell resources
play a very minor role in the economy
supply goods and services
are the largest purchasers of resources


3. Economic theory (Points : 1)
expresses normative values
invents imaginative and interesting stories
predicts the behavior of a specific economic decision maker after an economic change
predicts the average behavior of a group of similar economic decision makers after an economic change


4. Consumers need information to make good choices. Which of the following is correct regarding this information? (Points : 1)
Advertising is always harmful to consumers.
Information is scarce and therefore valuable.
Brand names offer no informational content.
Acquiring more information is always rational.


5. A rational decision maker will take only those actions for which the expected marginal benefit (Points : 1)
is positive
is at its maximum level
is greater than or equal to the expected marginal cost
is less than the expected marginal cost


6. Money facilitates trade because (Points : 1)
it eliminates the need for specialization
it prevents people from taking advantage of each other
it serves as a medium of exchange
division of labor allows money to be produced at a lower cost
people do not benefit from barter unless money is used


7. The opportunity cost of an activity is (Points : 1)
zero if you choose the activity voluntarily
the amount of money spent on the activity
the value of the best alternative not chosen
the sum of benefits from all of the sacrificed alternatives
the difference between the benefits and the costs of that activity


8. 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?


9. 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


10. Increases in resources or improvements in technology will cause the production possibilities frontier to (Points : 1)
shift outward
shift inward
become a straight line
become horizontal
become vertical


11. Owners of corporations are referred to most frequently as (Points : 1)
entrepreneurs
limited partners
managers
stockholders


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


14. In terms of total sales, the dominant form of business firm in the U.S. economy is the (Points : 1)
corporation
sole proprietorship
partnership
nonprofit organization


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


16. 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


17. Which of the following is the best example of complements? (Points : 1)
milk and cheese
coffee and tea
hiking boots and athletic shoes
film and film processing (developing)


18. 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


19. If demand increases and supply decreases, (Points : 1)
equilibrium price will fall and equilibrium quantity will rise
equilibrium price will rise; equilibrium quantity will either rise, fall, or remain unchanged
equilibrium price and quantity will both rise
equilibrium quantity will rise; equilibrium price will either rise or fall


20. If a certain type of clothing becomes more fashionable, we would expect that its price (Points : 1)
will increase and quantity will decrease
will decrease and quantity will remain constant
and quantity will both decrease
and quantity will both increase


21. Economists emphasize the importance of equilibrium in markets because (Points : 1)
trading in markets can only occur at the equilibrium price and quantity
the behavior of buyers and sellers will automatically guide the market toward the equilibrium price and quantity
all buyers and sellers are better off at the equilibrium point than any other price and quantity combination
it represents a compromise between sellers hoping for low prices and buyers searching for high prices


22. If the cross-price elasticity of demand is -3, then (Points : 1)
one good is price inelastic
one good is a luxury good
the goods are complements
one good is an inferior good


23. 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


24. 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


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


26. If the demand for a good is elastic, then total revenue (Points : 1)
increases as price increases
remains constant as quantity demanded increases
increases as price decreases
decreases as quantity demanded increases


27. Elasticity measures (Points : 1)
whether a price increase causes quantity demanded to increase or decrease
the strength of an economy's tendency to recover from recession
the responsiveness of decision makers to changes in prices, income, or other variables
the profitability of investment in an industry


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


29. The short run is a period of time (Points : 1)
equal to or less than six months
during which all resources may be varied
during which all resources are fixed
during which at least one resource is fixed


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. Empirical studies of production suggest that the long-run average cost curve (Points : 1)
is U-shaped
has an inverted L shape
is L-shaped
is horizontal


32. If marginal cost exceeds average variable cost, (Points : 1)
average variable cost is negative
average variable cost is increasing
marginal cost is greater than average total cost
average variable cost is decreasing


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. 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


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


36. Perfectly competitive firms respond to changing market conditions by varying their (Points : 1)
price
output
market share
information


37. The price charged by a perfectly competitive firm is determined by (Points : 1)
each individual firm
a group of firms acting together as a cartel
market demand and market supply
the firm's total costs alone


38. Perfectly competitive firms are price takers because (Points : 1)
all small firms must take the price set by the largest firm in the market
firms take the price that government determines is a "fair" price
each firm is small and goods are perfect substitutes for one another
free entry and exit in the short run creates a constant market price in the long run


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


40. 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 downward-sloping demand curve


41. 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


42. Which of the following does a monopoly control, that a perfectly competitive firm does not control? (Points : 1)
how much to produce
technology
what price to charge
what inputs to use


43. The practice of charging different prices to different consumers of the same product is called (Points : 1)
monopolistic pricing
unit pricing
price discrimination
elasticity pricing


44. A monopolist is (Points : 1)
a single seller of a product with no close substitutes
a single seller of a product with many close substitutes
one of a large number of small firms that produce a homogeneous good
one of a small number of large firms that produce a differentiated good


45. 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


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


47. Which of the following is an example of an actual cartel? (Points : 1)
the three largest cereal producers in the United States
General Motors, Ford, and Chrysler
the Organization of Petroleum Exporting Countries (OPEC)
the three major U.S. cigarette manufacturers


48. 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


49. Which of the following is unique to oligopoly among all the market structures? (Points : 1)
product differentiation
profit maximization
mutual interdependence
advertising


50. 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


51. A temporary resource price differential refers to a price difference (Points : 1)
that will not lead to a shift of resources among users
caused by lack of resource mobility
caused by economic rent
that, for example, causes more workers to move to higher-paid areas


52. The resource market is different from the product market because (Points : 1)
in the resource market, firms don't maximize profit
in the resource market, households don't maximize utility
in the resource market, firms are demanders and households are suppliers
supply and demand do not apply in the resource market


53. 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


54. An improvement in technology that allows workers to process twice as many insurance forms in an hour than before will cause (Points : 1)
more labor to be employed because its marginal revenue product has fallen
an increase in insurance premiums
fewer workers to be employed because their marginal revenue product has decreased
more workers to be employed because their marginal revenue product has increased


55. 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


56. Strikes are expensive for (Points : 1)
the public only because output falls
both the public and employers because workers are compensated by the union for lost income
employers only because their revenue falls
workers, employers, and the public


57. Because of discrimination, which of the following have systematically earned less than others of equal ability? (Points : 1)
only African-Americans
only Hispanics
only African-Americans and Hispanics
African-Americans, Hispanics, and women


58. Because leisure is a normal good, an increase in income (Points : 1)
decreases the demand for leisure time and reduces the amount of time allocated to market work
decreases the demand for leisure time and increases the amount of time allocated to market work and/or nonmarket work
increases the demand for leisure time and reduces the amount of time allocated to market work and nonmarket work
increases the demand for leisure time and increases the amount of time allocated to market work and nonmarket work


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. Other things equal, the supply of labor will be greater to a job that (Points : 1)
requires advanced education and training
requires most working hours be on weekends
requires hard physical labor
allows the employee greater discretion in the use of time


61. If producers support proposed regulation of their industry, then (Points : 1)
it is likely that consumers will benefit from the regulation
it is likely that producers are looking out for the interests of the consumers
it is likely that both producers and consumers will be adversely affected by the legislation
it is possible that consumers will be adversely affected by the legislation


62. 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


63. If firms accused of antitrust violations sign a consent decree, they have (Points : 1)
admitted guilt and accept the lawful penalties
admitted guilt, but are relieved of any penalties by agreeing to cease the violations
agreed to cease the alleged wrongdoing, without admitting guilt
denied the accusation and requested a formal hearing or trial


64. If a monopolist is forced to set price equal to average total cost, economic profit (Points : 1)
will be negative, and the monopolist may go out of business
will be zero
will be positive
will be negative, and the firm will stay in business if there are significant fixed costs


65. Legal attempts to arrange one's financial decisions so as to pay the least tax possible are known as (Points : 1)
tax evasion
logrolling
tax avoidance
rent seeking


66. Relative to private firms, we should expect public bureaus to be (Points : 1)
smaller
more cost-efficient
less responsive to consumer demand
more concerned with adopting new technologies


67. 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


68. If a voter expects to have little effect on government choices, that voter's behavior will reflect (Points : 1)
rational ignorance
a cyclical majority
rent seeking
vote trading


69. Pollution and other negative externalities arise because (Points : 1)
there are no enforceable property rights to open-access resources
legislators cannot agree on what to do about them
they are the price consumers are willing to pay for production of goods and services
private property rights to pollute are controlled by businesses


70. The socially efficient level of output is determined where (Points : 1)
marginal social cost equals marginal social benefit
marginal private cost equals marginal social benefit
average social cost equals average social benefit
average private cost equals average social benefit


71. A pollution tax (Points : 1)
is itself a form of negative externality
is a positive externality used to offset a negative one
is a price per unit of discharge of pollution
is a tax on pollution control equipment


72. If education creates positive externalities, (Points : 1)
private markets provide less than the socially optimal quantity of education
private markets provide more than the socially optimal quantity of education
the marginal private benefit curve is higher than the marginal social benefit curve
the marginal private cost curve is higher than the marginal social cost curve


73. The Keynesian approach to fiscal policy calls for (Points : 1)
budget deficits during periods of inflationary pressure
budget surpluses during periods of high unemployment
a balanced budget despite the state of the economy
tax cuts during recession


74. An economic variable that is measured per unit of time, such as spending per year, is known as a(n) (Points : 1)
stock variable
periodic variable
expectations variable
flow variable


75. Stagflation refers to (Points : 1)
a simultaneous reduction in output and the price level
a simultaneous increase in output and the price level
a decline in the price level accompanied by increases in real output and employment
an increase in the price level accompanied by decreases in real output and employment


76. According to XXXXX XXXXX's The Wealth of Nations, in order to get an economy out of a depression, the government should (Points : 1)
increase taxes
allow the economy to correct itself
reduce taxes
decrease spending


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. Many people believe that government should promote (Points : 1)
seriousness
hard work
greater happiness
economic education


79. Human capital represents (Points : 1)
the equipment that labor uses on-the-job to improve labor productivity
a direct method of measuring output-per-worker
the education, skills and training embodied in workers
the technology, developed by humans, that is embodied in equipment


80. Which of the following does not contribute to an improved standard of living? (Points : 1)
increases in the amount and quality of available resources
better technology
lower prices for the necessities of life
improvements in the "rules of the game"


81. 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


82. The ultimate goal of studying the circular flow model is to understand the flow of (Points : 1)
money through the market system
consumer spending through the economy
goods and services through the product market
resources, goods, and money through the economy


83. Which of the following is the best indicator of the performance of the national economy? (Points : 1)
the balance of trade with other nations
the federal government budget deficit
the size of the nation's stock of money
the flow of new goods and services produced in the nation


84. In the resource market, (Points : 1)
businesses borrow money to buy the capital resources they need
businesses sell services to the households
firms provide the resources to the households
households sell the resources to firms in return for factor payments


85. Which of the following is not a problem associated with GDP as a measure of social welfare? (Points : 1)
It excludes many nonmarket activities.
It values all types of output equally.
It excludes pollution damage.
It excludes intermediate goods as a separate entry.


86. In GDP measurement, consumer spending includes (Points : 1)
spending by businesses on labor resources
spending by government on office buildings
spending by individual households on automobiles and durables
exchanges in business inventories


87. Which of the following is true regarding labor force participation rates in the United States since the 1950s? (Points : 1)
The rates for both men and women have risen.
The rate for women has fallen; that for men has risen.
The rate for men has fallen; that for women has increased.
The rates for both men and women have fallen.


88. Inflation is (Points : 1)
a reduction in everyone's standard of living
a rise in the real prices of all goods and services
a general and continuing rise in the money prices of goods and services
a continuing rise in everyone's standard of living


89. Sharon was being treated unfairly by her boss, so she stormed off the job and two weeks later found another position. For two weeks Sharon experienced (Points : 1)
cyclical unemployment
structural unemployment
seasonal unemployment
frictional unemployment


90. In times of rapid inflation, (Points : 1)
money loses its use as a store of value
money becomes an attractive store of wealth
people postpone purchases as long as possible
people spend less in transactions costs


91. When workers are over-qualified for their current jobs or can find only part-time work, we say they are (Points : 1)
discouraged workers
not in the labor force
overemployed
underemployed


92. Federal spending (including transfer payments), as a percent of GDP, (Points : 1)
has remained largely unchanged over the last 50 years
has exceeded 10 percent only in wartime periods
is less than half of state and local government spending
has increased since 1921


93. One explanation for persistent federal budget deficits is that officials are not required to (Points : 1)
honor the Constitution
balance the budget
raise taxes
run for reelection


94. A possible explanation for the persistence of the U.S. federal budget deficits is that (Points : 1)
it is easier politically to increase government spending than to decrease taxes
it is easier politically to decrease government spending than to decrease taxes
it is easier politically to increase government spending than to increase taxes
the economy naturally tends toward recessions


95. An increase in the price level will (Points : 1)
shift the money demand curve to the right
shift the money demand curve to the left
increase the quantity of money people want to hold
decrease the quantity of money people want to hold


96. In recent years, much of the emphasis of Fed policy has been on (Points : 1)
controlling short-term interest rates
implementing a system of price controls
regulating bank managers
controlling the money supply


97. 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


98. Differences in resource endowments are differences in (Points : 1)
the quantity, but not the quality, of resources available in different nations
tariffs charged by each country
production patterns across nations
the quality and quantity of resources available in different nations


99. U.S. auto workers sometimes experience structural unemployment because of the popularity of foreign cars. Which argument is a labor union most likely to present to Congress when it lobbies for trade restrictions? (Points : 1)
national defense argument
infant industry argument
antidumping argument
loss of domestic jobs argument


100. 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
Submitted: 2 years ago.
Category: Homework
Expert:  FiveStarLaw replied 2 years ago.

WebLaw :


I am happy to answer all of your questions but I would require them to be sent to me in small groups. 100 questions is way too many for a single "accept". If you are a subscriber, you can send each question individually and accept each answer individually at no additional cost beyond your monthly payment.Please keep in mind that I am also a business law expert

If this is satisfactory, please start your questions with "FOR WEBLAW" I will give it my immediate attention

Customer:

I dont have a monthly payment

Customer:

r u there

Customer:

A rational decision maker will take only those actions for which the expected marginal benefit (Points : 1)
is positive
is at its maximum level
is greater than or equal to the expected marginal cost
is less than the expected marginal cost








2. Consumers need information to make good choices. Which of the following is correct regarding this information? (Points : 1)
Advertising is always harmful to consumers.
Information is scarce and therefore valuable.
Brand names offer no informational content.
Acquiring more information is always rational.

 








3. Economic theory (Points : 1)
expresses normative values
invents imaginative and interesting stories
predicts the behavior of a specific economic decision maker after an economic change
predicts the average behavior of a group of similar economic decision makers after an economic change

 








4. Households (Points : 1)
own and sell resources
play a very minor role in the economy
supply goods and services
are the largest purchasers of resources

 








5. Which of the following is a positive statement? (Points : 1)
An unemployment rate of 7 percent or higher is a national disgrace.
Unemployment is a less important problem than inflation.
When the national unemployment rate is 7 percent, the unemployment rate for inner-city youth is often close to 40 percent.
Unemployment and inflation are equally important problems.

 








6. Increases in resources or improvements in technology will cause the production possibilities frontier to (Points : 1)
shift outward
shift inward
become a straight line
become horizontal
become vertical

 








7. 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

 








8. 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?

 








9. The opportunity cost of an activity is (Points : 1)
zero if you choose the activity voluntarily
the amount of money spent on the activity
the value of the best alternative not chosen
the sum of benefits from all of the sacrificed alternatives
the difference between the benefits and the costs of that activity

 








10. Money facilitates trade because (Points : 1)
it eliminates the need for specialization
it prevents people from taking advantage of each other
it serves as a medium of exchange
division of labor allows money to be produced at a lower cost
people do not benefit from barter unless money is used

 








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

 








12. In terms of total sales, the dominant form of business firm in the U.S. economy is the (Points : 1)
corporation
sole proprietorship
partnership
nonprofit organization

 








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

 








14. 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

 








15. Owners of corporations are referred to most frequently as (Points : 1)
entrepreneurs
limited partners
managers
stockholders

 








16. Economists emphasize the importance of equilibrium in markets because (Points : 1)
trading in markets can only occur at the equilibrium price and quantity
the behavior of buyers and sellers will automatically guide the market toward the equilibrium price and quantity
all buyers and sellers are better off at the equilibrium point than any other price and quantity combination
it represents a compromise between sellers hoping for low prices and buyers searching for high prices

 








17. If a certain type of clothing becomes more fashionable, we would expect that its price (Points : 1)
will increase and quantity will decrease
will decrease and quantity will remain constant
and quantity will both decrease
and quantity will both increase

 








18. If demand increases and supply decreases, (Points : 1)
equilibrium price will fall and equilibrium quantity will rise
equilibrium price will rise; equilibrium quantity will either rise, fall, or remain unchanged
equilibrium price and quantity will both rise
equilibrium quantity will rise; equilibrium price will either rise or fall

 








19. 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

 








20. Which of the following is the best example of complements? (Points : 1)
milk and cheese
coffee and tea
hiking boots and athletic shoes
film and film processing (developing)

 








21. 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

 








22. Elasticity measures (Points : 1)
whether a price increase causes quantity demanded to increase or decrease
the strength of an economy's tendency to recover from recession
the responsiveness of decision makers to changes in prices, income, or other variables
the profitability of investment in an industry

 








23. If the demand for a good is elastic, then total revenue (Points : 1)
increases as price increases
remains constant as quantity demanded increases
increases as price decreases
decreases as quantity demanded increases

 








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

 








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. If the cross-price elasticity of demand is -3, then (Points : 1)
one good is price inelastic
one good is a luxury good
the goods are complements
one good is an inferior good

 








28. If marginal cost exceeds average variable cost, (Points : 1)
average variable cost is negative
average variable cost is increasing
marginal cost is greater than average total cost
average variable cost is decreasing

 








29. Empirical studies of production suggest that the long-run average cost curve (Points : 1)
is U-shaped
has an inverted L shape
is L-shaped
is horizontal

 








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. The short run is a period of time (Points : 1)
equal to or less than six months
during which all resources may be varied
during which all resources are fixed
during which at least one resource is fixed

 








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

 








33. Perfectly competitive firms are price takers because (Points : 1)
all small firms must take the price set by the largest firm in the market
firms take the price that government determines is a "fair" price
each firm is small and goods are perfect substitutes for one another
free entry and exit in the short run creates a constant market price in the long run

 








34. The price charged by a perfectly competitive firm is determined by (Points : 1)
each individual firm
a group of firms acting together as a cartel
market demand and market supply
the firm's total costs alone

 








35. Perfectly competitive firms respond to changing market conditions by varying their (Points : 1)
price
output
market share
information

 








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

 








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. 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

 








39. A monopolist is (Points : 1)
a single seller of a product with no close substitutes
a single seller of a product with many close substitutes
one of a large number of small firms that produce a homogeneous good
one of a small number of large firms that produce a differentiated good

 








40. The practice of charging different prices to different consumers of the same product is called (Points : 1)
monopolistic pricing
unit pricing
price discrimination
elasticity pricing

 








41. Which of the following does a monopoly control, that a perfectly competitive firm does not control? (Points : 1)
how much to produce
technology
what price to charge
what inputs to use

 








42. 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

 








43. 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 downward-sloping demand curve

 








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

 








45. 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

 








46. Which of the following is unique to oligopoly among all the market structures? (Points : 1)
product differentiation
profit maximization
mutual interdependence
advertising

 








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. Which of the following is an example of an actual cartel? (Points : 1)
the three largest cereal producers in the United States
General Motors, Ford, and Chrysler
the Organization of Petroleum Exporting Countries (OPEC)
the three major U.S. cigarette manufacturers

 








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

 








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. 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

 








52. An improvement in technology that allows workers to process twice as many insurance forms in an hour than before will cause (Points : 1)
more labor to be employed because its marginal revenue product has fallen
an increase in insurance premiums
fewer workers to be employed because their marginal revenue product has decreased
more workers to be employed because their marginal revenue product has increased

 








53. 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

 








54. The resource market is different from the product market because (Points : 1)
in the resource market, firms don't maximize profit
in the resource market, households don't maximize utility
in the resource market, firms are demanders and households are suppliers
supply and demand do not apply in the resource market

 








55. A temporary resource price differential refers to a price difference (Points : 1)
that will not lead to a shift of resources among users
caused by lack of resource mobility
caused by economic rent
that, for example, causes more workers to move to higher-paid areas

 








56. Other things equal, the supply of labor will be greater to a job that (Points : 1)
requires advanced education and training
requires most working hours be on weekends
requires hard physical labor
allows the employee greater discretion in the use of time

 








57. Craft unions typically attempt to increase wages by (Points : 1)
setting a wage floor
reducing labor supply
increasing labor demand
reducing initiation fees

 








58. Because leisure is a normal good, an increase in income (Points : 1)
decreases the demand for leisure time and reduces the amount of time allocated to market work
decreases the demand for leisure time and increases the amount of time allocated to market work and/or nonmarket work
increases the demand for leisure time and reduces the amount of time allocated to market work and nonmarket work
increases the demand for leisure time and increases the amount of time allocated to market work and nonmarket work

 








59. Because of discrimination, which of the following have systematically earned less than others of equal ability? (Points : 1)
only African-Americans
only Hispanics
only African-Americans and Hispanics
African-Americans, Hispanics, and women

 








60. Strikes are expensive for (Points : 1)
the public only because output falls
both the public and employers because workers are compensated by the union for lost income
employers only because their revenue falls
workers, employers, and the public

 








61. If a monopolist is forced to set price equal to average total cost, economic profit (Points : 1)
will be negative, and the monopolist may go out of business
will be zero
will be positive
will be negative, and the firm will stay in business if there are significant fixed costs

 








62. If firms accused of antitrust violations sign a consent decree, they have (Points : 1)
admitted guilt and accept the lawful penalties
admitted guilt, but are relieved of any penalties by agreeing to cease the violations
agreed to cease the alleged wrongdoing, without admitting guilt
denied the accusation and requested a formal hearing or trial

 








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. If producers support proposed regulation of their industry, then (Points : 1)
it is likely that consumers will benefit from the regulation
it is likely that producers are looking out for the interests of the consumers
it is likely that both producers and consumers will be adversely affected by the legislation
it is possible that consumers will be adversely affected by the legislation

 








65. If a voter expects to have little effect on government choices, that voter's behavior will reflect (Points : 1)
rational ignorance
a cyclical majority
rent seeking
vote trading

 








66. 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

 








67. Relative to private firms, we should expect public bureaus to be (Points : 1)
smaller
more cost-efficient
less responsive to consumer demand
more concerned with adopting new technologies

 








68. Legal attempts to arrange one's financial decisions so as to pay the least tax possible are known as (Points : 1)
tax evasion
logrolling
tax avoidance
rent seeking

 








69. If education creates positive externalities, (Points : 1)
private markets provide less than the socially optimal quantity of education
private markets provide more than the socially optimal quantity of education
the marginal private benefit curve is higher than the marginal social benefit curve
the marginal private cost curve is higher than the marginal social cost curve

 








70. A pollution tax (Points : 1)
is itself a form of negative externality
is a positive externality used to offset a negative one
is a price per unit of discharge of pollution
is a tax on pollution control equipment

 








71. The socially efficient level of output is determined where (Points : 1)
marginal social cost equals marginal social benefit
marginal private cost equals marginal social benefit
average social cost equals average social benefit
average private cost equals average social benefit

 








72. Pollution and other negative externalities arise because (Points : 1)
there are no enforceable property rights to open-access resources
legislators cannot agree on what to do about them
they are the price consumers are willing to pay for production of goods and services
private property rights to pollute are controlled by businesses

 








73. 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

 








74. According to XXXXX XXXXX's The Wealth of Nations, in order to get an economy out of a depression, the government should (Points : 1)
increase taxes
allow the economy to correct itself
reduce taxes
decrease spending

 








75. Stagflation refers to (Points : 1)
a simultaneous reduction in output and the price level
a simultaneous increase in output and the price level
a decline in the price level accompanied by increases in real output and employment
an increase in the price level accompanied by decreases in real output and employment

 








76. An economic variable that is measured per unit of time, such as spending per year, is known as a(n) (Points : 1)
stock variable
periodic variable
expectations variable
flow variable

 








77. The Keynesian approach to fiscal policy calls for (Points : 1)
budget deficits during periods of inflationary pressure
budget surpluses during periods of high unemployment
a balanced budget despite the state of the economy
tax cuts during recession

 








78. 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

 








79. Which of the following does not contribute to an improved standard of living? (Points : 1)
increases in the amount and quality of available resources
better technology
lower prices for the necessities of life
improvements in the "rules of the game"

 








80. Human capital represents (Points : 1)
the equipment that labor uses on-the-job to improve labor productivity
a direct method of measuring output-per-worker
the education, skills and training embodied in workers
the technology, developed by humans, that is embodied in equipment

 








81. Many people believe that government should promote (Points : 1)
seriousness
hard work
greater happiness
economic education

 








82. In GDP measurement, consumer spending includes (Points : 1)
spending by businesses on labor resources
spending by government on office buildings
spending by individual households on automobiles and durables
exchanges in business inventories

 








83. Which of the following is not a problem associated with GDP as a measure of social welfare? (Points : 1)
It excludes many nonmarket activities.
It values all types of output equally.
It excludes pollution damage.
It excludes intermediate goods as a separate entry.

 








84. In the resource market, (Points : 1)
businesses borrow money to buy the capital resources they need
businesses sell services to the households
firms provide the resources to the households
households sell the resources to firms in return for factor payments

 








85. Which of the following is the best indicator of the performance of the national economy? (Points : 1)
the balance of trade with other nations
the federal government budget deficit
the size of the nation's stock of money
the flow of new goods and services produced in the nation

 








86. The ultimate goal of studying the circular flow model is to understand the flow of (Points : 1)
money through the market system
consumer spending through the economy
goods and services through the product market
resources, goods, and money through the economy

 








87. When workers are over-qualified for their current jobs or can find only part-time work, we say they are (Points : 1)
discouraged workers
not in the labor force
overemployed
underemployed

 








88. In times of rapid inflation, (Points : 1)
money loses its use as a store of value
money becomes an attractive store of wealth
people postpone purchases as long as possible
people spend less in transactions costs

 








89. Sharon was being treated unfairly by her boss, so she stormed off the job and two weeks later found another position. For two weeks Sharon experienced (Points : 1)
cyclical unemployment
structural unemployment
seasonal unemployment
frictional unemployment

 








90. Inflation is (Points : 1)
a reduction in everyone's standard of living
a rise in the real prices of all goods and services
a general and continuing rise in the money prices of goods and services
a continuing rise in everyone's standard of living

 








91. Which of the following is true regarding labor force participation rates in the United States since the 1950s? (Points : 1)
The rates for both men and women have risen.
The rate for women has fallen; that for men has risen.
The rate for men has fallen; that for women has increased.
The rates for both men and women have fallen.

 








92. A possible explanation for the persistence of the U.S. federal budget deficits is that (Points : 1)
it is easier politically to increase government spending than to decrease taxes
it is easier politically to decrease government spending than to decrease taxes
it is easier politically to increase government spending than to increase taxes
the economy naturally tends toward recessions

 








93. One explanation for persistent federal budget deficits is that officials are not required to (Points : 1)
honor the Constitution
balance the budget
raise taxes
run for reelection

 








94. Federal spending (including transfer payments), as a percent of GDP, (Points : 1)
has remained largely unchanged over the last 50 years
has exceeded 10 percent only in wartime periods
is less than half of state and local government spending
has increased since 1921

 








95. 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

 








96. In recent years, much of the emphasis of Fed policy has been on (Points : 1)
controlling short-term interest rates
implementing a system of price controls
regulating bank managers
controlling the money supply

 








97. An increase in the price level will (Points : 1)
shift the money demand curve to the right
shift the money demand curve to the left
increase the quantity of money people want to hold
decrease the quantity of money people want to hold

 








98. 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

 








99. U.S. auto workers sometimes experience structural unemployment because of the popularity of foreign cars. Which argument is a labor union most likely to present to Congress when it lobbies for trade restrictions? (Points : 1)
national defense argument
infant industry argument
antidumping argument
loss of domestic jobs argument

 








100. Differences in resource endowments are differences in (Points : 1)
the quantity, but not the quality, of resources available in different nations
tariffs charged by each country
production patterns across nations
the quality and quantity of resources available in different nations
WebLaw :

I will need to opt out as it is too many questions for me

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Customer: replied 2 years ago.
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help me answer all the questions not just certain ones
Expert:  Mr. Gregory White replied 2 years ago.

Hi, it will be a pleasure to help you with your homework today.

I will be happy to help you but these are too many questions in one group. Since you are a subscriber (as I can see indicated on the question page), you can break this into smaller groups of questions (since there are 100 of them - how about 10 groups of 10 questions). Post them separately and put "For TeacherGreg Only" at the front of each group of questions and I will get them back to you ASAP.

These are far too time consuming for the amount being requested in payment. But, as stated, since you are a subscriber it does not cost you any extra money to break these questions up into smaller groups.

All the best and have a wonderful rest of the weekend. Let me know if you need help and if you put the "For TeacherGreg Only" at the front of the questions, they will be directly routed to me.

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