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Week 3 Activity 1 Midterm ExamTop of FormQuestion 1 In gene.docxmelbruce90096
Week 3 Activity 1: Midterm Exam
Top of Form
Question 1
In general, what is a price index? What questions does it help answer?
Answer:
Question 2
For the perfectly competitive firm, price equals marginal revenue because _________.
Choose one answer.
a. when another unit of the good is sold, total revenue increases by the price of the good
b. when another unit of the good is sold, total revenue decreases by the price of the good
c. when another unit of the good is sold, total revenue increases by less than the price of the good
d. when another unit of the good is sold, total revenue increases by more than the price
Question 3
The law of supply states that _________.
Choose one answer.
a. firms supply more of a product as consumer income rises
b. firms supply more of a product as consumer income falls
c. firms supply more of a product as the price of the product rises
d. firms supply more of a product as the price of the product falls
Question 4
The price elasticity of demand is calculated by _________.
Choose one answer.
a. the change in price divided by the change in quantity demanded
b. the change in quantity demanded divided by the change in price
c. the percentage change in price divided by the percentage change in quantity demanded
d. the percentage change in quantity demanded divided by the percentage change in price
Question 5
Scarcity can best be defined as a situation in which _________.
Choose one answer.
a. there are no buyers willing to purchase what sellers have produced
b. there are not enough goods to satisfy all of the buyers’ demand
c. resources are limited in quantity and can be used in different ways
d. there is not enough money to satisfy consumers’ wants
Question 6
Match the description to the right curve.
is cost that varies with the level of output
is cost that does not vary with output
is the sum of total variable cost and total fixed cost
shows the additional cost of each additional unit of output a firm produces
is total cost divided by quantity.
is the firm’s variable cost per unit of output; it is total variable cost divided by quantity
which is total fixed cost divided by quantity
Question 7
State the essential difference between the classical and Keynesian schools of thought. If you were a public policymaker and received conflicting advice from a classical and a Keynesian economist, how would you choose? Explain.
Answer:
Question 8
In the short-run, ______ factors of production are fixed, while in the long-run, _____ of them are.
Choose one answer.
a. some, none
b. all, none
c. no, at least some
d. all, at least some
Question 9
When economists say a market has "barriers to entry" they refer to _________.
Choose one answer.
a. monopolists being prohibited from selling their products to certain customers
b. a policy that some countries establish to reduc.
1)how do you use financial ratios to analyze the performan.docxdorishigh
1)
how do you use financial ratios to analyze the performance of a company? What do we mean when we refer to horizontal and vertical analysis?
2)
Are CPA firms impacted in the way they deal with public and private companies? Why or why not?
Question: In a company that is experiencing economies of scale, which of the following is true?
A
Average total cost is decreasing
B
Fixed cost is decreasing
C
Average marginal cost is decreasing
D
Marginal cost is higher than average marginal cost
Question: What is the definition of market equilibrium?
A
The price at which elasticity of demand is unit elastic
B
The price and quantity at which all consumer surplus is extracted from buyers
C
The price at which quantity supplied equals quantity demanded
D
All of the above
Question: It costs your company $200 to produce pens and pencils together. To produce the same amount of pens and pencils separately costs $100 for the pens and $120 for the pencils. The production of pens and pencils exhibits
A
Diseconomies of scope
B
Economies of scope
C
Increasing returns to scale
D
Constant returns to scale
Question: Management at the East Alabama Motor Speedway estimates that the "Friday Night Fanatics" would continue to enthusiastically pack the house (every ticket would be sold) even after a 35% increase in the price of admission. Apparently, the E.A.M.S is operating in the ______ portion of their ______ curve.
A
Inelastic, supply
B
Elastic, supply
C
Inelastic, demand
D
Elastic, demand
Question: If a firm's average cost is falling (economies of scale) with output, then
A
Marginal cost is less than average cost
B
Marginal cost is rising
C
Marginal cost is greater than average cost
D
Average cost is rising as a function of output
Question: A company currently sells 60,000 units a month at $10 per unit. The variable cost per unit is $6. The company decided to raise the price about 10%. How much change in the number of units sold can the company afford and still be no worse off?
A
- 48,000
B
- 12,000
C
- 8,000
D
+ 12,000
Question: A spirits manufacturer is considering two potential production investments.
Option A costs an initial $2 billion and will involve variable costs (labor and material) of $5 per bottle of spirits. Option B costs an initial $4 billion and will involve variable costs (labor and material) of $3 per bottle of spirits. Assuming an annual capital charge equal to 10 percent of the initial costs, what is the average fixed cost at production level of 20,000,000 bottles per year for the Option B facility?
A
$3
B
$20
C
$23
D
$10
A
Configuration A
B
Configuration B
C
Configuration C
D
None of the configurations
Question: The U.S. Government bought 112,000 acres of land in southeastern Colorado in 1968 for $17,500,000. The cost of using this land today exclusively for the reintroduction of the black-tailed prairie dog
A
Is zero, because they already own the land
B
Is zero, becaus ...
To find economic profit from accounting profit, it is necessary to.docxedwardmarivel
To find economic profit from accounting profit, it is necessary to
Select one:
A. subtract dividends.
B. add depreciation expense.
C. subtract the opportunity cost of capital.
D. add retained earnings.
Question 2
The present value of expected future profits will _____ if the discount rate increases and will_____ if expected future profits increase.
Select one:
A. increase; not change
B. increase; increase
C. not change; decrease
D. decrease; increase
E. decrease; decrease
Question 3
Managerial economics draws upon all of the following EXCEPT:
Select one:
A. finance
B. microeconomics
C. accounting
D. marketing
E. sociology
Question 4
Managers may make decisions that are not consistent with the goals of stockholders. This is referred to as the _____ problem.
Select one:
A. principal-agent
B. economic disincentive
C. incentive-compromise
D. efficiency-inefficiency
E. equilibrium
Question 5
Marginal revenue can be defined as the:
Select one:
A. percent increase in total revenue resulting from a one percent increase in output
B. increase in total revenue resulting from a one unit increase in output
C. total revenue divided by output
D. average revenue multiplied by output
E. average revenue multiplied by output divided by 4
Question 6
The cross-price elasticity of demand is defined as the:
Select one:
A. percentage change in the quantity demanded of a good divided by the percentage change in the good's price
B. percentage change in the quantity demanded of a good divided by the percentage change in a different good's price
C. percentage change in a good's price divided by the percentage change in a different good's price
D. change in the quantity demanded of a good divided by the change in its price
E. change in the quantity demanded of a good divided by the change in income
Question 7
Consumer surplus is defined as:
Select one:
A. the quantities of a good or service that bring equal utility to the consumer
B. the quantity of a good or service that is utility maximizing for the consumer
C. the difference between what a consumer is willing to pay and what he or she actually pays for a good or service
D. the difference between the market price and the marginal cost of producing a good or service
E. none of the above
Question 8
The demand for a product is more inelastic the:
Select one:
A. longer the time period covered
B. lower the average income of consumers
C. better the available substitutes
D. poorer the available substitutes
Question 9
If one day it was discovered that lime juice caused cancer, which of the following would likely result?
Select one:
A. The supply curve of lime juice would shift to the right.
B. The demand curve for lime juice would shift to the right.
C. The demand curve for lime juice would shift to the left.
D. The supply curve of lime juice would shift to the left.
Question 10
The demand curve's usual slope implies that consumers:
Select one:
A. buy more as the price of a good is increased
B. buy mo ...
Question 12.5 ptsThe amount by which an additional unit of a fac.docxmakdul
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 ...
Week 3 Activity 1 Midterm ExamTop of FormQuestion 1 In gene.docxmelbruce90096
Week 3 Activity 1: Midterm Exam
Top of Form
Question 1
In general, what is a price index? What questions does it help answer?
Answer:
Question 2
For the perfectly competitive firm, price equals marginal revenue because _________.
Choose one answer.
a. when another unit of the good is sold, total revenue increases by the price of the good
b. when another unit of the good is sold, total revenue decreases by the price of the good
c. when another unit of the good is sold, total revenue increases by less than the price of the good
d. when another unit of the good is sold, total revenue increases by more than the price
Question 3
The law of supply states that _________.
Choose one answer.
a. firms supply more of a product as consumer income rises
b. firms supply more of a product as consumer income falls
c. firms supply more of a product as the price of the product rises
d. firms supply more of a product as the price of the product falls
Question 4
The price elasticity of demand is calculated by _________.
Choose one answer.
a. the change in price divided by the change in quantity demanded
b. the change in quantity demanded divided by the change in price
c. the percentage change in price divided by the percentage change in quantity demanded
d. the percentage change in quantity demanded divided by the percentage change in price
Question 5
Scarcity can best be defined as a situation in which _________.
Choose one answer.
a. there are no buyers willing to purchase what sellers have produced
b. there are not enough goods to satisfy all of the buyers’ demand
c. resources are limited in quantity and can be used in different ways
d. there is not enough money to satisfy consumers’ wants
Question 6
Match the description to the right curve.
is cost that varies with the level of output
is cost that does not vary with output
is the sum of total variable cost and total fixed cost
shows the additional cost of each additional unit of output a firm produces
is total cost divided by quantity.
is the firm’s variable cost per unit of output; it is total variable cost divided by quantity
which is total fixed cost divided by quantity
Question 7
State the essential difference between the classical and Keynesian schools of thought. If you were a public policymaker and received conflicting advice from a classical and a Keynesian economist, how would you choose? Explain.
Answer:
Question 8
In the short-run, ______ factors of production are fixed, while in the long-run, _____ of them are.
Choose one answer.
a. some, none
b. all, none
c. no, at least some
d. all, at least some
Question 9
When economists say a market has "barriers to entry" they refer to _________.
Choose one answer.
a. monopolists being prohibited from selling their products to certain customers
b. a policy that some countries establish to reduc.
1)how do you use financial ratios to analyze the performan.docxdorishigh
1)
how do you use financial ratios to analyze the performance of a company? What do we mean when we refer to horizontal and vertical analysis?
2)
Are CPA firms impacted in the way they deal with public and private companies? Why or why not?
Question: In a company that is experiencing economies of scale, which of the following is true?
A
Average total cost is decreasing
B
Fixed cost is decreasing
C
Average marginal cost is decreasing
D
Marginal cost is higher than average marginal cost
Question: What is the definition of market equilibrium?
A
The price at which elasticity of demand is unit elastic
B
The price and quantity at which all consumer surplus is extracted from buyers
C
The price at which quantity supplied equals quantity demanded
D
All of the above
Question: It costs your company $200 to produce pens and pencils together. To produce the same amount of pens and pencils separately costs $100 for the pens and $120 for the pencils. The production of pens and pencils exhibits
A
Diseconomies of scope
B
Economies of scope
C
Increasing returns to scale
D
Constant returns to scale
Question: Management at the East Alabama Motor Speedway estimates that the "Friday Night Fanatics" would continue to enthusiastically pack the house (every ticket would be sold) even after a 35% increase in the price of admission. Apparently, the E.A.M.S is operating in the ______ portion of their ______ curve.
A
Inelastic, supply
B
Elastic, supply
C
Inelastic, demand
D
Elastic, demand
Question: If a firm's average cost is falling (economies of scale) with output, then
A
Marginal cost is less than average cost
B
Marginal cost is rising
C
Marginal cost is greater than average cost
D
Average cost is rising as a function of output
Question: A company currently sells 60,000 units a month at $10 per unit. The variable cost per unit is $6. The company decided to raise the price about 10%. How much change in the number of units sold can the company afford and still be no worse off?
A
- 48,000
B
- 12,000
C
- 8,000
D
+ 12,000
Question: A spirits manufacturer is considering two potential production investments.
Option A costs an initial $2 billion and will involve variable costs (labor and material) of $5 per bottle of spirits. Option B costs an initial $4 billion and will involve variable costs (labor and material) of $3 per bottle of spirits. Assuming an annual capital charge equal to 10 percent of the initial costs, what is the average fixed cost at production level of 20,000,000 bottles per year for the Option B facility?
A
$3
B
$20
C
$23
D
$10
A
Configuration A
B
Configuration B
C
Configuration C
D
None of the configurations
Question: The U.S. Government bought 112,000 acres of land in southeastern Colorado in 1968 for $17,500,000. The cost of using this land today exclusively for the reintroduction of the black-tailed prairie dog
A
Is zero, because they already own the land
B
Is zero, becaus ...
To find economic profit from accounting profit, it is necessary to.docxedwardmarivel
To find economic profit from accounting profit, it is necessary to
Select one:
A. subtract dividends.
B. add depreciation expense.
C. subtract the opportunity cost of capital.
D. add retained earnings.
Question 2
The present value of expected future profits will _____ if the discount rate increases and will_____ if expected future profits increase.
Select one:
A. increase; not change
B. increase; increase
C. not change; decrease
D. decrease; increase
E. decrease; decrease
Question 3
Managerial economics draws upon all of the following EXCEPT:
Select one:
A. finance
B. microeconomics
C. accounting
D. marketing
E. sociology
Question 4
Managers may make decisions that are not consistent with the goals of stockholders. This is referred to as the _____ problem.
Select one:
A. principal-agent
B. economic disincentive
C. incentive-compromise
D. efficiency-inefficiency
E. equilibrium
Question 5
Marginal revenue can be defined as the:
Select one:
A. percent increase in total revenue resulting from a one percent increase in output
B. increase in total revenue resulting from a one unit increase in output
C. total revenue divided by output
D. average revenue multiplied by output
E. average revenue multiplied by output divided by 4
Question 6
The cross-price elasticity of demand is defined as the:
Select one:
A. percentage change in the quantity demanded of a good divided by the percentage change in the good's price
B. percentage change in the quantity demanded of a good divided by the percentage change in a different good's price
C. percentage change in a good's price divided by the percentage change in a different good's price
D. change in the quantity demanded of a good divided by the change in its price
E. change in the quantity demanded of a good divided by the change in income
Question 7
Consumer surplus is defined as:
Select one:
A. the quantities of a good or service that bring equal utility to the consumer
B. the quantity of a good or service that is utility maximizing for the consumer
C. the difference between what a consumer is willing to pay and what he or she actually pays for a good or service
D. the difference between the market price and the marginal cost of producing a good or service
E. none of the above
Question 8
The demand for a product is more inelastic the:
Select one:
A. longer the time period covered
B. lower the average income of consumers
C. better the available substitutes
D. poorer the available substitutes
Question 9
If one day it was discovered that lime juice caused cancer, which of the following would likely result?
Select one:
A. The supply curve of lime juice would shift to the right.
B. The demand curve for lime juice would shift to the right.
C. The demand curve for lime juice would shift to the left.
D. The supply curve of lime juice would shift to the left.
Question 10
The demand curve's usual slope implies that consumers:
Select one:
A. buy more as the price of a good is increased
B. buy mo ...
Question 12.5 ptsThe amount by which an additional unit of a fac.docxmakdul
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 ...
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Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
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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.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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This presentation provides an introduction to quantitative trait loci (QTL) analysis and marker-assisted selection (MAS) in plant breeding. The presentation begins by explaining the type of quantitative traits. The process of QTL analysis, including the use of molecular genetic markers and statistical methods, is discussed. Practical examples demonstrating the power of MAS are provided, such as its use in improving crop traits in plant breeding programs. Overall, this presentation offers a comprehensive overview of these important genomics-based approaches that are transforming modern agriculture.
Power-sharing Class 10 is a vital aspect of democratic governance. It refers to the distribution of power among different organs of government, levels of government, and social groups. This ensures that no single entity can control all aspects of governance, promoting stability and unity in a diverse society.
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