Microeconomics: Principles Applications And Tools 8th Edition

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978-0132948869

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0132948869

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Arthur O'Sullivan, Stephen Perez, Steven Sheffrin

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130 documents found.

Exam Prep

BUS 11664

Recall the application regarding opening a Dunkin' Donuts shop and the small barriers to entering the donut business. What should an owner of a Dunkin' Donut shop expect in a monopolistically competitive market? A) total revenue equal to total cost B) keen competition for consumers C) his economic profit to be zero D) all

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 24197

Refer to Figure 8.9. Which point of the LAC represents diseconomies of scale? A) a B) b C) c D) e Answer: D Answer: D Answer: D Assume that the price of a DVD player is $50. If Joshua is willing to pay $50 for that DVD player, his consumer surplus is: A) $0. B) $1. C) $10. D) $50. Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 32179 In The Prisoners Dilemma

In the prisoners' dilemma the prisoners are allowed to communicate. Answer: FALSE Answer: FALSE Answer: FALSE A change in the price of a product will change the supply of that product. Answer: FALSE Answer: FALSE Answer: FALSE Governments occasionally get involved in creating a market equilibrium by setting a maximum price that is less than the

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 40445

A restriction on imports is likely to cause further restrictions on trade. Answer: TRUE Answer: TRUE Answer: TRUE Input prices fall as entry occurs in an increasing-cost industry. Answer: FALSE Answer: FALSE Answer: FALSE Under Temporary Aid to Needy Families a recipient loses their cash benefits when they get a job. Answer: FALSE Answer: FALSE Answer: FALSE Scarcity is

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 43628

Trade will be beneficial for a nation with a comparative advantage in producing a certain product. Answer: TRUE Answer: TRUE Answer: TRUE Accounting costs include all monetary payments and all the opportunity cost of inputs that do not require an explicit monetary payment. Answer: FALSE Answer: FALSE Answer: FALSE A market for pollution permits can efficiently

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 50615

Since 1973, in the United States wages of skilled workers have: A) risen more slowly than those of unskilled workers. B) fallen due to foreign trade. C) remained constant. D) risen faster than those of unskilled workers. Answer: D Answer: D Answer: D Producer surplus is equal to: A) the area under the supply curve. B) the area above

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 59300

Julianne runs a business and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that Julianne's marginal benefit of staying open per hour is $3. If she is following the marginal principle, how many hours should

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 60601 Suppose The Price

Suppose the price elasticity of supply for poker chips is .7 and the price decreases by 30%. The quantity supplied will decrease by ________ %. A) 25 B) 30 C) 15 D) 21 Answer: D Answer: D Answer: D Which of the following trade policies raises prices for domestic consumers? A) import quotas B) tariffs C) voluntary export restraints D) all

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 62746

Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 15, the price must be: A) $0. B) $6. C) $9. D) $15. Answer: B Answer: B Answer: B "By

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 65601

Refer to Figure 12.1. Six firms that produce chewing gum have formed a cartel. The cartel faces the market demand curve given by D. To maximize profits, the cartel should produce ________ packs of chewing gum and the price should be ________. A) 12,000; $.25 B) 12,000; $.40 C) 14,000; $.30 D) $16,000; $.35 Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 70477

Which one of the following is NOT a retaliation strategy that firms would apply to one that cheated on a price-fixing scheme by selling at a price below the agreed-upon fixed price? A) All other firms sell at the same low price as the cheating firm. B) All other firms sell at

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 70756

The proportion of the tax burden that falls on consumers depends on: A) the price elasticity of demand. B) the size of the tax. C) the price elasticity of supply. D) both A and C Answer: D Answer: D Answer: D A study done about gender gaps identified some factors that could contribute to gender gaps. Which

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 76279

A natural monopoly is inevitable if the entry of a second firm shifts the demand curve facing each individual firm entirely below the average cost curve. Answer: TRUE Answer: TRUE Answer: TRUE When there is imperfect information, a role of government is to disseminate information and promote informed choice. Answer: TRUE Answer: TRUE Answer: TRUE As

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 82016

Under which conditions might diseconomies of scale result? A) hampered coordination brought about by bureaucracy B) increasing costs of inputs C) the firm uses a large amount of indivisible inputs D) both A and B Answer: D Answer: D Answer: D If a variable is 100 and then increases to 150, then using the average value approach

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 84563

A reason for the increase in demand for workers with high levels of labor skills is: A) greater taxes paid on income earned. B) increased technological advances. C) reduced international trade from protectionism. D) B and C are correct. Answer: B Answer: B Answer: B Figure 17.2 depicts a firm's marginal revenue product curve. Suppose that we

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 93951

If a product is a necessity and has no substitutes at all, demand for the product is most likely to be: A) very inelastic. B) inelastic. C) unitary elastic. D) elastic. Answer: A Answer: A Answer: A The rational outcome of a guaranteed price matching or "meet-the-competition" policy is that: A) both firms will sell at the low

Microeconomics: Principles Applications And Tools 8th Edition

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BUS 98748

In the game shown in Table 12.2, when the firms choose their dominant strategies: Table 12.2 A) profits are lower than when the firms choose the strategy that is not the dominant strategy. B) the firms will make the highest profit. C) the firms will have an incentive to choose the other strategy in

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 14661

An arrangement that allows buyers and sellers to exchange things is called: A) a contract. B) a market. C) money. D) efficient. Answer: B Answer: B Answer: B Which of the following statements about the gender gap in income is INCORRECT? A) Women are underrepresented in more lucrative majors such as computer science and engineering. B) Women in many occupations

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 29603

Diminishing marginal returns implies that: A) marginal costs are decreasing. B) marginal costs are increasing. C) marginal costs are constant. D) marginal costs may be increasing or decreasing. Answer: B Answer: B Answer: B If a natural monopoly is forced to follow a policy of average-cost pricing, the monopolist will: A) earn economic profits greater than zero. B) charge

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 43411

All goods that generate external benefits are public goods. Answer: FALSE Answer: FALSE Answer: FALSE A private good with external benefits is a public good. Answer: FALSE Answer: FALSE Answer: FALSE A monopolistically competitive firm influences market price by virtue of its size. Answer: FALSE Answer: FALSE Answer: FALSE People will buy more of a normal good when their

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 45924

Based on the Application, the marginal cost of sailing a ship faster is: A) more cargo delivered per year. B) more fuel cost incurred. C) less fuel costs incurred. D) less cargo delivered per year. Answer: B Answer: B Answer: B Refer to Figure 5.6. The demand for milkshakes is unitary elastic at point C. If the

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 48477

Suppose that the income elasticity of demand for new clothes is positive. Other things being equal, which of the following statements is correct? A) New clothes are a normal good. B) The quantity demanded of new clothes decreases as a consumer's income declines. C) There exists a positive relationship between income and the

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 50564

A switch to marketable pollution permits will decrease abatement costs because high-cost firms do most of the abating. Answer: FALSE Answer: FALSE Answer: FALSE A contestable market is one where there are few if any barriers to entry. Answer: TRUE Answer: TRUE Answer: TRUE Monopolistic competition is characterized by barriers to entry. Answer: FALSE Answer: FALSE Answer: FALSE Symmetric

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 50649

Diminishing marginal returns occur only in the long run. Answer: FALSE Answer: FALSE Answer: FALSE Average fixed costs rise continuously as the quantity of output rises. Answer: FALSE Answer: FALSE Answer: FALSE A good is nonrival in consumption if it is not practical to exclude people who don't pay for it from enjoying its benefits. Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 52579

Consider a market in which some high-quality goods are sold, but not as many as if there was perfect information about the quality of the good. This type of market is known as a: A) beneficial selection. B) thin market. C) symmetric market. D) efficient market. Answer: B Answer: B Answer: B Joe runs a business and

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 53974

Figure 14.6 represents the market for health insurance. Suppose there are two types of consumers, low-cost consumers with $2,000 average medical expenses per year, and high-cost customers with $4,000 average medical expenses per year. The insurance companies estimate that 40% of its customers are high-cost type. The uninformed side(s) of

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 56305

An inferior good is defined as a good for which demand decreases when: A) the price increases. B) income increases. C) the price decreases. D) income decreases. Answer: B Answer: B Answer: B Recall the Application. The federal government marketing order that helped reduce asymmetric information about kiwifruit led to: A) a decrease in the spread between the

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 57021

If John drives more recklessly because he has good automobile insurance it is an example of moral hazard. Answer: TRUE Answer: TRUE Answer: TRUE The implementation of TANF helped reduce the number of people on welfare. Answer: TRUE Answer: TRUE Answer: TRUE In a grim trigger strategy, a firm responds to underpricing by choosing a price

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 79809

Sara sells beer in a perfectly competitive market. This week Sara receives a lower price for a keg of beer than she did last week. Which of the following statements could explain this? A) The market demand for beer increased. B) The market demand for beer decreased. C) Firms exited the market. D) Sara's

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 80799

Refer to Figure 9.6. At a market price of $20, this perfectly competitive profit maximizing firm should produce approximately ________ units. A) 30 B) 35 C) 40 D) 45 Answer: B Answer: B Answer: B Refer to Figure 18.1. Mutually beneficial terms of trade between the United States and Canada are: Figure 18.1 A) 1 bicycle for 8 hang

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 94054

A Nash Equilibrium in a game is that outcome in which: A) each player is doing the best he or she can given the other player's action. B) the players' profits are equal. C) the players' earn the highest profits possible. D) neither player plays his or her dominant strategy. Answer: A Answer: A Answer: A Figure

Microeconomics: Principles Applications And Tools 8th Edition

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ECB 96803

For country A, an export is a good produced in: A) country B and purchased by residents of country B. B) country B and purchased by residents of country A. C) country A and purchased by residents of country B. D) country A and purchased by residents of country A. Answer: C Answer: C Answer: C Refer

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 19384

Refer to Figure 5.1. Using the initial-value method, if the price of a hamburger is decreased from $10 to $8, the price elasticity of demand equals: A) 1.5. B) 5.0. C) 1.0. D) 2.0. Answer: B Answer: B Answer: B When it comes to pollution, economists believe that the government must: A) allow firms to pollute as long

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 31967

In the Iowa Gambling Task, scientists have found that on average, subjects are able to articulate why they stopped drawing cards from unfavorable decks after drawing: A) 5 cards. B) 10 cards. C) 50 cards. D) 60 cards. Answer: D Answer: D Answer: D Julianne runs a business and needs to decide how many hours to stay

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 37821

Refer to Table 7.8. Jessy spends no more than $75 per month on movies and eating out. The price of a movie is $8 and the price of a meal out is $15. If Jessy watches two movies per month, what is her marginal utility per dollar? Table 7.8 A) 80 B) 12 C)

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 41197

Refer to Figure 10.5. The profit-maximizing level of profit for the Memory Company is: A) -$1,800. B) -$1,200. C) -$800. D) $0. Answer: C Answer: C Answer: C Additional Application The 2005-2006 Florida citrus harvest has been tallied and is over $1 billion. This is the highest dollar amount since the 1999-2000 season. This year's production was 3%

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 41314

The natural monopoly in Figure 13.3 wants to charge a price of: A) P1. B) P2. C) P3. D) P4. Answer: C Answer: C Answer: C Refer to Figure 13.1. If the government regulates Armstrong Cable so they can earn only zero economic profit, the price would be set at: A) $12.00. B) $12.50. C) $13.00. D) $16.00. Answer: C Answer: C Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 47280

The type of product sold is what differentiates oligopoly markets from the other three market structure types (perfect competition, monopoly, and monopolistic competition). Answer: FALSE Answer: FALSE Answer: FALSE Economists will never reach the same conclusions in their positive analyses. Answer: FALSE Answer: FALSE Answer: FALSE The marginal cost curve for a perfectly competitive firm is

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 49766

The equimarginal rule says that a person will maximize utility by choosing the good for which the marginal utility is the greatest. Answer: FALSE Answer: FALSE Answer: FALSE The long-run supply curve for a increasing cost industry is downward sloping. Answer: FALSE Answer: FALSE Answer: FALSE Suppose that the price elasticity of demand for bagels is 1.60,

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 51622

On the production possibilities curve in Figure 2.1 the gain from decreasing manufacturing production from 700 tons to 500 tons is: Figure 2.1 A) 700 tons of agriculture. B) 500 tons of agriculture. C) 200 tons of agriculture. D) 100 tons of agriculture. Answer: C Answer: C Answer: C The market supply curve is: A) downward sloping and is

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 53934

A construction laborer might make more than a similarly skilled book store clerk because the working conditions in the book store are more desirable. Answer: TRUE Answer: TRUE Answer: TRUE The Justice Department will not allow firms to merge if the result will be higher prices to consumers. Answer: FALSE Answer: FALSE Answer: FALSE If the

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 57912

Which of the following statements is INCORRECT? A) A firm's total economic cost is at least as large as the firm's total accounting cost. B) A firm's total economic cost includes both explicit cost and implicit cost of the firm. C) A firm's implicit cost is the opportunity cost of non-purchased inputs. D) A

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 62592

According to the Application about productivity in the nation of Latvia in the 1990s,, workers in the EU were more productive than workers in Latvia in the 1990s, yet despite this, EU nations chose to trade with Latvia. Engaging in trade with Latvia allowed ________ to become more productive. A) workers

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 68466

Refer to Figure 7.3. If the price of video game rentals is $4, the utility maximizing combination is ________ video game rentals and ________ energy drinks. Figure 7.3 The price of Video Game rentals is $2 For MUA/$ and $4 for MUB/$. The price of Energy Drinks is $2. Budget = $28. A) 1;

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 71124

The firm depicted in Table 2.4 is likely to face diminishing returns because: Table 2.4 A) the amount of fertilizer can only be increased to 5. B) land and fertilizer are both fixed. C) land and fertilizer are both variable. D) land is fixed but fertilizer is variable. Answer: D Answer: D Answer: D CARFAX is a company

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 72543

Importers collect additional revenues from a ________, and governments collect additional revenues from ________. A) tariff; voluntary export restraints B) quota; import bans C) quota; tariffs D) voluntary export restraint; quotas Answer: C Answer: C Answer: C When Bob has to give up lunch in order to have a fancy dinner, the economic principle that is highlighted

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 73473

According to this Application, after the government deceased cigarette taxes in several Canadian provinces in 1994, the decrease in the price of cigarettes in these provinces: A) more than doubled the smoking rate. B) created no noticeable change in the smoking rate. C) increased the smoking rate by roughly 17 percent. D) was accompanied

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 80222

Deciding how products of a society are distributed among the citizens in an economy answers the economic question of: A) Who consumes the products produced? B) What will be produced? C) Where will the products produced be consumed? D) How will we produce it? Answer: A Answer: A Answer: A Which of the following statements about featherbedding

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 80652

Suppose that Figure 10.5 shows a monopolist's demand curve, marginal revenue, and its cost. The monopolist would maximize its profit by producing a quantity of ________ and by charging a price of ________. A) 35; $65 B) 50; $50 C) 70; $30 D) There is not sufficient information. Answer: A Answer: A Answer: A Which of the following

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 91021 When The Firm Increases

When the firm increases output and the costs rise disproportionately faster, then the long-run average cost curve is ________ and the firm is experiencing ________. A) horizontal; constant returns to scale B) downward sloping; constant returns to scale C) upward sloping; diseconomies of scale D) downward sloping; economies of scale Answer: C Answer: C Answer: C Figure

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 94468

Monopoly reduces market efficiency compared to perfect competition. Answer: TRUE Answer: TRUE Answer: TRUE Due to crime externalities, a more educated society tends to have a lower level of crime. Answer: TRUE Answer: TRUE Answer: TRUE In the short run a manufacturing firm's production equipment is a sunk cost. Answer: TRUE Answer: TRUE Answer: TRUE The advertising dilemma is that

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 94576

Assume that Lorex is the only pharmaceutical company that has a patent in producing Lipitor for cholesterol. Lorex can make a profit by selling Lipitor: A) in the short run but not in the long run because new firms will enter the industry in the long run. B) only in the long

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 94912

If the car manufacturer enjoys economies of scale, then an increase in the number of cars manufactured will lead to a(n): A) decrease in average cost. B) increase in average cost. C) constant average cost. D) decrease in total cost. Answer: A Answer: A Answer: A If the equilibrium price of a good increases and the equilibrium

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 95182

Recall the Application about low-price guarantees and the prices of tires to answer the following question(s). Recall the Application. A study of the retail tire market suggests that prices are ________ in markets where firms offer low-price guarantees. A) generally higher B) generally lower C) always lower D) generally unchanged Answer: A Answer: A Answer: A

Microeconomics: Principles Applications And Tools 8th Edition

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ECON 98322

At what point should Jasper Johns consider painting his own house? A) if the house painter charges $500 per day and takes 20 days to paint the house B) if the house painter charged $2,500 per day, since that is excessive for painting a house C) if his earnings dropped to $1,000 per

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 10133

Suppose the price of a liter of soda is $2. If Sara is willing to pay $3 for that liter of soda, her consumer surplus is: A) $0. B) $1. C) $2. D) $3. Answer: B Answer: B Answer: B Firms in a cartel usually charge: A) the same price. B) different prices to reflect their different costs. C) lower

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 35326

Being self-sufficient in the production of everything we need is efficient. Answer: FALSE Answer: FALSE Answer: FALSE Suppose that Jack promises that if Jill chooses the high price, he will too. Jack has an incentive to cheat on the agreement. Answer: TRUE Answer: TRUE Answer: TRUE An income effect comes about because a price reduction of

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 38029

Scarcity is a situation in which resources are limited in quantity and can be used in different ways. Answer: TRUE Answer: TRUE Answer: TRUE The long-run supply curve can be used to determine the long-run price after an increase in demand. Answer: TRUE Answer: TRUE Answer: TRUE Free trade will affect a country's employment in different

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 39207

The ________ problem of public goods occurs because people can enjoy the benefits of these goods even when they do not have to pay for them. A) moral hazard B) free-hand C) free-rider D) external cost Answer: C Answer: C Answer: C The threat of punishment in a repeated game tends to: A) reduce the incentive to break a

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 40098

Oligopolies are characterized by many firms. Answer: FALSE Answer: FALSE Answer: FALSE In an oligopolistic market, the government may limit the number of firms in a market by issuing patents. Answer: TRUE Answer: TRUE Answer: TRUE Monopolistically competitive firms tend to operate on the positively sloped portion of their average cost curves. Answer: FALSE Answer: FALSE Answer: FALSE An

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 43835

Daily Output of Scotland and Poland Table 18.1 Refer to Table 18.1. Scotland has a comparative advantage in: A) accordions. B) bagpipes. C) both accordions and bagpipes. D) neither accordions nor bagpipes. Answer: B Answer: B Answer: B Lemon laws that allow consumers to return low-quality used cars are designed to help solve the problem of ________ in used

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 48616

Recall the Application. In most cases where satellite TV service is introduced in an area with cable TV service, the quality of the cable TV service usually: A) increases. B) decreases. C) initially increases, then decreases. D) is unaffected. Answer: A Answer: A Answer: A Recall the Application about the method used by the Commerce Department to determine

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 52573

Which of the following are examples of goods and services that have been subject to maximum prices or may be subject to maximum prices in the near future? A) gasoline B) rental housing C) medical goods and services D) all of the above Answer: D Answer: D Answer: D Recall the Application. After being caught cheating, the

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 83314

Figure 6.8 shows the market for taxicab services in a small town. If the government limits taxicab services to 20 per day, then producer surplus will: A) increase by $10. B) increase by $6.25. C) decrease by $3.75. D) increase by $20. Answer: A Answer: A Answer: A In equilibrium in a mixed market: A) the percent of

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 90602

If supply is low relative to demand, then we can expect the equilibrium wage to be: A) demand-determined. B) relatively high. C) relatively low. D) neither high nor low, but very volatile. Answer: B Answer: B Answer: B Which of the following is true for both a monopolist and a perfectly competitive firm when each is maximizing

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 91510

Total variable cost: A) increases as output increases. B) is constant as output increases. C) decreases as output increases. D) is lowest for labor-intensive technologies. Answer: A Answer: A Answer: A Which of the following strategic behaviors do firms in an oligopoly market usually engage? A) price fixing B) entry deterrence C) advertising D) all of the above Answer: D Answer: D Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 93304

The monopolistic competitive industry in Figure 11.5 will tend to: Figure 11.5 A) contract. B) remain the same size. C) expand. D) go out of business. Answer: B Answer: B Answer: B An example of a public good is: A) a levee. B) a monopoly. C) profit. D) imperfect information. Answer: A Answer: A Answer: A According to this Application, those communities that were more

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 93870

In 1995, the United States threatened to impose 100 percent tariffs on ________ from ________ if it didn't loosen its protectionist policies. A) luxury cars; Japan B) auto parts; Japan C) brandies; France D) light trucks; Germany Answer: A Answer: A Answer: A When wages increase the income effect of labor supply ________ the quantity of labor

Microeconomics: Principles Applications And Tools 8th Edition

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ECON A 96370

In Figure 2.3, an efficient production point on production possibility curve YZ is: A) point A. B) point B. C) point C. D) none of the above. Answer: D Answer: D Answer: D An external cost of production is: A) a cost incurred by someone other than the producer. B) the production cost borne by a producer. C) the result

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 11345

If firms follow a low-price guarantee strategy, the price that will prevail in the market will be closest to: A) the price a monopolist will pick. B) the price that a perfectly competitive firm would pick. C) the duopoly price. D) the price that would yield zero economic profits. Answer: A Answer: A Answer: A The short-run

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 17254

How can an increase in the minimum-wage affect the restaurant industry? A) It can create a shortage of restaurant workers. B) It can lead to an increase in prices for restaurant meals. C) It can create a surplus of restaurant workers. D) both B and C Answer: D Answer: D Answer: D If a firm in a

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 29938

Diseconomies of scale can occur for: A) coordination problems. B) minimum efficient scale problems. C) increasing input costs. D) A and C are correct. Answer: D Answer: D Answer: D What was the mistake that the governments the U.K. and France make when they subsidized the Concorde, a supersonic aircraft manufacturer? A) The market was not worth capturing. B)

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 42912

The short-run labor demand curve is: A) more elastic than the long-run labor demand curve. B) less elastic than the long-run labor demand curve. C) either more or less elastic than the long-run labor demand curve. D) perfectly elastic (horizontal). Answer: B Answer: B Answer: B The demand for labor: A) is a derived demand. B) depends on the

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 43182

Suppose that a market for a product is in equilibrium at a price of $3 per unit. At any price below $3 per unit: A) there will be an excess demand for the product. B) there will be an excess supply of the product. C) the quantity demanded of the product will be

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 43376

If the demand for jelly decreases, and the price of grapes (used to make jelly) rises: A) the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall. B) the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall. C) the equilibrium

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 48264

The WTO and GATT promote trade by: A) reducing tariffs. B) directing trade. C) setting the prices of goods sold internationally. D) all of the above Answer: A Answer: A Answer: A Figure 12.1 shows a successful price-fixing arrangement (cartel) between two identical firms. When the two firms act like one and charge the same price, each

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 49454

Neuron activity in the insula represents the benefit of buying a product. Answer: FALSE Answer: FALSE Answer: FALSE Utility is not easy to measure and quantify. Answer: TRUE Answer: TRUE Answer: TRUE Oligopoly arises with scale economies that are not large enough to cause a natural monopoly. Answer: TRUE Answer: TRUE Answer: TRUE In most cases, taxation is more

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 54469

A workplace externality benefits fellow workers. Answer: TRUE Answer: TRUE Answer: TRUE The current means of regulating automobile emissions is "command-and-control." Answer: TRUE Answer: TRUE Answer: TRUE Specialization in production will increase total output. Answer: TRUE Answer: TRUE Answer: TRUE If the price elasticity of demand is .5 and the price elasticity of supply is 1, then a 9%

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 57351

Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. What is its profit from senior customers under the senior discount policy of a $7 senior price and a $10 non-senior price? A) $1,200 B) $1,500 C) $2,280 D) $2,560 Answer: B Answer: B Answer: B Recall the Application. Among the

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 62316

A monopolistically competitive firm maximizes profit by producing where marginal revenue is less than marginal cost. Answer: FALSE Answer: FALSE Answer: FALSE In order to get his bachelor's degree, Timothy gave up an offer for a full time job as a bartender. Therefore, Timothy incurred an opportunity cost. Answer: TRUE Answer: TRUE Answer: TRUE The congestion

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 62588

Refer to Figure 10.6. The profit-maximizing (or loss-minimizing) level of output: A) is 10,000. B) is 0. C) is approximately 15,000. D) is approximately 25,000. Answer: A Answer: A Answer: A A possible reason a nation might impose a protectionist policy such as a tariff is to: A) help domestic firms establish a world monopoly in a particular

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 65851

The summation of all individual firm marginal cost curves above the minimum of the average variable cost curve: A) forms a curve that is usually downward sloping. B) defines the relationship between price and demand. C) defines the relationship between price and capacity output. D) is the market supply curve. Answer: D Answer: D Answer: D Jessica,

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 73037

Refer to Table 12.2. Jeri and Tom are arrested for having committed a crime. They are being interrogated individually and need to decide if they should confess or not confess. The police have enough information to put them in jail for 5 years. They also know the pair have committed a

Microeconomics: Principles Applications And Tools 8th Edition

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ECON E 90346

Which of the following is an example of a marginal question? A) How much will my chances of finding a job improve if I raise my GPA from a C to a C+ grade average? B) What is the average cost of a college education? C) How many students borrow money in order to

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

ECON E 93141

One advantage that a command-and-control policy has over a pollution tax is that: A) we will be able to accurately predict the amount of pollution that will occur. B) it generates a lower level of pollution at a lower cost. C) it encourages firms to use the most efficient abatement methods possible. D) it

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

Economics 10251

Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, we would expect that: A) demand will decrease until quantity demanded equals quantity supplied. B) supply will increase until quantity demanded equals quantity supplied. C) price will increase until quantity demanded equals quantity supplied. D) there will

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

Economics 11910

A minimum wage above the equilibrium wage leads to an excess quantity supplied of labor. Answer: TRUE Answer: TRUE Answer: TRUE The government uses the buying power of wages rather than face value or nominal value in reporting changes in "real wages" in the economy. Answer: TRUE Answer: TRUE Answer: TRUE The tendency for people who

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

Economics 12054

The cross-price elasticity of demand between bananas and apples is most likely: A) positive. B) negative. C) zero. D) More information is needed to determine. Answer: A Answer: A Answer: A In a thin market: A) only high-quality goods are sold. B) some high-quality goods are sold but fewer than would be sold in a market with perfect information. C)

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 15874

If government sets a minimum price above the equilibrium price: A) some consumers gain at the expense of producers and the total surplus decreases. B) some consumers gain at the expense of producers and the total surplus increases. C) some producers gain at the expense of consumers and the total surplus decreases. D) some

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 16657

The marginal benefit of someone's search depends on her/his discovered price. Answer: TRUE Answer: TRUE Answer: TRUE Information goods such as a music video have an L-shaped average cost curve. Answer: TRUE Answer: TRUE Answer: TRUE If marginal utility is positive consuming an additional unit of a product will cause total utility to decline. Answer: FALSE Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 18702

If Eddie can produce 40 milk shakes or 20 banana splits in an hour, and Tina can produce 30 milk shakes or 16 banana splits in an hour, then Eddie has a comparative advantage in producing milk shakes. Answer: TRUE Answer: TRUE Answer: TRUE If Xerox requires individuals who purchase their copiers to

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 24565

Refer to Figure 12.8. If both firms follow their dominant strategies, Firm A will earn profits equal to: A) $500. B) $700. C) $200. D) $100. Answer: C Answer: C Answer: C Suppose that people expect that the price of orange juice will rise next month. We would predict that the equilibrium quantity of orange juice will

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 24722

A perfectly elastic demand curve is shown as a: A) horizontal line. B) vertical line. C) positively sloped line. D) negatively sloped line. Answer: A Answer: A Answer: A When computing percentage changes, using the simple approach results in increases and decreases which are: A) identical. B) symmetric. C) not symmetric. D) more accurate than using the midpoint method. Answer: C Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 25558

Figure 14.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. If buyers have pessimistic expectations about the used bikes in the market, what number of used bikes sold will actually be

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 29861

Which of the following products has elastic demand? A) water B) coffee C) cars D) all ice cream Answer: C Answer: C Answer: C As firms enter a monopolistically competitive market in the long run: A) price increases, the market quantity demanded increases, and the quantity supplied by an individual firm increases. B) price decreases, the market quantity demanded

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 33220

The problem with using voluntary contributions to support a public good is known as the ________ problem. A) user B) utility C) free-rider D) external cost Answer: C Answer: C Answer: C Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. For an output level greater than Q=100, the average total

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 55960

Private goods can have external benefits. Answer: TRUE Answer: TRUE Answer: TRUE Labor skills are determined by innate ability, education and work experience. Answer: TRUE Answer: TRUE Answer: TRUE A maximum price below the market equilibrium price will raise the total surplus of the market. Answer: FALSE Answer: FALSE Answer: FALSE The main purpose of advertising is to make

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 56880

Which of the following would be typically classified as a public good? A) postal delivery B) national defense C) toll roads D) college education Answer: B Answer: B Answer: B Tie-in sales: A) are legal under the Clayton Act. B) are the same as predatory pricing. C) were banned under the Hart-Scott-Rodino Act. D) are contracts that prevent purchasing one good

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 57115

With average cost pricing the firm in Figure 13.3 would be: A) making a zero economic profit. B) losing money. C) making a positive economic profit. D) shut down. Answer: A Answer: A Answer: A Joe runs a restaurant. He pays his employees $200,000 per year. His ingredients cost him $50,000 per year. Prior to running his

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 64402

The government plays no role in a market-based economy. Answer: FALSE Answer: FALSE Answer: FALSE Economists argue that individuals should continue to consume until total benefit equals total cost. Answer: FALSE Answer: FALSE Answer: FALSE The utility-maximizing rule says that a person will maximize utility by choosing goods so that the marginal utility for each good

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 65585

Market equilibrium guarantees that all mutually beneficial transactions take place. Answer: TRUE Answer: TRUE Answer: TRUE The conventional way to regulate a natural monopolist is to force it to charge a price equal to marginal cost. Answer: FALSE Answer: FALSE Answer: FALSE Economic cost differs from accounting cost because accountants do not consider implicit costs. Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 67579

An increase in demand will lead to a decrease in supply in the long run. Answer: FALSE Answer: FALSE Answer: FALSE Higher wages could lead workers to choose to work less hours. Answer: TRUE Answer: TRUE Answer: TRUE The price elasticity of supply is generally greater than zero. Answer: TRUE Answer: TRUE Answer: TRUE The market demand curve shows

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 68826

Suppose Belgium produces only two goods, chocolate and lace. If Belgium has a comparative advantage in lace, a move toward free trade will: A) benefit chocolate workers, harm lace workers in the short run, but benefit the nation as a whole. B) harm chocolate workers in the short run, benefit lace workers,

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 69622

Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q=100, the average fixed cost is: A) $30. B) $40. C) $50. D) $60. Answer: A Answer: A Answer: A Markets exist: A) so people can buy and sell things. B) because people are self-sufficient. C) because each person specializes in the production of

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 72623

A U.S. company is attempting to cut costs by shifting some of its services to Thailand. This process of shifting production of products or services overseas to cut costs often results in: A) greater potential for market failure for those products and services. B) greater economic uncertainty in the market for those

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 74452

Resources are all of the following EXCEPT: A) unlimited and in abundance. B) the things we use to produce goods and services. C) limited in quantity and can be used in different ways. D) scarce and therefore requiring choices to be made. Answer: A Answer: A Answer: A When you need to know how to get from

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 75050

Suppose that the price of a coffee mug is $2. Lee's marginal cost of producing coffee mugs $0.50 for the first mug, Tammy's marginal cost of producing coffee mugs is $1 for the second mug, Stan's marginal cost of producing coffee mugs is $1.50 for the third mug, Joy's marginal cost

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 76837

Joe runs a business and needs to decide how many hours to stay open. Figure 2.4 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $40. How many hours should Joe stay open? Figure 2.4 A) 3 hours B) 4

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 86949

Entry leads reduces firm profits because it leads to a lower price. Answer: TRUE Answer: TRUE Answer: TRUE The earned income tax credit has been a successful anti-poverty policy by encouraging participation in the workforce. Answer: TRUE Answer: TRUE Answer: TRUE The firm faces the market demand curve in a monopolistic competition industry. Answer: FALSE Answer: FALSE Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 96142

According to the Application, a recent study of search behavior for liquid detergent showed that a doubling of income ________ the cost of search and ________ the amount of searching by about 14 percent. A) increased; increased B) increased; decreased C) decreased; increased D) decreased; decreased Answer: B Answer: B Answer: B Suppose the price of a

Microeconomics: Principles Applications And Tools 8th Edition

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Economics 98256

An Internet company wants to increase the consumption of Internet packages by 15%. The price elasticity of demand for Internet packages is 2. The telephone company should: A) lower the price of Internet packages by 30.0%. B) lower the price of Internet packages by 7.5%. C) lower the price of Internet packages by

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

MicroEconomic 15596

If the price of hotdogs are expected to decrease in the future, then: A) the current demand for hotdogs will increase. B) the current demand for hotdogs will decrease. C) the current quantity demanded for hotdogs will decrease. D) the current quantity demanded for hotdogs will increase. Answer: B Answer: B Answer: B Table 14.5 Table 14.5 contains

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 16078

Refer to Figure 1.1. The relationship between hours worked and income, as shown by the graph in Figure 1.1 is: Figure 1.1 A) negative. B) positive. C) nonlinear. D) exponential. Answer: B Answer: B Answer: B Recall the application on happy hour pricing, each bar has a local monopoly within its neighborhood, but faces competition from other bars

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 16439

Recall the application about the California kiwifruit market and the "lemons" problem. If the problem of adverse selection exists in the kiwifruit market, we can expect the quality of fruit to be ________ and the price to be ________. A) high; high B) high; low C) low; high D) low; low Answer: D Answer: D Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 21203

Consider the data in Table 16.2. Both firms can benefit if Firm A sells its pollution permit allowing it to generate 100 gallons of wastewater to Firm B for: Table 16.2 A) a price between $7 and $12. B) a price between $0 and $7. C) a price between $12 and $18. D) Both firms

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 25221

The protection of the earth's ozone layer is an example of a public good. Answer: TRUE Answer: TRUE Answer: TRUE If the opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany, it makes sense for Japan to produce wristwatches. Answer: FALSE[/cpmembership] Answer: FALSE[/cpmembership] Answer: FALSE[/cpmembership] If a person

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 34815

A decrease in the cost of production will shift the supply curve down and to the right. Answer: TRUE Answer: TRUE Answer: TRUE If the marginal cost is increasing over a given output range, the average total cost must increase. Answer: FALSE Answer: FALSE Answer: FALSE The principles of comparative advantage and specialization only apply to

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 38251

If the price elasticity of supply of CDs is 0.8, then the supply is inelastic. Answer: TRUE Answer: TRUE Answer: TRUE If the price elasticity of demand for peanuts is 0.4, then the demand is inelastic. Answer: TRUE Answer: TRUE Answer: TRUE Recall Application 2, "The Market for Meteorites," to answer the following questions: According to the

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

MicroEconomic 44509

Predatory pricing occurs when a monopolist charges a: A) price above average total cost. B) price above average variable cost. C) low price to drive out competition, then charges a high price. D) high price to drive out competition, then charges a low price. Answer: C Answer: C Answer: C Because of asymmetric information, a seller of

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 52135

Table 14.5 Table 14.5 contains data on the marginal benefit of searching for a lower price for a digital camera. The price of the camera ranges from $100 at the lowest price store to $140 at the highest price store. For any randomly selected store, any price from the low price to the

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

MicroEconomic 58196

Prices below the free market equilibrium price are inefficient because the willingness to pay by someone to consume an additional unit ________ the marginal cost to someone for producing that unit. A) exceeds B) is less than C) equals D) None of the above; efficiency is defined in terms of natural resources, not market equilibrium.

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 62582

A Major League Baseball player signs a contract that pays $27 million over 5 years. The $27 million is the contract's ________ value. A) real B) implicit C) external D) nominal Answer: D Answer: D Answer: D The word "monopolistic" in the label "monopolistic competition" refers to the fact that: A) there is only one firm producing in

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

MicroEconomic 63968

Because resources are limited: A) only the very wealthy can get everything they want. B) firms will be forced out of business. C) the availability of goods will be limited but the availability of services will not. D) people must make choices. Answer: D Answer: D Answer: D When wages increase, the income effect ________ the supply

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

MicroEconomic 69195

The incomes earned by the top one percent in the U.S. has decreased in recent years. Answer: FALSE Answer: FALSE Answer: FALSE The long-run supply curve is upward sloping in an increasing cost industry. Answer: TRUE Answer: TRUE Answer: TRUE Recall the example about the dam and the farmers, the cause of building the dam is

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 72880

Refer to Table 7.2. The marginal utility of the fourth slice of pie per day is: Table 7.1 A) 20. B) 75. C) 15. D) 3. Answer: C Answer: C Answer: C The price of apples increases from $1 to $1.10. At the same time, the quantity of apples demanded decreases from 100 to 90. The price elasticity

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

MicroEconomic 79113

Increased international trade results in greater incomes for low-skilled workers. Answer: FALSE Answer: FALSE Answer: FALSE The poverty rate in the United States is lowest for whites. Answer: FALSE Answer: FALSE Answer: FALSE A dominant strategy is one that is the best choice regardless of other firms' decisions. Answer: TRUE Answer: TRUE Answer: TRUE A monopolist's marginal cost is

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

MicroEconomic 82183

An increase in the minimum wage will have a large effect on the number of workers employed in minimum wage occupations if: A) demand for workers is elastic. B) demand for workers is inelastic. C) supply of workers is elastic. D) supply of workers is inelastic. Answer: A Answer: A Answer: A The concept of Nash Equilibrium: A)

Microeconomics: Principles Applications And Tools 8th Edition

Exam Prep

MicroEconomic 90059

Suppose that the price of a donut is $1 each. Lorena is willing to pay $2 for the first donut, Ricky is willing to pay $1.80 for the second donut, Jennifer is willing to pay $1.50 for the third donut, and Betty is willing to pay $1.20 for the fourth

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 91958

A product produced in the home country and sold in another country is an export. Answer: TRUE Answer: TRUE Answer: TRUE As an individual consumes more of a good, total utility increases and marginal utility decreases. Answer: FALSE Answer: FALSE Answer: FALSE The house slipper industry is an example of an oligopolistic industry. Answer: TRUE Answer: TRUE Answer:

Microeconomics: Principles Applications And Tools 8th Edition

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MicroEconomic 98607

Suppose that it would cost a firm $9 million to develop a new drug. In the absence of a patent, other firms will be able to copy and bring to market a generic equivalent of the drug in three years. In each of these three years, the firm would earn

Microeconomics: Principles Applications And Tools 8th Edition

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