Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

ISBN 13

978-0132479431

ISBN 10

0132479435

Authors

Michael Parkin, Robin Bade

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166 documents found.

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978-0132479431 Chapter 1 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 1 Getting Started 1.1 Definition and Questions 1) Scarcity exists because A) human wants exceed the resources available to satisfy them. B) some individuals have low income. C) the costs of production are high. D) some

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 10 Public Goods and Public Choices 10.1 Classifying Goods and Resources 1) A good is nonexcludable if A) only the government can produce it. B) nobody can be excluded from enjoying the benefits of the good.

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 10

91 Copyright 2011 Pearson Education, Inc. 5) National defense is a ________ because ________. A) public good; it can be an overused resource B) public good; it is nonrival and nonexcludable C) common resource; no one has the incentive to pay for his or her share D) private good; no

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 11

101 Copyright 2011 Pearson Education, Inc. 12) Ten homeowners live around Lake Alice. Unfortunately, the lake is contaminated with various chemicals and the level of contamination is currently 20 parts per million. All the homeowners benefit equally if the level of contamination is reduced. The table above

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 2

11 Copyright 2011 Pearson Education, Inc. 31) To hunters, deer in the woods are an example of a A) public good. B) private good. C) common resource. D) public resource. E) natural monopoly. Answer: C Topic: Common resource Skill: Level 2: Using definitions Section: Checkpoint 10.1 Author: MR AACSB: Reflective

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 3

21 Copyright 2011 Pearson Education, Inc. 4) A good that can be consumed even if the consumer does not pay for it A) is necessarily rival in consumption. B) completely avoids the free rider problem. C) does not exist because firms won't produce goods for which consumers won't pay. D)

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 4

31 Copyright 2011 Pearson Education, Inc. 30) The figure above shows the marginal cost and marginal benefit of police protection in the city of Hugo, Oklahoma. Police protection is a public good. If the city of Hugo hires 25 officers, then A) marginal cost will exceed marginal benefit, which

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 5

41 Copyright 2011 Pearson Education, Inc. 58) The marginal benefit of a public good is the A) sum of the marginal benefits of all the individuals at each quantity. B) marginal benefit of the individual person who places the lowest value on the good, multiplied by the number of people

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 6

51 Copyright 2011 Pearson Education, Inc. 23) The existence of marginal external benefits for a product like higher education creates a deadweight loss for society because, without government intervention, ________ would be consumed and ________ would be produced. A) more than the efficient amount; more than the efficient amount B)

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 7

61 Copyright 2011 Pearson Education, Inc. 49) The figure above shows the market for a good with an external benefit. If the market is competitive and the government takes no action, the equilibrium quantity is ________ units and the equilibrium price is ________ per unit. A) 8; $150 B)

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 8

71 Copyright 2011 Pearson Education, Inc. 74) The figure above shows an education market in which the government is providing households with vouchers. What is the efficient quantity of students? A) 2 million B) 4 million C) 6 million D) more than 6 million E) more than 4

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 10 Part 9

81 Copyright 2011 Pearson Education, Inc. 95) An external benefit is a benefit from a good or service that someone other than the ________ receives. A) seller of the good or service B) government C) foreign sector D) consumer E) market maker Answer: D Topic: External benefit Skill: Level 1:

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 11 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 11 Externalities and the Environment 11.1 Negative Externalities: Pollution 1) When studying pollution and the environment, economists A) have no role to play. B) concentrate on the physical aspects of the environment. C) emphasize costs and

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 12 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 12 Consumer Choice and Demand 12.1 Consumption Possibilities 1) A budget line shows the A) quantities of goods a buyer can purchase with given income and prices. B) relationship between price and quantity demanded. C) total

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 13 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 13 Production and Cost 13.1 Economic Cost and Profit 1) The primary goal of a business firm is to A) promote fairness. B) make a quality product. C) promote workforce job satisfaction. D) maximize profit. E)

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 14 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 14 Perfect Competition 14.1 A Firm's Profit-Maximizing Choices 1) A market with a large number of sellers A) can only be a perfectly competitive market. B) might be an oligopoly or a perfectly competitive market. C)

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 15 Part 1

Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 15 Monopoly 15.1 Monopoly and How it Arises 1) A major characteristic of monopoly is A) a single seller of a product. B) multiple sellers of a product. C) two sellers of a product. D) a few sellers of differentiated products. E) a few sellers of an identical product. Answer: ATopic: Monopoly Answer:

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 16 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 16 Monopolistic Competition 16.1 What Is Monopolistic Competition? 1) An industry with a large number of firms, differentiated products, and free entry and exit is called A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 17 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 17 Oligopoly 17.1 What Is Oligopoly? 1) A firm faces a small number of competitors. This firm is competing in A) a monopoly. B) monopolistic competition. C) an oligopoly. D) perfect competition. E) a perfect multi-firm

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 18 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 18 Markets for Factors of Production 18.1 The Demand for a Factor of Production 1) The four factors of production that produce goods and services are A) labor, money, machinery, and land. B) labor, capital, money,

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 19 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 19 Inequality and Poverty 19.1 Economic Inequality in the United States 1) In the United States, the poorest 20 percent of the household receive approximately ________ percent of market income. A) 0.9 B) 7.5 C) 9.5

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 2 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 2 The U.S. and Global Economies 2.1 What, How, and For Whom? 1) Items that are purchased by individuals for their own enjoyment are called A) consumption goods and services. B) capital goods. C) government goods

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 3 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 3 The Economic Problem 3.1 Production Possibilities 1) The United States produced approximately ________ worth of goods and services in 2007. A) $14 trillion B) $14 billion C) $140 trillion D) $140 billion E) $1,400 trillion

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 4 Part 11

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 4 Demand and Supply 4.1 Demand 1) A market is defined as A) a physical place where people buy only goods. B) a physical place where people buy both goods and services. C) a store where

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 5 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 5 Elasticities of Demand and Supply 5.1 The Price Elasticity of Demand 1) The price elasticity of demand is a measure of A) the equilibrium price of a product. B) buyers' responsiveness to changes in the

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 6 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 6 Efficiency and Fairness of Markets 6.1 Allocation Methods and Efficiency 1) Walmart has a limited number of day-after Thanksgiving Day special items on sale at prices well below their typical price. Walmart opens at 5

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 7 Government Actions in Markets 7.1 Price Ceilings 1) A price ceiling A) is an illegal price. B) is the price that exists in a black market. C) is the maximum price that can legally be

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 10

90 Copyright 2011 Pearson Education, Inc. 8) The figure above illustrates the current market for apartments in Washington, D.C. a. If the local government imposes a price ceiling of $1,500 per month, is there a shortage? If so, how much, if not, why not? b. If the local

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 2

11 Copyright 2011 Pearson Education, Inc. 28) One of the consequences of a rent ceiling set below the equilibrium rent is A) decreased search activity. B) increased search activity. C) the establishment of landlord unions. D) surpluses of apartments. E) the elimination of the deadweight loss that would otherwise exist

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 3

21 Copyright 2011 Pearson Education, Inc. 51) The above figure shows the market for DVDs. The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs. After this price ceiling is in effect and taking account

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 4

31 Copyright 2011 Pearson Education, Inc. 73) The graph shows the market for rental housing in Little Rock. The market for apartments is efficient when ________. A) the quantity of apartments demanded is 12,000 a month B) the rent ceiling is set at $300 a month C) there

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 5

41 Copyright 2011 Pearson Education, Inc. 25) An increase in the minimum wage to $15 per hour would lead to A) an increase in search activity for many workers. B) a decrease in search activity for many workers. C) a decrease in unemployment. D) no change in unemployment. E) no

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 6

51 Copyright 2011 Pearson Education, Inc. 49) The above figure shows a labor market with minimum wage equal to $16. In this figure, what area equals the deadweight loss? A) area A B) area B C) area C D) area D E) area E Answer: C Topic: Minimum wage, deadweight

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 7

61 Copyright 2011 Pearson Education, Inc. 71) If a minimum wage is introduced that is above the equilibrium wage rate, A) the quantity of labor demanded increases. B) job search activity increases. C) the supply of labor increases and the supply of labor curve shifts rightward. D) unemployment decreases because

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 8

71 Copyright 2011 Pearson Education, Inc. 21) The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the consumer surplus? A) area A + area B

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 7 Part 9

81 Copyright 2011 Pearson Education, Inc. 13) The figure above shows that the government provides a subsidy to the farmers of ________ million. A) $350 B) $1,050 C) $50 D) $100 E) $700 Answer: A Topic: Price support, subsidy Skill: Level 3: Using models Section: Checkpoint 7.3 Author: CO AACSB:

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 8 Taxes 8.1 Taxes on Buyers and Sellers 1) Tax incidence is the A) burden buyers have to absorb from a tax on goods and services. B) burden sellers have to absorb from a tax on

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 10

91 Copyright 2011 Pearson Education, Inc. 9) The figure above shows the impact of an income tax. The revenue collected by the government equals area A) bce. B) feba. C) fed. D) acf. E) None of the above answers is correct. Answer: E Topic: Integrative Skill: Level 4: Applying models

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 11

96 Copyright 2011 Pearson Education, Inc. 10) The figure above illustrates the market for antifreeze. Suppose the government decides to impose an $8 sales tax on every gallon of antifreeze sold. a. In the figure, illustrate the effect the tax has on the market for antifreeze. b. What

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 2

11 Copyright 2011 Pearson Education, Inc. 24) The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1. The tax incidence is A) split equally between

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 3

21 Copyright 2011 Pearson Education, Inc. 53) The loss to society resulting from a tax includes the A) deadweight loss. B) consumer surplus paid to the government in the form of tax revenue. C) producer surplus paid to the government in the form of tax revenue. D) deadweight loss plus

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 4

31 Copyright 2011 Pearson Education, Inc. 74) Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in a ________ in the price received and kept by sellers and a ________ in the price paid by buyers.

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 5

41 Copyright 2011 Pearson Education, Inc. 13) Ann pays $3,850 in taxes on an income of $38,500. Therefore her A) marginal tax rate must be ten percent. B) taxes must be progressive in nature. C) average tax rate must be ten percent. D) personal exemption is ten percent. E) proportional

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 6

51 Copyright 2011 Pearson Education, Inc. 41) The above figure shows the labor market for land surveyors. Dave is a land surveyor. What is the tax incidence for this income tax? A) Though the employer pays some of the tax, Dave pays more of the income tax than

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 7

61 Copyright 2011 Pearson Education, Inc. 67) Suppose the supply of labor is more inelastic than the demand for labor. Then, a social security tax imposed on employers A) shifts the demand curve for labor leftward. B) lowers the wage rate received by workers. C) leads to the workers paying

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 8

71 Copyright 2011 Pearson Education, Inc. 16) Which of the following taxes best illustrate the ability-to-pay principle of tax fairness? A) Tuition at public universities is lower for in-state residents than for out-of-state residents. B) The library is funded through flat $10 tax levied on all homeowners. C) A property

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 8 Part 9

81 Copyright 2011 Pearson Education, Inc. The figure above shows the market for MP3 players, where S is the supply curve and D is the demand curve before any tax is imposed. The government imposes a $10 per unit tax on sellers of MP3 players. 7)

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 1

1 Copyright 2011 Pearson Education, Inc. Foundations of Microeconomics, 5e (Bade/Parkin) Chapter 9 Global Markets in Action 9.1 How Global Markets Work 1) Goods and services that the United States buys from other nations are called A) exports. B) imports. C) bartered goods. D) exchanges. E) world goods.

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 10

86 Copyright 2011 Pearson Education, Inc. 7) Which of the following is true? i. When the world price of a good is lower than the price that balances domestic supply and demand, a country gains from exporting the good. ii. Compared to a no-trade situation, in a market with imports,

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 2

11 Copyright 2011 Pearson Education, Inc. 30) The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops. A) 300,000 B) 500,000 C) 700,000 D) 0 because the United States exports flip-flops E) 400,000 Answer: E Topic: Imports Skill: Level 3: Using models

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 3

21 Copyright 2011 Pearson Education, Inc. 56) The United States exports a good if its no-trade U.S. price is ________ its world price. With international trade, U.S. production of the good ________ compared to the level of no-trade production. A) higher than; does not change B) higher than; increases C)

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 4

31 Copyright 2011 Pearson Education, Inc. 28) The above figure shows the U.S. market for wheat. With international trade, consumer surplus is equal to ________. A) area A + area B + area C B) area E + area F C) area B + area C + area D D)

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 5

41 Copyright 2011 Pearson Education, Inc. 16) Imposing a tariff on a good leads to a ________ in the price of the product and ________ in imports. A) rise; an increase B) rise; a decrease C) fall; an increase D) fall; a decrease E) rise; no change Answer: B Topic:

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 6

51 Copyright 2011 Pearson Education, Inc. 45) If the U.S. government imposes a tariff on imported steel, who else besides U.S. steel producers gains from the tariff? A) U.S. steel consumers B) the U.S. government C) U.S. importers of steel D) foreign exporters of steel E) the foreign government Answer:

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 7

61 Copyright 2011 Pearson Education, Inc. 72) A tax on a good that is imposed when it is imported is called A) an import quota. B) a VER. C) a tariff. D) a sanction. E) a border tax. Answer: C Topic: Trade restrictions Skill: Level 1: Definition Section: Checkpoint 9.3

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 8

71 Copyright 2011 Pearson Education, Inc. 25) A major reason why it is difficult to lower the barriers to free trade is A) that total benefits are less than total costs from free trade. B) the uneven distribution of gains and losses from free trade. C) the loss of jobs

Foundations of Microeconomics 5th Edition

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978-0132479431 Chapter 9 Part 9

81 Copyright 2011 Pearson Education, Inc. The figure above shows the U.S. market for T-shirts, where SUS is the domestic supply curve and DUS is the domestic demand curve. The world price of a T-shirt is $5. The U.S. government imposes a $2 per unit tariff on imported

Foundations of Microeconomics 5th Edition

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Chapter 1 1 Which Of The Following Statements Best Describes The Study Of Economics

1 Answer: E Topic: Scarcity Skill: Level 1: Definition Section: Checkpoint 1.1 Author: PH AACSB: Reflective thinking 1 Answer: E Topic: Scarcity Skill: Level 1: Definition Section: Checkpoint 1.1 Author: PH AACSB: Reflective thinking 1 Answer: E Topic: Scarcity Skill: Level 1: Definition Section: Checkpoint 1.1 Author: PH AACSB: Reflective

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 1 2 Suppose You Have Tickets To A Hockey Game. The Tickets Cannot

21 Answer: A Topic: Sunk cost Skill: Level 1: Definition Section: Checkpoint 1.2 Author: JC AACSB: Reflective thinking 21 Answer: A Topic: Sunk cost Skill: Level 1: Definition Section: Checkpoint 1.2 Author: JC AACSB: Reflective thinking 21 Answer: A Topic: Sunk cost Skill: Level 1: Definition Section: Checkpoint 1.2 Author:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 1 3 Given Their Negative Impact Productivity The Government

41 Answer: D Topic: Ceteris paribus Skill: Level 1: Definition Section: Checkpoint 1.2 Author: SB AACSB: Reflective thinking 41 Answer: D Topic: Ceteris paribus Skill: Level 1: Definition Section: Checkpoint 1.2 Author: SB AACSB: Reflective thinking 41 Answer: D Topic: Ceteris paribus Skill: Level 1: Definition Section: Checkpoint 1.2 Author:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 1 4 A Graph Showing The Values Of An Economic Variable For Different

61 Answer: B Topic: Cross-section graph Skill: Level 1: Definition Section: Chapter 1 Appendix - Checkpoint 1 Author: SA AACSB: Analytical reasoning 61 Answer: B Topic: Cross-section graph Skill: Level 1: Definition Section: Chapter 1 Appendix - Checkpoint 1 Author: SA AACSB: Analytical reasoning 61 Answer: B Topic: Cross-section graph

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 1 5 A Curve With A Positive But Decreasing Slope Represents

81 Answer: B Topic: Negative relationship Skill: Level 3: Using models Section: Chapter 1 Appendix - Checkpoint 2 Author: MyEconLab Web Site AACSB: Analytical reasoning 81 Answer: B Topic: Negative relationship Skill: Level 3: Using models Section: Chapter 1 Appendix - Checkpoint 2 Author: MyEconLab Web Site AACSB: Analytical reasoning

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 1 6 To Graph A Relationship Among Several Variables, We Hold All But

101 Answer: B Topic: Negative relationship Skill: Level 2: Using definitions Section: Chapter 1 Appendix - Checkpoint 3 Author: SA AACSB: Analytical reasoning 101 Answer: B Topic: Negative relationship Skill: Level 2: Using definitions Section: Chapter 1 Appendix - Checkpoint 3 Author: SA AACSB: Analytical reasoning 101 Answer: B Topic:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 1 7 When The Test Reveals That The Student Actually

121 Answer: Economics is the social science that studies the choices made by individuals, businesses, government, and entire societies as they cope with scarcity. It has two branches, microeconomics and macroeconomics. Microeconomics is the study of the choices made by individuals and businesses, the way they interact, and the influence

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 1 8 What Is The Difference Between A Positive And A Negative

134 Answer: The figure shows that there is a positive relationship between advertising and the number of video games sold. The relationship is positive because the two variables move together: If advertising increases, so, too, does the number of games sold. Topic: Positive relationship Skill: Level 2: Using definitions Section:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 10 1 Which Of The Following Goods Is Best Described As Nonexcludable

1 Answer: C Topic: Excludable Skill: Level 1: Definition Section: Checkpoint 10.1 Author: TS AACSB: Reflective thinking 1 Answer: C Topic: Excludable Skill: Level 1: Definition Section: Checkpoint 10.1 Author: TS AACSB: Reflective thinking 1 Answer: C Topic: Excludable Skill: Level 1: Definition Section: Checkpoint 10.1 Author: TS AACSB: Reflective

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 10 2 A Good That Can Be Consumed Even If The Consumer

21 Answer: B Topic: Free rider Skill: Level 2: Using definitions Section: Checkpoint 10.2 Author: JC AACSB: Reflective thinking 21 Answer: B Topic: Free rider Skill: Level 2: Using definitions Section: Checkpoint 10.2 Author: JC AACSB: Reflective thinking 21 Answer: B Topic: Free rider Skill: Level 2: Using definitions Section:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 10 3 The Marginal Benefit Of A Public Good Is The

41 Answer: C Topic: Efficient quantity of a public good Skill: Level 1: Definition Section: Checkpoint 10.2 Author: STUDY GUIDE AACSB: Analytical reasoning 41 Answer: C Topic: Efficient quantity of a public good Skill: Level 1: Definition Section: Checkpoint 10.2 Author: STUDY GUIDE AACSB: Analytical reasoning 41 Answer: C Topic:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 10 4 The Figure Above Shows The Market For A Good With An External

61 Answer: A Topic: Inefficient equilibrium Skill: Level 3: Using models Section: Checkpoint 10.3 Author: CD AACSB: Analytical reasoning 61 Answer: A Topic: Inefficient equilibrium Skill: Level 3: Using models Section: Checkpoint 10.3 Author: CD AACSB: Analytical reasoning 61 Answer: A Topic: Inefficient equilibrium Skill: Level 3: Using models Section:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 10 5 When The Market Equilibrium Marginal Social Benefit

81 Answer: D Topic: Marginal social benefit Skill: Level 1: Definition Section: Checkpoint 10.3 Author: STUDY GUIDE AACSB: Reflective thinking 81 Answer: D Topic: Marginal social benefit Skill: Level 1: Definition Section: Checkpoint 10.3 Author: STUDY GUIDE AACSB: Reflective thinking 81 Answer: D Topic: Marginal social benefit Skill: Level 1:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 10 6 The Company Would Provide Zero Because Everyone Would

96 Answer: A positive production externality occurs when a firm produces a good and that production provides benefits to parties other than the firm. A positive consumption externality occurs when a person consumes a good and that consumption provides benefits to others who did not consume the good. Topic: Positive

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 11 1 The Production Of Electricity Creates Pollution

1 Answer: B Topic: Externalities Skill: Level 2: Using definitions Section: Checkpoint 11.1 Author: MR AACSB: Reflective thinking 1 Answer: B Topic: Externalities Skill: Level 2: Using definitions Section: Checkpoint 11.1 Author: MR AACSB: Reflective thinking 1 Answer: B Topic: Externalities Skill: Level 2: Using definitions Section: Checkpoint 11.1 Author:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 11 2 The Figure Above Illustrates The Market For Leather

21 Answer: C Topic: Marginal social cost Skill: Level 3: Using models Section: Checkpoint 11.1 Author: MR AACSB: Analytical reasoning 21 Answer: C Topic: Marginal social cost Skill: Level 3: Using models Section: Checkpoint 11.1 Author: MR AACSB: Analytical reasoning 21 Answer: C Topic: Marginal social cost Skill: Level 3:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 11 3 A Problem With Pollution Charges Or Taxes As A Solution To Pollution

41 Answer: B Topic: Taxes Skill: Level 3: Using models Section: Checkpoint 11.1 Author: CD AACSB: Analytical reasoning 41 Answer: B Topic: Taxes Skill: Level 3: Using models Section: Checkpoint 11.1 Author: CD AACSB: Analytical reasoning 41 Answer: B Topic: Taxes Skill: Level 3: Using models Section: Checkpoint 11.1 Author:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 11 4 When There Are External Costs Unregulated Market

61 Answer: E Topic: Coase theorem Skill: Level 3: Using models Section: Checkpoint 11.1 Author: CO AACSB: Analytical reasoning 61 Answer: E Topic: Coase theorem Skill: Level 3: Using models Section: Checkpoint 11.1 Author: CO AACSB: Analytical reasoning 61 Answer: E Topic: Coase theorem Skill: Level 3: Using models Section:

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Chapter 11 5 Burning Coal To Generate Electricity Can Create Pollution

72 Answer: The presence of pollution means that the supply curve of the firm, which is also the firm's marginal cost curve, only represents the firm's private costs and ignores all external costs. The equilibrium between supply and demand curves leads to overproduction of this good. The amount produced, therefore,

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Chapter 12 1 Where The Budget Line Intersects The Y-axis Represents A Combination

1 Answer: B Topic: Budget line Skill: Level 1: Definition Section: Checkpoint 12.1 Author: SA AACSB: Reflective thinking 1 Answer: B Topic: Budget line Skill: Level 1: Definition Section: Checkpoint 12.1 Author: SA AACSB: Reflective thinking 1 Answer: B Topic: Budget line Skill: Level 1: Definition Section: Checkpoint 12.1 Author:

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Chapter 12 2 When The Price Of One Good Changes While Another Good’s Price

21 Answer: B Topic: Budget line Skill: Level 1: Definition Section: Checkpoint 12.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Answer: B Topic: Budget line Skill: Level 1: Definition Section: Checkpoint 12.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Answer: B Topic: Budget line Skill: Level 1: Definition Section: Checkpoint

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Chapter 12 3 Reflective Thinking Marginal Utility Per Dollar Calculated

41 Answer: B Topic: Maximizing utility Skill: Level 4: Applying models Section: Checkpoint 12.3 Author: SB AACSB: Analytical reasoning Bottles of Soda Slices of Pizza 41 Answer: B Topic: Maximizing utility Skill: Level 4: Applying models Section: Checkpoint 12.3 Author: SB AACSB: Analytical reasoning Bottles of Soda Slices of Pizza

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Chapter 12 4 French Fries Measured The Vertical Axis And Carols

61 Answer: D Topic: Paradox of value Skill: Level 3: Using models Section: Checkpoint 12.3 Author: MR AACSB: Analytical reasoning 61 Answer: D Topic: Paradox of value Skill: Level 3: Using models Section: Checkpoint 12.3 Author: MR AACSB: Analytical reasoning 61 Answer: D Topic: Paradox of value Skill: Level 3:

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Chapter 12 5 What Are The Prices Egg Rolland Sushi

81 Answer: A Topic: Deriving the demand curve Skill: Level 3: Using models Section: Chapter 12 Appendix - Checkpoint 4 Author: CD AACSB: Reflective thinking 81 Answer: A Topic: Deriving the demand curve Skill: Level 3: Using models Section: Chapter 12 Appendix - Checkpoint 4 Author: CD AACSB: Reflective thinking

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Chapter 12 6 Because Diamonds Are Not Essential Their Total Utility

101 Answer: The completed table is above. Topic: Marginal utility Skill: Level 3: Using models Section: Checkpoint 12.2 Author: TS AACSB: Analytical reasoning 101 Answer: The completed table is above. Topic: Marginal utility Skill: Level 3: Using models Section: Checkpoint 12.2 Author: TS AACSB: Analytical reasoning 101 Answer:

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Chapter 13 1 John Fishes For A Living. Last Year, He Sold $100,000 Of Fish

1 Answer: B Topic: Accounting cost Skill: Level 2: Using definitions Section: Checkpoint 13.1 Author: SA AACSB: Reflective thinking 1 Answer: B Topic: Accounting cost Skill: Level 2: Using definitions Section: Checkpoint 13.1 Author: SA AACSB: Reflective thinking 1 Answer: B Topic: Accounting cost Skill: Level 2: Using definitions Section:

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Chapter 13 2 Total Product Increases More Labor Hired B The

21 Answer: A Topic: Marginal product Skill: Level 1: Definition Section: Checkpoint 13.2 Author: SA AACSB: Reflective thinking 21 Answer: A Topic: Marginal product Skill: Level 1: Definition Section: Checkpoint 13.2 Author: SA AACSB: Reflective thinking 21 Answer: A Topic: Marginal product Skill: Level 1: Definition Section: Checkpoint 13.2 Author:

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Chapter 13 3 What Is The Total Variable Cost Of Producing 60 Bikes

41 Answer: B Topic: Marginal cost Skill: Level 2: Using definitions Section: Checkpoint 13.3 Author: JC AACSB: Analytical reasoning 41 Answer: B Topic: Marginal cost Skill: Level 2: Using definitions Section: Checkpoint 13.3 Author: JC AACSB: Analytical reasoning 41 Answer: B Topic: Marginal cost Skill: Level 2: Using definitions Section:

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Chapter 13 4 When The Marginal Product Is Increasing As The Quantity Increases

61 Answer: E Topic: Shifts in the cost curves Skill: Level 3: Using models Section: Checkpoint 13.3 Author: SB AACSB: Reflective thinking 61 Answer: E Topic: Shifts in the cost curves Skill: Level 3: Using models Section: Checkpoint 13.3 Author: SB AACSB: Reflective thinking 61 Answer: E Topic: Shifts in

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Chapter 13 5 Her Total Revenue From Her New Practice

81 Answer: D Topic: Cost curves Skill: Level 4: Applying models Section: Checkpoint 13.2 Author: MR AACSB: Analytical reasoning 81 Answer: D Topic: Cost curves Skill: Level 4: Applying models Section: Checkpoint 13.2 Author: MR AACSB: Analytical reasoning 81 Answer: D Topic: Cost curves Skill: Level 4: Applying models Section:

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Chapter 13 6 The Average Total Cost Curve Is U-shaped

96 Answer: Initially, as each additional unit of labor is employed, the marginal product of labor increases. The cost of each worker is the same--the wage rate. Because each worker's cost is the same, but each additional worker produces more output than the previous worker, the cost of producing an

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Chapter 14 1 In Which Market Structure Do Firms Exist In Very Large Numbers

1 Answer: A Topic: Perfect competition, definition Skill: Level 1: Definition Section: Checkpoint 14.1 Author: SA AACSB: Reflective thinking 1 Answer: A Topic: Perfect competition, definition Skill: Level 1: Definition Section: Checkpoint 14.1 Author: SA AACSB: Reflective thinking 1 Answer: A Topic: Perfect competition, definition Skill: Level 1: Definition Section:

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Chapter 14 2 As A Perfectly Competitive Firm Produces More And More

21 Answer: C Topic: Profit maximization Skill: Level 2: Using definitions Section: Checkpoint 14.1 Author: PH AACSB: Reflective thinking 21 Answer: C Topic: Profit maximization Skill: Level 2: Using definitions Section: Checkpoint 14.1 Author: PH AACSB: Reflective thinking 21 Answer: C Topic: Profit maximization Skill: Level 2: Using definitions Section:

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Chapter 14 3 A Perfectly Competitive Firm Can Experience Which Of The Following

41 Answer: C Topic: Economic profit Skill: Level 2: Using definitions Section: Checkpoint 14.2 Author: WM AACSB: Reflective thinking 41 Answer: C Topic: Economic profit Skill: Level 2: Using definitions Section: Checkpoint 14.2 Author: WM AACSB: Reflective thinking 41 Answer: C Topic: Economic profit Skill: Level 2: Using definitions Section:

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Chapter 14 4 A Perfectly Competitive Market Is In Equilibrium And Then

61 Answer: C Topic: Long-run equilibrium, exit Skill: Level 3: Using models Section: Checkpoint 14.3 Author: SA AACSB: Reflective thinking 61 Answer: C Topic: Long-run equilibrium, exit Skill: Level 3: Using models Section: Checkpoint 14.3 Author: SA AACSB: Reflective thinking 61 Answer: C Topic: Long-run equilibrium, exit Skill: Level 3:

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Chapter 14 5 The Above Figure Shows Three Possible Average Total Cost Curves

81 Answer: D Topic: Integrative Skill: Level 4: Applying models Section: Integrative Author: CD AACSB: Analytical reasoning 81 Answer: D Topic: Integrative Skill: Level 4: Applying models Section: Integrative Author: CD AACSB: Analytical reasoning 81 Answer: D Topic: Integrative Skill: Level 4: Applying models Section: Integrative Author: CD AACSB: Analytical

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Chapter 14 6 When Supply Decreases The Price Rises The Price

95 Answer: Acme's profit-maximizing level of output is 7 units. Acme's total economic profit equals its revenue, $56.00 ($8.00 per unit 7 units), minus its total cost, $49.80 at this level of output, or $56.00 - $49.80 = $6.20. Topic: Profit maximization Skill: Level 3: Using models Section: Checkpoint 14.1

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Chapter 15 1 Which Of The Following Is A Characteristic Of Monopoly

1 Copyright 2011 Pearson Education, Inc. Answer: C Topic: Monopoly Skill: Level 1: Definition Section: Checkpoint 15.1 Author: SA AACSB: Reflective thinking 1 Copyright 2011 Pearson Education, Inc. Answer: C Topic: Monopoly Skill: Level 1: Definition Section: Checkpoint 15.1 Author: SA AACSB: Reflective thinking 1 Copyright 2011 Pearson Education, Inc.

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Chapter 15 2 Which Of The Following Is Always True For A Single-price Monopolist

21 Copyright 2011 Pearson Education, Inc. Answer: D Topic: Natural monopoly Skill: Level 1: Definition Section: Checkpoint 15.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Copyright 2011 Pearson Education, Inc. Answer: D Topic: Natural monopoly Skill: Level 1: Definition Section: Checkpoint 15.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Copyright

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Chapter 15 3 A Single-price Monopoly Has Marginal Cost Of $23 And Marginal Revenue

41 Answer: B Topic: Single-price monopoly, profit maximization Skill: Level 4: Applying models Section: Checkpoint 15.2 Author: CD AACSB: Analytical reasoning 41 Answer: B Topic: Single-price monopoly, profit maximization Skill: Level 4: Applying models Section: Checkpoint 15.2 Author: CD AACSB: Analytical reasoning 41 Answer: B Topic: Single-price monopoly, profit maximization

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Chapter 15 4 For A Single-price Monopoly The Deadweight Loss Is Equal To The Area

61 Answer: D Topic: Is monopoly efficient? Skill: Level 2: Using definitions Section: Checkpoint 15.3 Author: SB AACSB: Reflective thinking 61 Answer: D Topic: Is monopoly efficient? Skill: Level 2: Using definitions Section: Checkpoint 15.3 Author: SB AACSB: Reflective thinking 61 Answer: D Topic: Is monopoly efficient? Skill: Level 2:

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Chapter 15 5 Regulated Natural Monopolies Can Obey A Marginal Cost Pricing Rule

81 Answer: D Topic: Capture theory Skill: Level 1: Definition Section: Checkpoint 15.5 Author: JC AACSB: Reflective thinking 81 Answer: D Topic: Capture theory Skill: Level 1: Definition Section: Checkpoint 15.5 Author: JC AACSB: Reflective thinking 81 Answer: D Topic: Capture theory Skill: Level 1: Definition Section: Checkpoint 15.5 Author:

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Chapter 15 6 The Situation In The Figure Above Creates A Barrier To Entry For

101 Answer: A Topic: Social interest theory Skill: Level 1: Definition Section: Checkpoint 15.5 Author: STUDY GUIDE AACSB: Reflective thinking 101 Answer: A Topic: Social interest theory Skill: Level 1: Definition Section: Checkpoint 15.5 Author: STUDY GUIDE AACSB: Reflective thinking 101 Answer: A Topic: Social interest theory Skill: Level 1:

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Chapter 15 7 “A Single-price Monopoly Charges A Higher Price And Produces

121 Answer: The completed table is above. Topic: Marginal revenue Skill: Level 3: Using models Section: Checkpoint 15.2 Author: WM AACSB: Analytical reasoning 121 Answer: The completed table is above. Topic: Marginal revenue Skill: Level 3: Using models Section: Checkpoint 15.2 Author: WM AACSB: Analytical reasoning 121 Answer:

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Chapter 15 8 What Are The Disadvantages And Advantages Each Answer Natural

134 Answer: a. The price is labeled Pm and the quantity is labeled Qm. 134 Answer: a. The price is labeled Pm and the quantity is labeled Qm. 134 Answer: a. The price is labeled Pm and the quantity is labeled Qm. Copyright 2011 Pearson Education, Inc. Copyright 2011

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Chapter 16 1 Differentiated Products, And Free Entry And Exit Is Called

1 Answer: D Topic: Monopolistic competition, definition Skill: Level 1: Definition Section: Checkpoint 16.1 Author: TM AACSB: Reflective thinking 1 Answer: D Topic: Monopolistic competition, definition Skill: Level 1: Definition Section: Checkpoint 16.1 Author: TM AACSB: Reflective thinking 1 Answer: D Topic: Monopolistic competition, definition Skill: Level 1: Definition Section:

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Chapter 16 2 If The Four-firm Concentration Ratio For The Market For Pizza

21 Answer: A Topic: Monopolistic competition, definition Skill: Level 1: Definition Section: Checkpoint 16.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Answer: A Topic: Monopolistic competition, definition Skill: Level 1: Definition Section: Checkpoint 16.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Answer: A Topic: Monopolistic competition, definition Skill: Level 1:

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Chapter 16 3 Advertising Cost That Incurred A Variable

41 Answer: C Topic: Monopolistic competition, excess capacity Skill: Level 2: Using definitions Section: Checkpoint 16.2 Author: SB AACSB: Reflective thinking 41 Answer: C Topic: Monopolistic competition, excess capacity Skill: Level 2: Using definitions Section: Checkpoint 16.2 Author: SB AACSB: Reflective thinking 41 Answer: C Topic: Monopolistic competition, excess capacity

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Chapter 16 4 If A Firm In The Long Run Produces Less Than Its Efficient Scale

60 Answer: A Topic: Integrative Skill: Level 3: Using models Section: Integrative Author: CD AACSB: Analytical reasoning 60 Answer: A Topic: Integrative Skill: Level 3: Using models Section: Integrative Author: CD AACSB: Analytical reasoning 60 Answer: A Topic: Integrative Skill: Level 3: Using models Section: Integrative Author: CD AACSB: Analytical

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Chapter 17 1 Which Of The Following Is Found ONLY In Oligopoly

1 Answer: A Topic: Oligopoly Skill: Level 1: Definition Section: Checkpoint 17.1 Author: CD AACSB: Reflective thinking 1 Answer: A Topic: Oligopoly Skill: Level 1: Definition Section: Checkpoint 17.1 Author: CD AACSB: Reflective thinking 1 Answer: A Topic: Oligopoly Skill: Level 1: Definition Section: Checkpoint 17.1 Author: CD AACSB: Reflective

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Chapter 17 2 Bonnie And Clyde Confess The Crimed Both

21 Answer: E Topic: Duopolist's dilemma Skill: Level 3: Using models Section: Checkpoint 17.2 Author: MR AACSB: Reflective thinking 21 Answer: E Topic: Duopolist's dilemma Skill: Level 3: Using models Section: Checkpoint 17.2 Author: MR AACSB: Reflective thinking 21 Answer: E Topic: Duopolist's dilemma Skill: Level 3: Using models Section:

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Chapter 17 3 Firms In Oligopoly Can Achieve An Economic Profit

41 Answer: D Topic: Efficiency of oligopoly Skill: Level 2: Using definitions Section: Checkpoint 17.3 Author: STUDY GUIDE AACSB: Analytical reasoning 41 Answer: D Topic: Efficiency of oligopoly Skill: Level 2: Using definitions Section: Checkpoint 17.3 Author: STUDY GUIDE AACSB: Analytical reasoning 41 Answer: D Topic: Efficiency of oligopoly Skill:

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Chapter 17 4 The Range Of Output For A Duopoly Ranges Between The

61 Answer: C Topic: Integrative Skill: Level 2: Using definitions Section: Integrative Author: CD AACSB: Reflective thinking 61 Answer: C Topic: Integrative Skill: Level 2: Using definitions Section: Integrative Author: CD AACSB: Reflective thinking 61 Answer: C Topic: Integrative Skill: Level 2: Using definitions Section: Integrative Author: CD AACSB: Reflective

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Chapter 17 5 The Organization Petroleum Exporting Countries Was

74 Answer: The more firms that are involved in the cartel, the lower the likelihood that the cartel will be able to maintain a high price. Essentially, the larger the number of firms, the greater the probability that someone will cheat! Topic: Cartel cheating Skill: Level 2: Using definitions Section:

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Chapter 18 1 The Four Factors Of Production That Produce Goods And Services Are

1 Answer: D Topic: Factors of production Skill: Level 1: Definition Section: Checkpoint 18.1 Author: JC AACSB: Reflective thinking 1 Answer: D Topic: Factors of production Skill: Level 1: Definition Section: Checkpoint 18.1 Author: JC AACSB: Reflective thinking 1 Answer: D Topic: Factors of production Skill: Level 1: Definition Section:

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Chapter 18 2 Robotic Technology Is A Substitute For Labor In Many Manufacturing

21 Answer: B Topic: Demand for labor curve Skill: Level 3: Using models Section: Checkpoint 18.2 Author: TS AACSB: Reflective thinking 21 Answer: B Topic: Demand for labor curve Skill: Level 3: Using models Section: Checkpoint 18.2 Author: TS AACSB: Reflective thinking 21 Answer: B Topic: Demand for labor curve

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Chapter 18 3 Which Of The Following Is True About The Market For Capital

41 Answer: C Topic: Natural resources Skill: Level 2: Using definitions Section: Checkpoint 18.3 Author: CD AACSB: Reflective thinking 41 Answer: C Topic: Natural resources Skill: Level 2: Using definitions Section: Checkpoint 18.3 Author: CD AACSB: Reflective thinking 41 Answer: C Topic: Natural resources Skill: Level 2: Using definitions Section:

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Chapter 18 4 The Table Below Gives Their Marginal Product

56 Answer: The demand for labor is influenced by changes in the price of the firm's output, the prices of other factors of production, and technology. The demand for labor is based on the value of marginal product of labor, which is equal to the marginal product times the price.

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Chapter 19 1 Income Inequality The United States Greater Than

1 Answer: C Topic: Inequality in the United States, income Skill: Level 1: Definition Section: Checkpoint 19.1 Author: JC AACSB: Reflective thinking 1 Answer: C Topic: Inequality in the United States, income Skill: Level 1: Definition Section: Checkpoint 19.1 Author: JC AACSB: Reflective thinking 1 Answer: C Topic: Inequality in

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Chapter 19 2 A Topic Eye The Us Economy Sex And

21 Answer: A Topic: Demand for high-skilled labor Skill: Level 1: Definition Section: Checkpoint 19.2 Author: SB AACSB: Reflective thinking 21 Answer: A Topic: Demand for high-skilled labor Skill: Level 1: Definition Section: Checkpoint 19.2 Author: SB AACSB: Reflective thinking 21 Answer: A Topic: Demand for high-skilled labor Skill: Level

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Chapter 19 3 Wealth Stock Assets That Is Wealth What

41 Answer: C Topic: Lorenz curve Skill: Level 3: Using models Section: Checkpoint 19.1 Author: MR AACSB: Analytical reasoning 41 Answer: C Topic: Lorenz curve Skill: Level 3: Using models Section: Checkpoint 19.1 Author: MR AACSB: Analytical reasoning 41 Answer: C Topic: Lorenz curve Skill: Level 3: Using models Section:

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Chapter 19 4 Income Maintenance Programs Are Programs Such Social

52 Copyright 2011 Pearson Education, Inc. Copyright 2011 Pearson Education, Inc. Copyright 2011 Pearson Education, Inc. Topic: Lorenz curve Skill: Level 3: Using models Section: Checkpoint 19.1 Author: SA AACSB: Analytical reasoning Topic: Lorenz curve Skill: Level 3: Using models Section: Checkpoint 19.1 Author: SA AACSB: Analytical reasoning

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Chapter 2 1 Items That Are Purchased By Individuals For Their Own Enjoyment

1 Answer: D Topic: What we produce Skill: Level 2: Using definitions Section: Checkpoint 2.1 Author: KG AACSB: Reflective thinking 1 Answer: D Topic: What we produce Skill: Level 2: Using definitions Section: Checkpoint 2.1 Author: KG AACSB: Reflective thinking 1 Answer: D Topic: What we produce Skill: Level 2:

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Chapter 2 2 When Ethan Continues His Education Beyond High School

21 Answer: B Topic: Payments for the factors of production Skill: Level 1: Definition Section: Checkpoint 2.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Answer: B Topic: Payments for the factors of production Skill: Level 1: Definition Section: Checkpoint 2.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Answer: B Topic:

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Chapter 2 3 Us Economy Interact With Those The Rest

41 Answer: A Topic: Federal government Skill: Level 2: Using definitions Section: Checkpoint 2.3 Author: PH AACSB: Reflective thinking 41 Answer: A Topic: Federal government Skill: Level 2: Using definitions Section: Checkpoint 2.3 Author: PH AACSB: Reflective thinking 41 Answer: A Topic: Federal government Skill: Level 2: Using definitions Section:

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Chapter 2 4 The International Monetary Fund Divides Nations Into

57 Answer: A Topic: Circular flow model Skill: Level 3: Using models Section: Checkpoint 2.2 Author: CO AACSB: Reflective thinking 57 Answer: A Topic: Circular flow model Skill: Level 3: Using models Section: Checkpoint 2.2 Author: CO AACSB: Reflective thinking 57 Answer: A Topic: Circular flow model Skill: Level 3:

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Chapter 3 1 None The Above Answers Are Correct Answer A Topic

1 Answer: D Topic: Production possibilities frontier Skill: Level 2: Using definitions Section: Checkpoint 3.1 Author: TS AACSB: Reflective thinking 1 Answer: D Topic: Production possibilities frontier Skill: Level 2: Using definitions Section: Checkpoint 3.1 Author: TS AACSB: Reflective thinking 1 Answer: D Topic: Production possibilities frontier Skill: Level 2:

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Chapter 3 2 Nothing Free Lunch D Thousand Bottles Wine E Tons

21 Answer: D Topic: Attainable points, inefficiency Skill: Level 2: Using definitions Section: Checkpoint 3.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Answer: D Topic: Attainable points, inefficiency Skill: Level 2: Using definitions Section: Checkpoint 3.1 Author: STUDY GUIDE AACSB: Reflective thinking 21 Answer: D Topic: Attainable points, inefficiency Skill:

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Chapter 3 3 The Table Above Presents The Production Possibilities Frontier

41 Answer: A Topic: Increasing opportunity costs Skill: Level 3: Using models Section: Checkpoint 3.2 Author: PH AACSB: Analytical reasoning 41 Answer: A Topic: Increasing opportunity costs Skill: Level 3: Using models Section: Checkpoint 3.2 Author: PH AACSB: Analytical reasoning 41 Answer: A Topic: Increasing opportunity costs Skill: Level 3:

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Chapter 3 4 A Topic Achieving The Gains From Trade Skill Level

61 Answer: B Topic: Comparative advantage Skill: Level 1: Definition Section: Checkpoint 3.4 Author: SA AACSB: Reflective thinking 61 Answer: B Topic: Comparative advantage Skill: Level 1: Definition Section: Checkpoint 3.4 Author: SA AACSB: Reflective thinking 61 Answer: B Topic: Comparative advantage Skill: Level 1: Definition Section: Checkpoint 3.4 Author:

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Chapter 3 5 In One Hour John Can Produce 20 Loaves Of Bread Or 8 Cakes

81 Answer: B Topic: Comparative advantage Skill: Level 3: Using models Section: Checkpoint 3.4 Author: STUDY GUIDE AACSB: Analytical reasoning 81 Answer: B Topic: Comparative advantage Skill: Level 3: Using models Section: Checkpoint 3.4 Author: STUDY GUIDE AACSB: Analytical reasoning 81 Answer: B Topic: Comparative advantage Skill: Level 3: Using

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Chapter 3 6 Capital Accumulation The Growth The Nations Capital Resources Topic

99 Answer: a. 3 million bushels of apples and 3 million bushels of oranges b. 3 million bushels of apples and 4 million bushels of oranges c. Point B is an unattainable point. d. The movement from point C to point D results in an increase of 1 million bushels

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Chapter 4 1 Which Of The Following Statements Is True About A Competitive Market

1 Answer: C Topic: Markets Skill: Level 1: Definition Section: Checkpoint 4.1 Author: CT AACSB: Reflective thinking 1 Answer: C Topic: Markets Skill: Level 1: Definition Section: Checkpoint 4.1 Author: CT AACSB: Reflective thinking 1 Answer: C Topic: Markets Skill: Level 1: Definition Section: Checkpoint 4.1 Author: CT AACSB: Reflective

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Chapter 4 2 Scooters Are A Normal Good And Buyers’ Incomes Decrease

21 Answer: A Topic: Changes in demand, preferences Skill: Level 3: Using models Section: Checkpoint 4.1 Author: JC AACSB: Analytical reasoning 21 Answer: A Topic: Changes in demand, preferences Skill: Level 3: Using models Section: Checkpoint 4.1 Author: JC AACSB: Analytical reasoning 21 Answer: A Topic: Changes in demand, preferences

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Chapter 4 3 A Topic Shifts The Supply Curve Number Sellers Skill

41 Answer: C Topic: Changes in supply, number of sellers Skill: Level 2: Using definitions Section: Checkpoint 4.2 Author: MR AACSB: Reflective thinking 41 Answer: C Topic: Changes in supply, number of sellers Skill: Level 2: Using definitions Section: Checkpoint 4.2 Author: MR AACSB: Reflective thinking 41 Answer: C Topic:

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Chapter 4 4 Market Equilibrium Occurs When A The Quantity Demanded

61 Answer: B Topic: Surplus Skill: Level 1: Definition Section: Checkpoint 4.3 Author: MR AACSB: Reflective thinking 61 Answer: B Topic: Surplus Skill: Level 1: Definition Section: Checkpoint 4.3 Author: MR AACSB: Reflective thinking 61 Answer: B Topic: Surplus Skill: Level 1: Definition Section: Checkpoint 4.3 Author: MR AACSB: Reflective

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Chapter 4 5 More Information Needed Determine The Effect The

81 Answer: D Topic: Effects of an increase in supply Skill: Level 3: Using models Section: Checkpoint 4.3 Author: MR AACSB: Analytical reasoning 81 Answer: D Topic: Effects of an increase in supply Skill: Level 3: Using models Section: Checkpoint 4.3 Author: MR AACSB: Analytical reasoning 81 Answer: D Topic:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 4 6 During 2008 The Supply Of Gasoline Decreased While At

101 Answer: B Topic: Effects of a decrease in demand and an increase in supply Skill: Level 3: Using models Section: Checkpoint 4.3 Author: MyEconLab Web Site AACSB: Analytical reasoning 101 Answer: B Topic: Effects of a decrease in demand and an increase in supply Skill: Level 3: Using models

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 4 7 The Demand Curve Does Not Shift Rather The

113 Answer: The quantity supplied of a good or service decreases when the price of the good or service decreases. Topic: Quantity supplied Skill: Level 1: Definition Section: Checkpoint 4.2 Author: TS AACSB: Reflective thinking 113 Answer: The quantity supplied of a good or service decreases when the price of

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 5 1 The Price Elasticity Of Demand Is A Measure Of

1 Answer: A Topic: Price elasticity of demand Skill: Level 1: Definition Section: Checkpoint 5.1 Author: SB AACSB: Reflective thinking 1 Answer: A Topic: Price elasticity of demand Skill: Level 1: Definition Section: Checkpoint 5.1 Author: SB AACSB: Reflective thinking 1 Answer: A Topic: Price elasticity of demand Skill: Level

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 5 2 Percent Change The Price Good Leads

21 Answer: B Topic: Price elasticity of demand, formula Skill: Level 3: Using models Section: Checkpoint 5.1 Author: TS AACSB: Analytical reasoning 21 Answer: B Topic: Price elasticity of demand, formula Skill: Level 3: Using models Section: Checkpoint 5.1 Author: TS AACSB: Analytical reasoning 21 Answer: B Topic: Price elasticity

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 5 3 Using The Midpoint Method The Elasticity Supply

41 Answer: D Topic: Farm revenue and elasticity Skill: Level 4: Applying models Section: Checkpoint 5.1 Author: SB AACSB: Analytical reasoning 41 Answer: D Topic: Farm revenue and elasticity Skill: Level 4: Applying models Section: Checkpoint 5.1 Author: SB AACSB: Analytical reasoning 41 Answer: D Topic: Farm revenue and elasticity

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 5 4 What Is The Formula For The Cross Elasticity Of Demand

61 Answer: C Topic: Price elasticity of supply, formula Skill: Level 3: Using models Section: Checkpoint 5.2 Author: STUDY GUIDE AACSB: Analytical reasoning 61 Answer: C Topic: Price elasticity of supply, formula Skill: Level 3: Using models Section: Checkpoint 5.2 Author: STUDY GUIDE AACSB: Analytical reasoning 61 Answer: C Topic:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 5 5 Atopic Midpoint Formula Skill Level Using Models Section Checkpoint

81 Answer: B Topic: Income elasticity of demand Skill: Level 4: Applying models Section: Checkpoint 5.3 Author: SA AACSB: Reflective thinking 81 Answer: B Topic: Income elasticity of demand Skill: Level 4: Applying models Section: Checkpoint 5.3 Author: SA AACSB: Reflective thinking 81 Answer: B Topic: Income elasticity of demand

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 5 6 Finally The Demand Unit Elastic Then The Higher

101 Answer: The price elasticity of demand is a measure of the responsiveness of quantity demanded to a change in price. The formula for the price elasticity of demand is the absolute value of the percentage change in quantity demanded divided by the percentage change in price. Topic: Price elasticity

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 5 7 Cross Elasticity Demand Skill Level Using Definitions Section Checkpoint

113 Answer: a. The admission price you should charge is $6. The total number of visits will be 300,000 and total revenue is $6 300,000 = $1,800,000. No other price gives you this much total revenue. b. The price elasticity of demand equals [(300 visits - 400 visits) 350 visits]

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 6 1 Walmart Has A Limited Number Of Day-after Thanksgiving Day

1 Answer: A Topic: Allocation methods Skill: Level 2: Using definitions Section: Checkpoint 6.1 Author: MR AACSB: Reflective thinking 1 Answer: A Topic: Allocation methods Skill: Level 2: Using definitions Section: Checkpoint 6.1 Author: MR AACSB: Reflective thinking 1 Answer: A Topic: Allocation methods Skill: Level 2: Using definitions Section:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 6 2 None The Above Answers Correct Answer Atopic Demand

21 Answer: B Topic: Allocative efficiency Skill: Level 3: Using models Section: Checkpoint 6.1 Author: SB AACSB: Analytical reasoning 21 Answer: B Topic: Allocative efficiency Skill: Level 3: Using models Section: Checkpoint 6.1 Author: SB AACSB: Analytical reasoning 21 Answer: B Topic: Allocative efficiency Skill: Level 3: Using models Section:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 6 3 C Topic Supply Curve And Marginal Cost Curve Skill

41 Answer: A Topic: Consumer surplus Skill: Level 3: Using models Section: Checkpoint 6.2 Author: SA AACSB: Analytical reasoning 41 Answer: A Topic: Consumer surplus Skill: Level 3: Using models Section: Checkpoint 6.2 Author: SA AACSB: Analytical reasoning 41 Answer: A Topic: Consumer surplus Skill: Level 3: Using models Section:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 6 4 In A Figure That Shows A Supply Curve And A Demand Curve

61 Answer: D Topic: Supply curve and marginal cost curve Skill: Level 2: Using definitions Section: Checkpoint 6.3 Author: STUDY GUIDE AACSB: Reflective thinking 61 Answer: D Topic: Supply curve and marginal cost curve Skill: Level 2: Using definitions Section: Checkpoint 6.3 Author: STUDY GUIDE AACSB: Reflective thinking 61 Answer:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 6 5 The Government Must Allocate Resources Using Command

81 Answer: B Topic: Subsidies Skill: Level 2: Using definitions Section: Checkpoint 6.4 Author: TS AACSB: Reflective thinking 81 Answer: B Topic: Subsidies Skill: Level 2: Using definitions Section: Checkpoint 6.4 Author: TS AACSB: Reflective thinking 81 Answer: B Topic: Subsidies Skill: Level 2: Using definitions Section: Checkpoint 6.4 Author:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 6 6 The Fact That The Marginal Benefit Exceeds

101 Answer: C Topic: Producer surplus Skill: Level 3: Using models Section: Checkpoint 6.3 Author: CO AACSB: Analytical reasoning 101 Answer: C Topic: Producer surplus Skill: Level 3: Using models Section: Checkpoint 6.3 Author: CO AACSB: Analytical reasoning 101 Answer: C Topic: Producer surplus Skill: Level 3: Using models Section:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 6 7 Subsidies Have The Opposite Effect Decreasing The

121 Answer: The consumer surplus equals the difference between the marginal benefit of the good and the price actually paid. Jenn is willing to pay $75 for the purse, so its marginal benefit to her is $75. However, she only must pay $60, so Jenn has a consumer surplus of

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 7 1 When A Price Ceiling Below The Equilibrium Price Is Imposed

1 Answer: C Topic: Price ceiling, shortages Skill: Level 4: Applying models Section: Checkpoint 7.1 Author: SA AACSB: Reflective thinking 1 Answer: C Topic: Price ceiling, shortages Skill: Level 4: Applying models Section: Checkpoint 7.1 Author: SA AACSB: Reflective thinking 1 Answer: C Topic: Price ceiling, shortages Skill: Level 4:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 7 2 The Above Figure Shows The Market For DVDs

21 Answer: D Topic: Price ceiling, efficiency Skill: Level 4: Applying models Section: Checkpoint 7.1 Author: KG AACSB: Analytical reasoning 21 Answer: D Topic: Price ceiling, efficiency Skill: Level 4: Applying models Section: Checkpoint 7.1 Author: KG AACSB: Analytical reasoning 21 Answer: D Topic: Price ceiling, efficiency Skill: Level 4:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 7 3 E Topic Minimum Wage Efficiency Skill Level Using Models Section

41 Answer: D Topic: Supply of labor, surplus Skill: Level 1: Definition Section: Checkpoint 7.2 Author: JC AACSB: Reflective thinking 41 Answer: D Topic: Supply of labor, surplus Skill: Level 1: Definition Section: Checkpoint 7.2 Author: JC AACSB: Reflective thinking 41 Answer: D Topic: Supply of labor, surplus Skill: Level

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 7 4 If A Minimum Wage Is Introduced That Is Above The

61 Answer: B Topic: Minimum wage, search Skill: Level 3: Using models Section: Checkpoint 7.2 Author: MyEconLab Web Site AACSB: Analytical reasoning 61 Answer: B Topic: Minimum wage, search Skill: Level 3: Using models Section: Checkpoint 7.2 Author: MyEconLab Web Site AACSB: Analytical reasoning 61 Answer: B Topic: Minimum wage,

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 7 5 What The Equilibrium Price Of The Drug How

80 Answer: A Topic: Price support, subsidy Skill: Level 2: Using definitions Section: Checkpoint 7.3 Author: CO AACSB: Analytical reasoning 80 Answer: A Topic: Price support, subsidy Skill: Level 2: Using definitions Section: Checkpoint 7.3 Author: CO AACSB: Analytical reasoning 80 Answer: A Topic: Price support, subsidy Skill: Level 2:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 8 1 The Figure Shows That The Government Has Imposed

1 Answer: A Topic: Tax incidence Skill: Level 1: Definition Section: Checkpoint 8.1 Author: SB AACSB: Reflective thinking 1 Answer: A Topic: Tax incidence Skill: Level 1: Definition Section: Checkpoint 8.1 Author: SB AACSB: Reflective thinking 1 Answer: A Topic: Tax incidence Skill: Level 1: Definition Section: Checkpoint 8.1 Author:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 8 2 C Topic Tax Incidence Price Wedge Skill Level Applying

21 Answer: D Topic: Taxes, deadweight loss Skill: Level 2: Using definitions Section: Checkpoint 8.1 Author: SA AACSB: Reflective thinking 21 Answer: D Topic: Taxes, deadweight loss Skill: Level 2: Using definitions Section: Checkpoint 8.1 Author: SA AACSB: Reflective thinking 21 Answer: D Topic: Taxes, deadweight loss Skill: Level 2:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 8 3 Though The Employer Pays Some The Tax

41 Answer: C Topic: Average tax rate Skill: Level 2: Using definitions Section: Checkpoint 8.2 Author: SA AACSB: Reflective thinking 41 Answer: C Topic: Average tax rate Skill: Level 2: Using definitions Section: Checkpoint 8.2 Author: SA AACSB: Reflective thinking 41 Answer: C Topic: Average tax rate Skill: Level 2:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 8 4 A Social Security Tax Imposed On Employers

61 Answer: B Topic: Social Security tax Skill: Level 3: Using models Section: Checkpoint 8.2 Author: CD AACSB: Reflective thinking 61 Answer: B Topic: Social Security tax Skill: Level 3: Using models Section: Checkpoint 8.2 Author: CD AACSB: Reflective thinking 61 Answer: B Topic: Social Security tax Skill: Level 3:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 8 5 At The Market Equilibrium With The Tax, Marginal Benefit

81 Answer: A Topic: Tax incidence, price wedge Skill: Level 3: Using models Section: Checkpoint 8.1 Author: CO AACSB: Analytical reasoning 81 Answer: A Topic: Tax incidence, price wedge Skill: Level 3: Using models Section: Checkpoint 8.1 Author: CO AACSB: Analytical reasoning 81 Answer: A Topic: Tax incidence, price wedge

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 8 6 There Difference The Tax Incidence The Same

96 Copyright 2011 Pearson Education, Inc. Copyright 2011 Pearson Education, Inc. Copyright 2011 Pearson Education, Inc. 10) The figure above illustrates the market for antifreeze. Suppose the government decides to impose an $8 sales tax on every gallon of antifreeze sold. a. In the figure, illustrate the effect

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 9 1 Goods And Services That The United States Buys From

1 Answer: A Topic: International trade Skill: Level 1: Definition Section: Checkpoint 9.1 Author: JC AACSB: Reflective thinking 1 Answer: A Topic: International trade Skill: Level 1: Definition Section: Checkpoint 9.1 Author: JC AACSB: Reflective thinking 1 Answer: A Topic: International trade Skill: Level 1: Definition Section: Checkpoint 9.1 Author:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 9 2 The United States Exports A Good If Its No-trade U.S

21 Answer: C Topic: Gains from trade Skill: Level 2: Using definitions Section: Checkpoint 9.2 Author: TS AACSB: Reflective thinking 21 Answer: C Topic: Gains from trade Skill: Level 2: Using definitions Section: Checkpoint 9.2 Author: TS AACSB: Reflective thinking 21 Answer: C Topic: Gains from trade Skill: Level 2:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 9 3 As A Result Of U.S. Tariffs On Fishnets Produced In Other Nations

41 Answer: A Topic: Effects of tariffs Skill: Level 2: Using definitions Section: Checkpoint 9.3 Author: TPS AACSB: Reflective thinking 41 Answer: A Topic: Effects of tariffs Skill: Level 2: Using definitions Section: Checkpoint 9.3 Author: TPS AACSB: Reflective thinking 41 Answer: A Topic: Effects of tariffs Skill: Level 2:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 9 4 A Tax On A Good That Is Imposed When It Is Imported Is Called

61 Answer: B Topic: Effects of tariffs Skill: Level 2: Using definitions Section: Checkpoint 9.3 Author: STUDY GUIDE AACSB: Analytical reasoning 61 Answer: B Topic: Effects of tariffs Skill: Level 2: Using definitions Section: Checkpoint 9.3 Author: STUDY GUIDE AACSB: Analytical reasoning 61 Answer: B Topic: Effects of tariffs Skill:

Foundations of Microeconomics & MyEconLab Student Access Code Card (5th Edition) 5th Edition

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Chapter 9 5 Producers The Good Being Exported Gain From

81 Answer: A Topic: Effects of tariffs Skill: Level 3: Using models Section: Checkpoint 9.3 Author: CO AACSB: Analytical reasoning 81 Answer: A Topic: Effects of tariffs Skill: Level 3: Using models Section: Checkpoint 9.3 Author: CO AACSB: Analytical reasoning 81 Answer: A Topic: Effects of tariffs Skill: Level 3:

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