Question 12.5 pts The amount by which an additional unit of a factor increases the firm's total revenue during a period is: marginal revenue product. average product. marginal factor cost. marginal physical product. Question 22.5 pts In perfect competition, marginal revenue product is equal to: the product price. marginal product. marginal product multiplied by the product price. the ratio of marginal product to the product price. Question 32.5 pts If the _______ of labor is increased, ceteris paribus, eventually the _______ will ________ . price; supply of labor; increase quantity; marginal product of labor; fall quantity; marginal product of labor; rise quantity; marginal revenue product of labor , rise Question 42.5 pts Marginal Revenue Product and Demand Units of Variable Factor Total Products 0 0 1 20 2 50 3 90 4 120 5 140 6 150 7 150 8 140 If the product price is $2 per unit, the marginal revenue product for the fifth unit of the variable input is: $0. $20. $40. $60. Question 52.5 pts A change in the quantity demanded of chocolate, a factor of production used to produce chocolate-covered peanuts, will occur if: the price of chocolate increases. the price of chocolate-covered peanuts increases. the demand for chocolate-covered peanuts decreases. a new, improved chocolate-covered-peanut-making machine is purchased by candy companies. Question 62.5 pts Which of the following statements is true? The market demand curve for labor is found by adding the supply curves for labor of individual firms. A firm's demand for labor is the upward-sloping portion of the MRP curve for labor. The market demand for labor will change as a result of a change in the use of a complementary factor or a substitute factor. The market demand curve for labor is vertical at the profit-maximizing wage. Question 72.5 pts If people expect to _______ and also expect that benefits from social security may not be forthcoming, the supply curve for labor will shift to the _______ . live longer; left live shorter lives; right live longer; right die soon; right Question 82.5 pts In general, a firm hires the quantity of a factor of production up to the point at which marginal factor cost equals marginal revenue product. True False Question 92.5 pts Suppose that the labor market for clerical workers in a major city includes 1 employer and 100,000 workers. The model that best fits this situation is: monopoly. bilateral monopoly. perfect competition. monopsony. Question 102.5 pts In a monopsony model of a labor market, as more labor is hired, the marginal factor cost of labor: rises. is constant. is zero. decreases. Question 112.5 pts Suppose that a monopsonist increases the number of workers hired from 10 to 11. If the market wage increases from $20 per worker to $21 per worker, the marginal factor cost for the eleventh worker is: $20. $21. $31. $231. Question 122.5 pts A firm buying factors of production in a perfe ...

1. Question 12.5 pts
The amount by which an additional unit of a factor increases the
firm's total revenue during a period is:
marginal revenue product.
average product.
marginal factor cost.
marginal physical product.
Question 22.5 pts
In perfect competition, marginal revenue product is equal to:
the product price.
marginal product.
marginal product multiplied by the product price.
the ratio of marginal product to the product price.
Question 32.5 pts
If the _______ of labor is increased, ceteris paribus, eventually
the _______ will ________ .
price; supply of labor; increase
quantity; marginal product of labor; fall

2. quantity; marginal product of labor; rise
quantity; marginal revenue product of labor , rise
Question 42.5 pts
Marginal Revenue Product and Demand
Units of Variable Factor
Total Products
0
0
1
20
2
50
3
90
4
120
5
140
6
150
7
150
8
140
If the product price is $2 per unit, the marginal revenue product
for the fifth unit of the variable input is:
$0.
$20.
$40.

3. $60.
Question 52.5 pts
A change in the quantity demanded of chocolate, a factor of
production used to produce chocolate-covered peanuts, will
occur if:
the price of chocolate increases.
the price of chocolate-covered peanuts increases.
the demand for chocolate-covered peanuts decreases.
a new, improved chocolate-covered-peanut-making machine is
purchased by candy companies.
Question 62.5 pts
Which of the following statements is true?
The market demand curve for labor is found by adding the
supply curves for labor of individual firms.
A firm's demand for labor is the upward-sloping portion of the
MRP curve for labor.
The market demand for labor will change as a result of a change
in the use of a complementary factor or a substitute factor.
The market demand curve for labor is vertical at the profit-
maximizing wage.
Question 72.5 pts
If people expect to _______ and also expect that benefits from

4. social security may not be forthcoming, the supply curve for
labor will shift to the _______ .
live longer; left
live shorter lives; right
live longer; right
die soon; right
Question 82.5 pts
In general, a firm hires the quantity of a factor of production up
to the point at which marginal factor cost equals marginal
revenue product.
True
False
Question 92.5 pts
Suppose that the labor market for clerical workers in a major
city includes 1 employer and 100,000 workers. The model that
best fits this situation is:
monopoly.
bilateral monopoly.
perfect competition.
monopsony.
Question 102.5 pts

5. In a monopsony model of a labor market, as more labor is hired,
the marginal factor cost of labor:
rises.
is constant.
is zero.
decreases.
Question 112.5 pts
Suppose that a monopsonist increases the number of workers
hired from 10 to 11. If the market wage increases from $20 per
worker to $21 per worker, the marginal factor cost for the
eleventh worker is:
$20.
$21.
$31.
$231.
Question 122.5 pts
A firm buying factors of production in a perfectly competitive
factor market will hire labor where:
the MR and MC curves cross.
MRP = MC.

6. MRP = MFC.
MRP = MP of labor times the price of output.
Question 132.5 pts
Under perfect competition in the product market, the price of a
product will be ________ MC, and under perfect competition in
the factor market, the price of a factor will be _______ MRP.
greater than; less than
less than; greater than
equal to; equal to
greater than; greater than
Question 142.5 pts
The monopsony model predicts that athletes facing monopsony
employers will receive _______ that are ________ than their
_______ .
wages; less; MRPs
MRPs; greater; MFCs
wages; greater; MRPs
MFCs; greater; MRPs
Question 152.5 pts
A firm that has monopoly power in the supply of a factor makes
choices in same manner as any other monopoly firm by selling

7. where _______ and selecting a price determined by the _______
curve.
MR = P; demand
MR = MC; supply
MR = MC; demand
MRP = MFC; supply
Question 162.5 pts
Barriers to entry into a craft union are likely to shift the:
labor demand curve to the right.
labor demand curve to the left.
labor supply curve to the right.
labor supply curve to the left.
Question 172.5 pts
An example of a government purchase is:
a Social Security payment to the elderly.
a Social Security payment to the disabled.
public school education.
expenditure on an unemployment compensation payment.

8. Question 182.5 pts
Since the 1960s, total government expenditures generally have:
been less than total government receipts.
been equal to total government receipts.
increased more slowly than government purchases.
increased more rapidly than government purchases.
Question 192.5 pts
Government activities include(s):
responding to market failure.
redistribution of incomes.
activities that encourage or discourage the consumption of some
goods and services.
all of the above.
Question 202.5 pts
The tendency of people to avoid paying for a good's benefits
when the benefits can be obtained free is the:
free-cost problem.
free-rider problem.

9. free-goods problem.
free-market problem.
Question 212.5 pts
If the marginal benefit received from a good is greater than the
marginal opportunity cost of production, then:
society's well-being can be improved if production increases.
society's well-being can be improved if production decreases.
society's well-being cannot be improved by changing
production.
the market is producing too much of the good.
Question 222.5 pts
The largest _______ transfer payment in the United States is
_______.
non-means-tested; Medicaid
non-means-tested; Social Security payments to retired persons
means-tested; farmers aid
means-tested; Social Security payments to retired persons
Question 232.5 pts
Evidence suggests that, taken collectively, federal taxes in the
U.S. economy are:
extremely regressive.

10. mildly regressive.
proportional.
mildly progressive.
Question 242.5 pts
A decision not to vote because the marginal costs outweigh the
marginal benefits is called:
the "there is nothing so frightful as ignorance in action" effect.
the individual welfare criterion.
rational abstention.
the logical voting effect.
Question 252.5 pts
Attempts by the federal government to prevent the exercise of
monopoly power in the United States are called _______ policy.
stabilization
antitrust
fiscal
government
Question 262.5 pts
Situations where whether or not a particular business practice is
illegal depends on the circumstances surrounding the action are

11. said to be subject to:
the rule of reason.
an unfair constraint.
monopolistic behavior.
oligopolistic behavior.
Question 272.5 pts
The consolidation of firms that compete in the same industry or
product line is a(n):
vertical merger.
conglomerate merger.
monopoly merger.
horizontal merger.
Question 282.5 pts
Regulatory agencies attempt to:
limit the degree of competition between firms.
influence business decisions that affect consumer and worker
safety.
guide businesses into the most profitable channels.
establish tariffs and quotas against foreign firms.

12. Question 292.5 pts
The tendency for a regulatory agency to promote the interests of
the industry it regulates, rather than the public's interests, is
explained by the:
theory of imperfect competition.
public interest theory of regulation.
capture theory of regulation.
market failure of externalities.
Question 302.5 pts
Consumer protection laws are based on:
the concept that consumers do not always know what is good for
them.
the notion that consumers will benefit from being protected at
no cost.
the belief that consumers have sufficient information to make
decisions.
the idea that competitive markets always provide safe products.
Question 312.5 pts
Economists generally agree that if the ______ of consumer
protection ______ the ________, the regulations should be

13. _______.
costs; exceed; benefits; continued
benefits; exceed; costs; discontinued
costs; are less than; benefits; continued.
benefits; equal; costs; discontinued
Question 322.5 pts
According to the text authors, the more ________ airline
industry today is most likely ________ the ________ industry
that existed in the 1970s, and it is certainly ________ .
regulated; less efficient than; less regulated; less safe
competitive; an improvement over; more regulated; cheaper.
consolidated; less competitive; regulated; more expensive to fly
now.
efficient; less competitive than; regulated; more expensive
Question 332.5 pts
The absolute value of the slope of the production possibilities
curve at any point:
gives the price of the good on the vertical axis that must be
given up to attain an additional unit of the good on the
horizontal axis.
is found by dividing the horizontal change by a vertical change.

14. gives the quantity of the good on the vertical axis that must be
given up to produce an additional unit of the good on the
horizontal axis.
gives the price of the good on the horizontal axis relative to the
price of the good on the vertical axis.
Question 342.5 pts
If the United States, at the point where it is currently producing,
must give up the production of 500 bicycles (B) to produce 20
additional tractors (T) with the same resources, the opportunity
cost of producing 100 bicycles is _______ tractor(s).
1
4
25
100
Question 352.5 pts
Countries that engage in trade will tend to specialize in goods
in which they have a(n)
_______ and will _______ those goods.
comparative advantage; import
absolute advantage; export

15. comparative advantage; export
economic profit; import
Question 362.5 pts
Which of the following statements is true?
If the opportunity costs differ between two countries, there is
no opportunity for mutually advantageous trade.
International trade leads countries to specialize in the
production of those goods for which they have an absolute,
rather than a comparative, advantage.
Free international trade can increase the availability of all
goods and services in the countries that participate in trade.
The potential costs of free trade generally outweigh the
benefits.
Question 372.5 pts
Suppose that Brazil and Peru exchange coffee and leather.
Brazil can produce both coffee and leather more efficiently than
Peru, but Brazil can produce coffee more efficiently than
leather. Comparative advantage states that:
Brazil should produce both coffee and leather and not trade.
Brazil should produce coffee, Peru should produce leather, and
both countries should trade.
Brazil should produce leather, Peru should produce coffee, and
both countries should trade.

16. Peru should produce both coffee and leather and not trade.
Question 382.5 pts
A tariff imposed on U.S. imports into Japan tends to:
penalize U.S. producers and benefit Japanese producers.
benefit U.S. producers and penalize Japanese producers.
penalize both U.S. producers and Japanese producers.
benefit both U.S. producers and Japanese producers.
Question 392.5 pts
In the importing country, the most likely effects of tariffs
and/or import quotas is to _______ prices and ________
consumption of the protected goods.
raise; reduce
raise; raise
raise; not affect
reduce; reduce
Question 402.5 pts
Protectionist policies:

17. restrict the importation of foreign goods and services.
shift the supply curves for the protected goods and services to
the right in the country imposing the restriction.
generally result in increased benefits in the long run in all
countries.
are no longer advocated by powerful interests.
Week 9 Assignment 5: Email Using Social Media Scenario
Due Week 9 and worth 150 points
Your best friend has asked your help in securing a job where
you work. You want to help your friend, but you know her
social media sites have photos and other material that violate
your company’s social media policy. You also know that the
human resources department of your company always does a
thorough search of social media sites of prospective hires. You
need to write an email to your friend that explains which
content needs to be deleted from her social media accounts and
why. You need to discuss how refusal to delete the
inappropriate photos and material might impact her ability to
get the job. Your memo should clearly and specifically state the
relevant rules from your company’s social media policy.
· Create a one to two (1-2) paragraph memo in which you:
1. Create a one to two (1-2) paragraph email.
2. Target the appropriate professional audience.
3. Use appropriate language for professional audience.
4. Use correct email formatting.
5. Follow appropriate etiquette rules for electronic
communication.

18. 6. Meet the 250-to-500-word minimum requirement.
7. Use correct sentence mechanics, grammar, spelling,
punctuation, and style.
Your assignment must follow these APA and other formatting
requirements:
· Be typed, single-spaced, using Times New Roman font (size
12), with 1-inch margins on all sides. Check with your professor
for any additional instructions.
· Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the
date. The cover page is not included in the required length.
· Include a "To" "From" and "Subject Line" to represent an
email format.
· The specific course learning outcomes associated with this
assignment are:
· Demonstrate understanding of the basic fundamentals of
communication.
· Develop and practice communication skills, including skills in
verbal, nonverbal, listening, writing, interpersonal, perception,
and critical thinking as appropriate for the audience.
· Relate to the interpersonal and organizational dynamics that
affect communication in organizations.
· Analyze and assess effective communication.
· Use correct sentence mechanics, grammar, spelling,
punctuation, and style.

19. · Use technology and information resources to research issues in
communications.
· Write clearly and concisely about communications using
proper writing mechanics.
Review your friend’s inappropriate social media content
Review your company’s social media policy
XYZ Company Social Media Policy
1. XYZ Company is easily identifiable in the community.
Because of this, we need to be careful how we project ourselves
as individuals and the company in social media. We support
your right to have personal social media accounts. In order to
avoid any problems or misunderstandings, we have come up
with a few guidelines to provide helpful and practical advice for
you when operating on the internet as an identifiable employee
of the XYZ Company. We ask that you abide by the following
rules to be sure XYZ Company is reflected in a positive light.
Failure to do so could result in penalty up to termination from
XYZ Company.
2. 1. Protect yourself. First and foremost, please be careful
about what personal information you share in social media.
3. 2. Do not conduct personal social media during work hours.
4. 3. Be careful when sharing work-related matters. Do not
disclose any confidential, private, or secure information about
XYZ Company. This includes financial or operational
information.
5. 4. Never share private customer information.
6. 5. Act responsibly and ethically. Do not misrepresent
yourself or XYZ Company.

20. 7. 6. Do not post any XYZ Company copyrighted material.
8. 7. Do not post any photos or comments that reflect poorly on
XYZ Company, including comments or images of
unprofessional, inappropriate, or illegal behavior. Likewise, be
mindful of posting discriminatory comments or images on your
social media accounts (including but not limited to age, sex,
race, color, creed, religion, ethnicity, sexual orientation, gender
identity, or any other legally recognized protected basis).
9. 8. Reflect on your personal behavior. Be aware that others
will associate you with your XYZ Company. Please ensure that
your social media content is consistent with how you wish to
present yourself with clients and colleagues.
10. 9. Remember that anything you post about XYZ Company
can potentially harm the company.