This document contains 30 multiple choice questions about various economics concepts. The questions cover topics such as macroeconomics, elasticity, production, costs, market structures, international trade, and more.
Creativity, Design Thinking and How These Have To Do With Innovation & Entrep...Lumiknows Consultancy
Presentation of CEO of Russian design research consultancy Lumiknows Ekaterina Khramkova at the international conference on innovation and entrepreneurship held in Moscow late April 2009. The event was organized by the International center for Innovation & Entrepreneurship of the Moscow State University together with the U.S. Russia Center for Entrepreneurship with support of Innovation Studio Intel, Tempus, Higher School of Economics.
Creativity, Design Thinking and How These Have To Do With Innovation & Entrep...Lumiknows Consultancy
Presentation of CEO of Russian design research consultancy Lumiknows Ekaterina Khramkova at the international conference on innovation and entrepreneurship held in Moscow late April 2009. The event was organized by the International center for Innovation & Entrepreneurship of the Moscow State University together with the U.S. Russia Center for Entrepreneurship with support of Innovation Studio Intel, Tempus, Higher School of Economics.
1. Should the federal government continue to provide Amtrak .docxpaynetawnya
1. Should the federal government continue to provide Amtrak with subsides? Provide economic arguments for and against and explain which you believe is soundest based on your understanding.
2. Based on the economic concepts of opportunity costs and the profit motive (defined broadly as the desire to become better through our choices), hoe should your limited resources of time and energy be allocated between market work, nonmarket work and leisure? Provided examples
3. Explain how economies of scale can be a barrier to entry.
4. Identify the other two barriers to entry and explain how they block new firms from this market.
5. Suppose that a certain manufacturer has a monopoly on the sorority and fraternity ring business because it has persuaded the “Greeks” to give it exclusive rights to their insignia.
a. Using demand and coast curves, draw a diagram depicting the firm’s profit- maximizing price and output level.
b. Why is marginal revenue less than price for this firm?
c. On your diagram, show the deadweight loss that occurs because the output level is determined by a monopoly rather than by a competitive market.
d. What would happen to price and output if the Greeks decided to charge the manufacturer a royalty fee of $3 per ring?
6. List three conditions that must be met for a monopolist to price discriminate successfully.
7. Why is the perfectly discriminating monopolist’s marginal revenue curve identical to the demand curve it faces?
8. A monopolistically competitive firm faces the following demand and cost structure in the short run:
Output Price FC VC TC TR Profit/Loss
0 100 100 0
1 90 50
2 80 90
3 70 150
4 60 230
5 50 330
6 40 450
7 30 590
a. Complete the table
b. What is the highest profit or lowest loss available to this firm?
c. Should the firm operate or shut down in the short run? Why?
d. What is the relationship between marginal revenue and marginal cost as the firm increase output?
9. Illustrated below are the marginal cost and average total cost curves for a small firm that is in long-run equilibrium.
a. Locate the long run- equilibrium price and quantity if the firm is perfectly competitive.
b. Label the price and quantity p1 and q1.
c. Draw in a demand and marginal revenue curve to illustrate long-run equilibrium if the firm is monopolistically competitive. Label the price and quantity p2 and q2.
d. How do the monopolistically competitive firm’s price and output compare to those of the perfectly competitive firm?
e. How do long-run profits compare for the two types of firms?
10. Why is a firm in monopolistic competition said to be competitive? In What sense is tha ...
1.The four types of market structures we study in economics are .docxcarlstromcurtis
1.The four types of market structures we study in economics are perfect competition, monopoly, oligopoly, and monopsony.
True
False
2. The long run is considered to be the period when a firm's inputs are mainly variable and at least one input is fixed.
True
False
3.The government regulates a pure monopoly by setting price where AVC (average variable costs) = D (demand).
True
False
4.Monopolies, since no close substitutes nor competitors exist, can price whatever they want and still maximize total revenues.
True
False
5.As competition increases in markets, the demand curve for products becomes more price elastic and downward pressure on prices tends to ensue.
True
False
6. As an imperfect competitor produces more and more output, we can assume that eventually marginal costs will continue to rise and marginal revenues to fall.
TRUE
FALSE
7. Generally speaking, consumer surplus will be highest in a perfectly competitive market structure.
True
False
8.The point where imperfect competitors will price their products and earn the highest level of total revenues is at the midpoint of the demand curve where total revenues are highest on the total revenue curve.
True
False
In general, we can expect higher barriers of entry for a monopolistically competitive market structure than an oligopoly market structure.
True
False
10. Monopolistic competition would represent the market structure within which Coca-Cola and Pepsi Cola firms operate.
True
False
11. The perfect competitor can produce as much as it wants or as little as it wants with no effects on market price whatsoever.
True
False
12. Oligopolies and monopolies attempt reduce output and raise price, thereby incurring overcapacity and waste to society.
True
False
13.Redistribution of income from wealthier individuals to lower-income individuals by government in the form of higher taxes and progressive tax systems actually tends to lower prosperity because it weakens the link between productive activity and the reward derived from it, encourages resources to flow into wasteful rent-seeking activities, as well as higher tax rates required to finance redistribution result in resources being devoted toward tax avoidance activities.
True
False
14. Decreasing the percentage tariff price on an imported good will result in greater market share for the foreign producer in the domestic country.
True
False
15.Which market structure can earn long-run economic profits?
a.
Perfect competition
b.
Monopolistic competition
c.
Oligopoly
d.
Monopoly
e.
c and d only
16. All firms produce where
a.
short-run profits are less than long-run profits
b.
average total costs are greater than marginal costs
c.
marginal revenues are greater than or equal to marginal costs
d.
marginal benefits are greater than marginal profits
17. A perfect competitor is a __________ and can earn economic profits ____________.
a.
price maker, never
b..
1.The four types of market structures we study in economics are .docxaulasnilda
1.The four types of market structures we study in economics are perfect competition, monopoly, oligopoly, and monopsony.
True
False
2. The long run is considered to be the period when a firm's inputs are mainly variable and at least one input is fixed.
True
False
3. The government regulates a pure monopoly by setting price where AVC (average variable costs) = D (demand).
True
False
4. Monopolies, since no close substitutes nor competitors exist, can price whatever they want and still maximize total revenues.
True
False
5.As competition increases in markets, the demand curve for products becomes more price elastic and downward pressure on prices tends to ensue.
True
False
6. As an imperfect competitor produces more and more output, we can assume that eventually marginal costs will continue to rise and marginal revenues to fall.
True
False
7. Generally speaking, consumer surplus will be highest in a perfectly competitive market structure.
True
False
8. The point where imperfect competitors will price their products and earn the highest level of total revenues is at the midpoint of the demand curve where total revenues are highest on the total revenue curve.
True
False
9. In general, we can expect higher barriers of entry for a monopolistically competitive market structure than an oligopoly market structure
True
False
10. Monopolistic competition would represent the market structure within which Coca-Cola and Pepsi Cola firms operate.
True
False
11. The perfect competitor can produce as much as it wants or as little as it wants with no effects on market price whatsoever
True
False
12. Oligopolies and monopolies attempt reduce output and raise price, thereby incurring overcapacity and waste to society.
True
False
13. Redistribution of income from wealthier individuals to lower-income individuals by government in the form of higher taxes and progressive tax systems actually tends to lower prosperity because it weakens the link between productive activity and the reward derived from it, encourages resources to flow into wasteful rent-seeking activities, as well as higher tax rates required to finance redistribution result in resources being devoted toward tax avoidance activities.
True
False
14. Decreasing the percentage tariff price on an imported good will result in greater market share for the foreign producer in the domestic country.
True
False
15. Which market structure can earn long-run economic profits?
a.Perfect competition
b. Monopolistic competition
c.Oligopoly
d. Monopoly
e. c and d only
16. All firms produce where
a.
marginal revenues are greater than or equal to marginal costs
b.
average total costs are greater than marginal costs
c.
marginal benefits are greater than marginal profits
d.
short-run profits are less than long-run profits
17. A perfect competitor is a __________ and can earn economic profits ____________.
a.
price taker, in both the short run and long run
b.
pri ...
Principles of Microeconomics - Edu Assignment HelpElsieNjoki
Did you know that you can get your Principles of Microeconomics assignment done for you? Edu Assignment Help is your go to for any type of assignment.
The Edu Assignment website has professionals can handle any challenging question or assignment that you have. What are you waiting for?
Call / WhatsApp - + 1 (315) 557- 6473 and get your assignment sorted.
The Ohio State UniversityEconomics 4300, Government Finance in.docxcarlz4
The Ohio State University
Economics 4300, Government Finance in the American Economy
William J. White
Autumn, 2018
Second Homework Assignment
Name and Dot Number ____________________________________________
Multiple Choice Questions
30 points total
_____
1. Which if of the following describes a spillover (positive externality)?
a) Air pollution from a factory that dirties clothes in a nearby dry cleaner.
b) Second-hand smoke in a crowded restaurant or concert venue.
c) The knowledge passed on by students to their family and friends.
d) The impact of one more driver on a freeway at rush hour.
_____ 2. Which of the following would NOT be a command-and-control action of the
Environmental Protection agency?
a) Issuing tailpipe emission standards for passenger vehicles to limit carbon monoxide.
b) Publishing a list of hazardous chemicals that requires notification prior to use.
c) Requiring continuous monitoring of pollution-containing air and water discharges.
d) Implementing a Pigovian tax on releases of sulfur dioxide into the atmosphere.
_____
3. The Clean Air Markets program is an example of:
a) a market-based approach to eliminating pollution externalities.
b) a command-and-control response to reduce the negative impacts of air pollution.
c) a system by which industrial gas companies colluded to keep their prices high.
d) yet another government program that failed to achieve its primary objective.
_____ 4. The effect of a negative externality is similar to:
a) A supply curve (marginal social cost) shifting to the left.
b) A supply curve (marginal social benefit) shifting to the right.
c) A demand curve (marginal social cost) shifting to the left.
d) A demand curve (marginal social benefit) shifting to the right.
_____ 5. A positive externality results from the purchase of smoke detectors. If smoke
detectors are sold in a competitive market,
a) the marginal social benefit of smoke detectors is less than the marginal private
benefit received by any consumer.
b) the marginal social benefit will exceed the marginal private benefit received by
any consumer.
c) in equilibrium the marginal social cost of smoke detectors will equal the marginal social benefit.
d) in equilibrium the marginal social benefit of smoke detectors is zero.
_____
6. The marginal external cost associated with paper production is constant at $10 per
ton per year. The competitive market equilibrium for paper production is currently 10
million tons per year. A corrective tax on paper production:
a) will collect $100 million annually.
b) will collect more than $100 million annually.
c) will collect less than $100 million annually.
d) will reduce annual damages to those other than buyers and sellers of paper to zero.
_____ 7. Which of the following is true about command-and-control regulation that allows
businesses to emit pollutants up to a certain point and bans emissions after that limit
is reached?.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
1. Should the federal government continue to provide Amtrak .docxpaynetawnya
1. Should the federal government continue to provide Amtrak with subsides? Provide economic arguments for and against and explain which you believe is soundest based on your understanding.
2. Based on the economic concepts of opportunity costs and the profit motive (defined broadly as the desire to become better through our choices), hoe should your limited resources of time and energy be allocated between market work, nonmarket work and leisure? Provided examples
3. Explain how economies of scale can be a barrier to entry.
4. Identify the other two barriers to entry and explain how they block new firms from this market.
5. Suppose that a certain manufacturer has a monopoly on the sorority and fraternity ring business because it has persuaded the “Greeks” to give it exclusive rights to their insignia.
a. Using demand and coast curves, draw a diagram depicting the firm’s profit- maximizing price and output level.
b. Why is marginal revenue less than price for this firm?
c. On your diagram, show the deadweight loss that occurs because the output level is determined by a monopoly rather than by a competitive market.
d. What would happen to price and output if the Greeks decided to charge the manufacturer a royalty fee of $3 per ring?
6. List three conditions that must be met for a monopolist to price discriminate successfully.
7. Why is the perfectly discriminating monopolist’s marginal revenue curve identical to the demand curve it faces?
8. A monopolistically competitive firm faces the following demand and cost structure in the short run:
Output Price FC VC TC TR Profit/Loss
0 100 100 0
1 90 50
2 80 90
3 70 150
4 60 230
5 50 330
6 40 450
7 30 590
a. Complete the table
b. What is the highest profit or lowest loss available to this firm?
c. Should the firm operate or shut down in the short run? Why?
d. What is the relationship between marginal revenue and marginal cost as the firm increase output?
9. Illustrated below are the marginal cost and average total cost curves for a small firm that is in long-run equilibrium.
a. Locate the long run- equilibrium price and quantity if the firm is perfectly competitive.
b. Label the price and quantity p1 and q1.
c. Draw in a demand and marginal revenue curve to illustrate long-run equilibrium if the firm is monopolistically competitive. Label the price and quantity p2 and q2.
d. How do the monopolistically competitive firm’s price and output compare to those of the perfectly competitive firm?
e. How do long-run profits compare for the two types of firms?
10. Why is a firm in monopolistic competition said to be competitive? In What sense is tha ...
1.The four types of market structures we study in economics are .docxcarlstromcurtis
1.The four types of market structures we study in economics are perfect competition, monopoly, oligopoly, and monopsony.
True
False
2. The long run is considered to be the period when a firm's inputs are mainly variable and at least one input is fixed.
True
False
3.The government regulates a pure monopoly by setting price where AVC (average variable costs) = D (demand).
True
False
4.Monopolies, since no close substitutes nor competitors exist, can price whatever they want and still maximize total revenues.
True
False
5.As competition increases in markets, the demand curve for products becomes more price elastic and downward pressure on prices tends to ensue.
True
False
6. As an imperfect competitor produces more and more output, we can assume that eventually marginal costs will continue to rise and marginal revenues to fall.
TRUE
FALSE
7. Generally speaking, consumer surplus will be highest in a perfectly competitive market structure.
True
False
8.The point where imperfect competitors will price their products and earn the highest level of total revenues is at the midpoint of the demand curve where total revenues are highest on the total revenue curve.
True
False
In general, we can expect higher barriers of entry for a monopolistically competitive market structure than an oligopoly market structure.
True
False
10. Monopolistic competition would represent the market structure within which Coca-Cola and Pepsi Cola firms operate.
True
False
11. The perfect competitor can produce as much as it wants or as little as it wants with no effects on market price whatsoever.
True
False
12. Oligopolies and monopolies attempt reduce output and raise price, thereby incurring overcapacity and waste to society.
True
False
13.Redistribution of income from wealthier individuals to lower-income individuals by government in the form of higher taxes and progressive tax systems actually tends to lower prosperity because it weakens the link between productive activity and the reward derived from it, encourages resources to flow into wasteful rent-seeking activities, as well as higher tax rates required to finance redistribution result in resources being devoted toward tax avoidance activities.
True
False
14. Decreasing the percentage tariff price on an imported good will result in greater market share for the foreign producer in the domestic country.
True
False
15.Which market structure can earn long-run economic profits?
a.
Perfect competition
b.
Monopolistic competition
c.
Oligopoly
d.
Monopoly
e.
c and d only
16. All firms produce where
a.
short-run profits are less than long-run profits
b.
average total costs are greater than marginal costs
c.
marginal revenues are greater than or equal to marginal costs
d.
marginal benefits are greater than marginal profits
17. A perfect competitor is a __________ and can earn economic profits ____________.
a.
price maker, never
b..
1.The four types of market structures we study in economics are .docxaulasnilda
1.The four types of market structures we study in economics are perfect competition, monopoly, oligopoly, and monopsony.
True
False
2. The long run is considered to be the period when a firm's inputs are mainly variable and at least one input is fixed.
True
False
3. The government regulates a pure monopoly by setting price where AVC (average variable costs) = D (demand).
True
False
4. Monopolies, since no close substitutes nor competitors exist, can price whatever they want and still maximize total revenues.
True
False
5.As competition increases in markets, the demand curve for products becomes more price elastic and downward pressure on prices tends to ensue.
True
False
6. As an imperfect competitor produces more and more output, we can assume that eventually marginal costs will continue to rise and marginal revenues to fall.
True
False
7. Generally speaking, consumer surplus will be highest in a perfectly competitive market structure.
True
False
8. The point where imperfect competitors will price their products and earn the highest level of total revenues is at the midpoint of the demand curve where total revenues are highest on the total revenue curve.
True
False
9. In general, we can expect higher barriers of entry for a monopolistically competitive market structure than an oligopoly market structure
True
False
10. Monopolistic competition would represent the market structure within which Coca-Cola and Pepsi Cola firms operate.
True
False
11. The perfect competitor can produce as much as it wants or as little as it wants with no effects on market price whatsoever
True
False
12. Oligopolies and monopolies attempt reduce output and raise price, thereby incurring overcapacity and waste to society.
True
False
13. Redistribution of income from wealthier individuals to lower-income individuals by government in the form of higher taxes and progressive tax systems actually tends to lower prosperity because it weakens the link between productive activity and the reward derived from it, encourages resources to flow into wasteful rent-seeking activities, as well as higher tax rates required to finance redistribution result in resources being devoted toward tax avoidance activities.
True
False
14. Decreasing the percentage tariff price on an imported good will result in greater market share for the foreign producer in the domestic country.
True
False
15. Which market structure can earn long-run economic profits?
a.Perfect competition
b. Monopolistic competition
c.Oligopoly
d. Monopoly
e. c and d only
16. All firms produce where
a.
marginal revenues are greater than or equal to marginal costs
b.
average total costs are greater than marginal costs
c.
marginal benefits are greater than marginal profits
d.
short-run profits are less than long-run profits
17. A perfect competitor is a __________ and can earn economic profits ____________.
a.
price taker, in both the short run and long run
b.
pri ...
Principles of Microeconomics - Edu Assignment HelpElsieNjoki
Did you know that you can get your Principles of Microeconomics assignment done for you? Edu Assignment Help is your go to for any type of assignment.
The Edu Assignment website has professionals can handle any challenging question or assignment that you have. What are you waiting for?
Call / WhatsApp - + 1 (315) 557- 6473 and get your assignment sorted.
The Ohio State UniversityEconomics 4300, Government Finance in.docxcarlz4
The Ohio State University
Economics 4300, Government Finance in the American Economy
William J. White
Autumn, 2018
Second Homework Assignment
Name and Dot Number ____________________________________________
Multiple Choice Questions
30 points total
_____
1. Which if of the following describes a spillover (positive externality)?
a) Air pollution from a factory that dirties clothes in a nearby dry cleaner.
b) Second-hand smoke in a crowded restaurant or concert venue.
c) The knowledge passed on by students to their family and friends.
d) The impact of one more driver on a freeway at rush hour.
_____ 2. Which of the following would NOT be a command-and-control action of the
Environmental Protection agency?
a) Issuing tailpipe emission standards for passenger vehicles to limit carbon monoxide.
b) Publishing a list of hazardous chemicals that requires notification prior to use.
c) Requiring continuous monitoring of pollution-containing air and water discharges.
d) Implementing a Pigovian tax on releases of sulfur dioxide into the atmosphere.
_____
3. The Clean Air Markets program is an example of:
a) a market-based approach to eliminating pollution externalities.
b) a command-and-control response to reduce the negative impacts of air pollution.
c) a system by which industrial gas companies colluded to keep their prices high.
d) yet another government program that failed to achieve its primary objective.
_____ 4. The effect of a negative externality is similar to:
a) A supply curve (marginal social cost) shifting to the left.
b) A supply curve (marginal social benefit) shifting to the right.
c) A demand curve (marginal social cost) shifting to the left.
d) A demand curve (marginal social benefit) shifting to the right.
_____ 5. A positive externality results from the purchase of smoke detectors. If smoke
detectors are sold in a competitive market,
a) the marginal social benefit of smoke detectors is less than the marginal private
benefit received by any consumer.
b) the marginal social benefit will exceed the marginal private benefit received by
any consumer.
c) in equilibrium the marginal social cost of smoke detectors will equal the marginal social benefit.
d) in equilibrium the marginal social benefit of smoke detectors is zero.
_____
6. The marginal external cost associated with paper production is constant at $10 per
ton per year. The competitive market equilibrium for paper production is currently 10
million tons per year. A corrective tax on paper production:
a) will collect $100 million annually.
b) will collect more than $100 million annually.
c) will collect less than $100 million annually.
d) will reduce annual damages to those other than buyers and sellers of paper to zero.
_____ 7. Which of the following is true about command-and-control regulation that allows
businesses to emit pollutants up to a certain point and bans emissions after that limit
is reached?.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
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The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
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Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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1) An economist who is studying the relationship
between the money supply, interest rates, and the
rate of inflation is engaged in
2) A basic difference between microeconomics and
macroeconomics is that microeconomics
3) The distinction between supply and the quantity
supplied is best made by saying that
4) After several years of slow economic growth,
world demand for petroleum began to rise rapidly in
the 1990s. Much of the increase in demand was
2. met by additional supplies from sources outside the
Organization of Petroleum Exporting Countries
(OPEC). OPEC, during this time, was unable to
restrain output among members in its effort to lift oil
prices. What best describes these events?
5) Price elasticity of demand is the:
6) If average movie ticket prices rise by about 5
percent and attendance falls by about 2 percent,
other things being equal, the elasticity of demand
for
movie tickets is about:
7) When labor is the variable input, the average
product equals the
8) The increase in output obtained by hiring an
additional worker is known as
9) Which of the following is the best example of a
long-run decision?
3. 10) Other things being equal, when average
productivity falls,
11) According to economist Colin Camerer of the
California Institute of Technology, many New York
taxi drivers decide when to finish work by
setting an income goal for themselves. If this is true,
then on busy days when the effective hourly wage is
higher, taxi drivers will
12) A firm's demand for labor is derived from the
13) Owen runs a delivery business and currently
employs three drivers. He owns three vans that
employees use to make deliveries, but he is
considering hiring a fourth driver. If he hires a fourth
driver, he can schedule breaks and lunch hours so all
three vans are in constant use, allowing
him to increase deliveries per day from 60 to 75.
This will cost an additional $75 per day to hire the
fourth driver. The marginal cost per delivery of
4. increasing output beyond 60 deliveries per day
14) Expected economic profit per unit is equal to
15) If a firm in a perfectly competitive market
experiences a technological breakthrough,
16) A significant difference between monopoly and
perfect competition is that
17) A monopoly firm is different from a competitive
firm in that
18) The difference between a perfectly competitive
firm and a monopolistically competitive firm is that
a monopolistically competitive firm faces a
19) As long as marginal cost is below marginal
revenue, a perfectly competitive firm should
20) Because a monopolistic competitor has some
monopoly power, advertising to increase that
monopoly power makes sense as long as the
marginal
5. 21) In the Flint Hills area of Kansas, proposals to
build wind turbines to generate electricity have
pitted environmentalist against environmentalist.
Members of the Kansas Sierra Club support the
turbines as a way to reduce fossil fuel usage, while
local chapters of the Nature Conservancy say they
will befoul the landscape. The Sierra Club argues
that wind turbines
22) When negative externalities are present, market
failure often occurs because
23) A merger between a textile mill and a clothing
manufacturing company would be considered a
24) A merger between a baby food company and a
life insurance company would be considered a
25) From the point of view of consumer and
producer surplus, what problem may be created
when a country subsidizes the cost of energy to
6. consumers to help alleviate the burden of higher
energy costs?
26) Suppose people freely choose to spend 40
percent of their income on health care, but the
government decides to tax 40 percent of a person's
income to provide the same level of coverage as
before. What can be said about deadweight loss in
each case?
27) The U.S. textile industry is relatively small
because the US imports most of its clothing. A clear
result of the importation of clothing is
28) Countries can expect to gain from international
trade as long as they
29) Which of the following is an example of the law
of one price?
30) The fact that U.S. managers' salaries are
substantially greater than those of comparable
managers in Japan may be related to