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Chris M.
Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2788
Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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1. The basis of mainstream economic theory is_____. (Points

Customer Question

1. The basis of mainstream economic theory is_____. (Points: 5)
scarcity and choice
social welfare
ethical use of resources
protection of workers' rights

2. All other things being equal, a decrease in supply results in a(n)_____. (Points: 5)
increase in equilibrium price and a decrease in equilibrium quantity
increase in equilibrium quantity and a decrease in equilibrium price
decrease in equilibrium quantity and a decrease in equilibrium price
decrease in demand

3. In one hour, a person can fix 4 flat tires or type 200 words. The opportunity cost of fixing ONE flat tire is _____. (Points: 5)
200 words
4 flat tires
1 word
50 words

4. The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as _____. (Points: 5)
quantity demanded CORRECT
quantity supplied

5. Public goods are _____. (Points: 5)
excludable but not rival in consumption
rival in consumption but not excludable
excludable and rival in consumption
neither excludable nor rival in consumption CORRECT

6. The concept of elasticity is used to _____. (Points: 5)
indicate the economy’s ability to rebound from a recession
measure the robustness of a variable
measure the sensitivity of one variable to changes in another CORRECT
measure price changes only

7. Price discrimination is evidence of _____. (Points: 5)
monopoly CORRECT
imperfect competition
perfect competition

8. Commodity markets most nearly approximate _____. (Points: 5)
oligopoly CORRECT
imperfect competition
perfect competition

9. Game theory and rival pricing strategies are typically found in _____. (Points: 5)
oligopoly CORRECT
imperfect competition
perfect competition

10. A group of oligopolists who act as a collective monopoly is known as _____. (Points: 5)
a trading bloc
a market
a cartel CORRECT
an industry

11. When the government is involved in regulating the prices sellers are allowed to charge, this often leads to_____. (Points: 5)
unemployment, inflation, and recession
deceptive advertising
price gouging
the quantity of goods available being less than the equilibrium quantity

12. Pollution is an example of a _____. (Points: 5)
network externality
normative externality
positive externality
negative externality

13. A market structure in which there are few sellers and each seller attempts to be innovative and differentiate otherwise similar products from competitor firms is called _____. (Points: 5)
a monopoly
an oligopoly
monopolistic competition
perfect competition

14. Consumer surplus is most likely to be captured and added to revenues by _____. (Points: 5)
a monopoly
an oligopoly
monopolistic competition
perfect competition

15. Implicit costs _____. (Points: 5)
are calculated based on what income less the cost of the item being sold
are the costs are the wages paid to the owner and employees on an annual basis
are the costs related to the purchase of a building or equipment
do not typically show up in accounting records

16. The primary goal of a firm is to ____. (Points: 5)
maximize revenue
minimize costs
maximize profit
all of the above

17. When firms discriminate against certain categories of employees for non-economic reasons, economists believe that _____. (Points: 5)
this is unfair and must be dealt with through strong legislation
the discriminating employers pay higher wages as those discriminated against seek employment elsewhere
this is an indication of an efficient labor market
this increases the potential for class warfare

18. Modern economists assume that an individual will undertake a course of action if _____. (Points: 5)
the interests of his or her social class are served
it is not forbidden by law
it is ethical and fair
the expected benefit is greater than the expected cost

19. Economic models_____. (Points: 5)
must completely describe every aspect of the economy in order to be useful
are simplified abstract representations of reality
avoid the use of assumptions wherever possible
are ideals that economics agents aspire to achieve

20. If you wanted to research the concept of specialization and trade, you would look to the _____. (Points: 5)
Theory of Comparative Advantage
Principle of Economic Specialization
Theory of Economic Agreement
Efficient Market Hypothesis
Submitted: 6 years ago.
Category: Homework
Expert:  Chris M. replied 6 years ago.

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