Microeconomics 12th Edition

ISBN 13

978-1285738352

ISBN 10

1285738357

Authors

Roger A. Arnold

Exam Prep

Homework Help

171 documents found.

Exam Prep

BUS 109 Quiz

A vertical supply curve represents: a. an inverse relationship between price and quantity supplied. b. an independent relationship between price and quantity supplied. c. an independent relationship between price and supply. d. a direct relationship between price and quantity supplied. e. a direct relationship between price and supply. Answer: b Answer: b Answer: b You and your roommate

Microeconomics 12th Edition

Exam Prep

BUS 123 Midterm

On an aggregate level, free trade produces a net __________ and restricted trade produces a net __________. a. loss; loss also b. benefit; benefit also c. benefit; loss d. loss; benefit Answer: c Answer: c Answer: c Opportunity cost is the __________ alternative forfeited when a choice is made. a. least-valued b. most highly-valued c. most convenient d. most recently considered Answer:

Microeconomics 12th Edition

Exam Prep

BUS 194 Final

The face value of a bond is a. the dollar amount that a person would receive if he or she were to sell the bond. b. the dollar amount that a person would receive if he or she were to buy the bond. c. the total value of payments that will be made

Microeconomics 12th Edition

Exam Prep

BUS 257 Quiz 1

Marginal productivity theory implies that a worker will be paid an amount a. equal to his or her contribution to the productive process. b. less than his or her contribution to the productive process. c. greater than his or her contribution to the productive process. d. determined by his or her individual bargaining. Answer:

Microeconomics 12th Edition

Exam Prep

BUS 259 Midterm 2

A price searcher (monopolist, monopolistic competitor, etc.) definitely faces a. a perfectly elastic demand curve for the product it sells. b. a downward-sloping demand curve for the product it sells. c. a perfectly elastic supply curve of factors. d. an upward-sloping supply curve of factors. e. a perfectly inelastic demand curve for the product it

Microeconomics 12th Edition

Exam Prep

BUS 277 Test 2

Refer to Exhibit 28-7. The marginal factor cost of increasing employment from 40 to 50 workers is Exhibit 28-7 a. $120. b. $18. c. $14. d. $160. e. $15 Answer: b Answer: b Answer: b Total costs are a. fixed costs plus average total costs. b. average fixed costs plus variable costs. c. fixed costs plus variable costs. d. fixed costs minus variable costs. e. fixed

Microeconomics 12th Edition

Exam Prep

BUS 326 Quiz 1

A line is parallel to the horizontal axis. The slope of the line is a. infinite. b. indicative of an inverse relationship between two variables. c. indicative of a direct relationship between two variables. d. zero. e. b and d Answer: d Answer: d Answer: d Refer to Exhibit 20-2. The market for good X is initially in

Microeconomics 12th Edition

Exam Prep

BUS 339 Midterm 2

Refer to Exhibit 23-4. The market equilibrium price is P1and the firm produces Q1. At this level of output, average variable cost and average total cost are indicated by the dots. Given this situation, the firm is Exhibit 23-4 a. receiving a profit equal to area 3. b. taking a loss equal

Microeconomics 12th Edition

Exam Prep

BUS 341

Suppose you are eating buffalo wings at a local happy hour. The total utils from doing so after the fourth, fifth, sixth, and seventh wings are 80, 116, 136, 150, respectively. The marginal utility of the sixth wing is __________ utils. a. 14 b. 136 c. 20 d. 22.7 Answer: c Answer: c Answer: c Diseconomies of

Microeconomics 12th Edition

Exam Prep

BUS 350 Test 2

Refer to Exhibit 28-12. As the firm increases employment from 4 to 5 workers, its marginal factor cost (MFC) is Exhibit 28-12 a. $13. b. $15. c. $5.60. d. $28. Answer: d Answer: d Answer: d If the price of good X is $90 and the price of good Y is $30, it follows that the relative price of

Microeconomics 12th Edition

Exam Prep

BUS 394 Quiz

If people value clean air over dirty air, and if the air in city A is cleaner than the air in city B (by a wide margin), then we would expect that ____________________, all else equal between the two cities. a. comparable houses in the two cities will sell for the

Microeconomics 12th Edition

Exam Prep

BUS 405 Homework

Refer to Exhibit 3-4. At a price of $2 _______________ units will be exchanged. Exhibit 3-4 a. 5 b. 10 c. 15 d. 20 Answer: b Answer: b Answer: b If the four-firm concentration ratio is 100 percent, this means that the a. top four firms each hold 5 percent of the market share. b. industry consists of no more than

Microeconomics 12th Edition

Exam Prep

BUS 415 Midterm 1

If the quantity demanded of good X is greater than the quantity supplied of good X, then the market for good X is in disequilibrium. a. True b. False Answer: True Answer: True Answer: True If the percentage change in quantity demanded of a good is equal to the percentage change in buyer's income, then

Microeconomics 12th Edition

Exam Prep

BUS 429

The difference between profit seeking under perfect competition and profit seeking under monopoly is that a. under the former output will increase and price will decrease, whereas under the latter only output will increase. b. under the former output will increase and price may increase, whereas under the latter output will increase

Microeconomics 12th Edition

Exam Prep

BUS 471 Quiz 2

At the quantity of output for which total revenue equals total cost, a. economic profit is zero. b. cost is minimized. c. cost is maximized. d. quantity is minimized. e. profit is maximized. Answer: a Answer: a Answer: a Here are three things you could do if you do not attend your economics class: watch television with some

Microeconomics 12th Edition

Exam Prep

BUS 483 Midterm 2

If a seller is a price taker it means that the seller sells his product at the price a. he chooses. b. determined in the market. c. determined by the biggest firm in the market. d. determined by the largest consumer in the market. e. none of the above Answer: b Answer: b Answer: b From an economist's

Microeconomics 12th Edition

Exam Prep

BUS 489 Test 2

Refer to Exhibit 22-3. The marginal physical product figures in blanks (D) and (E) are, respectively, Exhibit 22-3 a. 10 and 10. b. 10 and 15. c. 15 and 20. d. 20 and 15. e. 15 and 10. Answer: Answer: Answer: e e e Refer to Exhibit 22-9. Let MC1 and ATC1 represent the initial cost curves of a peanut

Microeconomics 12th Edition

Exam Prep

BUS 541 Quiz

Which of the following statements is true? a. Nominal interest rate = real interest rate - expected inflation rate. b. Nominal interest rate = real interest rate + expected inflation rate. c. Real interest rate = nominal interest rate + expected inflation rate. d. Expected inflation rate = nominal interest rate + real interest

Microeconomics 12th Edition

Exam Prep

BUS 581

When negative externalities are connected with the production of a good, a. market output will be greater than the socially optimal output. b. private costs and social costs are equal. c. the government should subsidize the production of the good. d. there will be a shortage of the good. Answer: a Answer: a Answer: a The ________________________

Microeconomics 12th Edition

Exam Prep

BUS 662 Test 2

Refer to Exhibit 21-7. For graph (3), if the price of Y is $200, the price of X is Exhibit 21-7 a. $50. b. $40. c. $30. d. $25. e. $15. Answer: d Answer: d Answer: d For a factor price taker, the demand for labor curve is horizontal at the going market wage. a. True b. False Answer: False Answer: False Answer: False Refer

Microeconomics 12th Edition

Exam Prep

BUS 673 Midterm 1

In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved down and to the right. What could have caused this? a. a fall in the price of peanuts b. a rise in the price of peanuts c. a rise in income, assuming that peanut butter is an inferior

Microeconomics 12th Edition

Exam Prep

BUS 696 Suppose That Television

Suppose that television show A is much more popular than television show B.The equilibrium price for a ticket to view the taping of show A is $40 and the equilibrium price for a ticket to view the taping of show B is -$30.If free tickets are offered for the taping

Microeconomics 12th Edition

Exam Prep

BUS 748 Quiz 3

One major reason for the law of demand is that a. one price changing requires at least one other price to change in the opposite direction. b. people substitute relatively lower-priced goods for relatively higher-priced goods. c. a higher price never reduces quantity demanded by enough to lower total revenue. d. people are willing

Microeconomics 12th Edition

Exam Prep

BUS 765 Quiz 1

Refer to Exhibit 20-l. The demand for the good represented by demand curve D3 is Exhibit 20-1 a. inelastic. b. elastic. c. unit elastic. d. perfectly elastic. e. more elastic at higher prices than at lower prices. Answer: e Answer: e Answer: e If the demand for a good is unit elastic, then a. the percentage change in quantity demanded is

Microeconomics 12th Edition

Exam Prep

BUS 769

The quantity supplied of land is constant regardless of price. Suppose a tax is imposed on the rental price of land. Who will pay the greater share of such a tax? a. The buyers will pay the entire share. b. The sellers will pay the entire share. c. The buyers and the sellers

Microeconomics 12th Edition

Exam Prep

BUS 772 Quiz Suppose At A Price Of 4

Suppose at a price of $4 and at a price of $6, John purchases 40 units of good X. Given this information, we know that a. John's entire demand curve for good X is perfectly elastic. b. John's entire demand curve for good X is inelastic. c. John's demand for good X is

Microeconomics 12th Edition

Exam Prep

BUS 796 Quiz

Jones buys two goods, A and B. Currently, Jones receives marginal utility of 24 utils from good A and pays a price of $1.50 per unit. Jones receives a marginal utility of 43 utils from good B and pays a price of $1.99 per unit. Jones receives __________ per dollar

Microeconomics 12th Edition

Exam Prep

BUS 803

Suppose that for Alicia the marginal benefit (MB) of producing is $75 and that the marginal cost (MC) of producing is $5.Suppose also that her marginal benefit of stealing is $85 and the marginal cost of stealing is $5.Is Alicia currently maximizing utility in terms of producing and stealing?If not,

Microeconomics 12th Edition

Exam Prep

BUS 819 Midterm

Refer to Exhibit 3-3. A shift in demand from D1 to D2 can NOT occur from a change in the Exhibit 3-3 Good Y a. population. b. price of a substitute for good Y. c. average income of good Y buyers. d. price of good Y. Answer: d Answer: d Answer: d As the dollar price of the Mexican

Microeconomics 12th Edition

Exam Prep

BUS 819 Midterm 2

We start with a 3 percent real interest rate in the United States and in Japan. Next, the real interest rate in Japan falls to 2 percent, and the U.S. real interest remains constant. As a result, a. the yen will depreciate and the dollar will appreciate. b. both the yen and

Microeconomics 12th Edition

Exam Prep

BUS 820 Quiz 2

Refer to Exhibit 34-12. PW is the price that exists in a free world market. With the imposition of a quota that limits imports to Q4 - Q3, consumers lose more than producers and importers gain. The result of the quota is a (net) loss represented by the area(s) Exhibit 34-12 a.

Microeconomics 12th Edition

Exam Prep

BUS 821 Midterm 2

Refer to Situation 22-4.What are Joe's explicit costs? a. $125,000 b. $175,000 c. $35,000 d. $200,000 e. $50,000 Answer: a Answer: a Answer: a Which of the following is an illustration of the law of increasing opportunity costs? a. As more cars are produced, the opportunity cost of each additional car is greater than for the preceding unit. b. As more

Microeconomics 12th Edition

Exam Prep

BUS 824 Final

Applying the least-cost rule to two factors, a firm will a. maximize profits at the output at which MRP = MFC. b. minimize costs when the MPP of factor A equals the MPP of factor B. c. minimize costs when the MRP of factor A equals the MRP of factor B. d. minimize costs

Microeconomics 12th Edition

Exam Prep

BUS 881 Test 2

Thomas Edison constructed the first building that was used solely to make a. movies. b. airplanes. c. telephones. d. cameras. Answer: a Answer: a Answer: a Under an acreage allotment program, a. the government sets a limit on the quantity of a product that a farmer is allowed to bring to market, which is intended to cause farmers to

Microeconomics 12th Edition

Exam Prep

BUS 896 University A Sets Tuition

University A sets tuition at the equilibrium level based on price and then imposes entrance requirements in the form of minimum high school GPA and SAT scores. Enrollment at this school will likely be a. at the equilibrium level. b. below the equilibrium level because of the use of non-price rationing devices. c.

Microeconomics 12th Edition

Exam Prep

ECB 131 Quiz 2

As the interest rate (price for loanable funds) decreases, businesses will a. find it less profitable to invest in capital goods, because the lower interest rate means that they will earn a lower return on their investments. b. find it less profitable to invest in capital goods, because their costs of production

Microeconomics 12th Edition

Exam Prep

ECB 200 Quiz

Oil producers expect that oil prices next year will be higher than oil prices this year. As a result, oil producers are most likely to a. place more oil on the market this year, thus shifting the present supply curve of oil rightward. b. hold some oil off the market this year,

Microeconomics 12th Edition

Exam Prep

ECB 247 Quiz

According to the textbook, Iceland used crowdsourcing to a. rewrite its constitution. b. elect members of its parliament. c. elect its president. d. rename its capitol city. Answer: a Answer: a Answer: a Implicit in the solution to the diamond-water paradox is the idea that prices reflect __________ utility instead of __________ utility. a. marginal; total b. total; marginal c.

Microeconomics 12th Edition

Exam Prep

ECB 273 Quiz 3

If MRP = VMP = MFC = wages, then the firm is a. selling its product in a perfectly competitive market and is hiring its labor in a perfectly competitive labor market. b. selling its product in a perfectly competitive market but is not hiring its labor in a perfectly competitive labor

Microeconomics 12th Edition

Exam Prep

ECB 422

Refer to Exhibit 34-1. The opportunity cost of one unit of X in country B is Exhibit 34-1 a. 1 unit of Y. b. 0.33 units of Y. c. 2 units of Y. d. 20 units of Y. Answer: c Answer: c Answer: c Refer to Exhibit 2-6. Which graph depicts a technological breakthrough in the production of

Microeconomics 12th Edition

Exam Prep

ECB 513 Quiz 3

Refer to Exhibit 24-10. The profit-maximizing single-price monopolist will produce which quantity of output? Exhibit 24-10 a. Q2 b. Q1 c. Q3 d. Q4 e. none of the above Answer: b Answer: b Answer: b Resource X is necessary to the production of good Y. If the price of resource X falls, a. the supply

Microeconomics 12th Edition

Exam Prep

ECB 522 Midterm

Refer to Exhibit 2-6.Which graph depicts the result of a decrease in the unemployment rate? Exhibit 2-6 a. (1) b. (2) c. (3) d. (4) e. none of the above Answer: e Answer: e Answer: e The foreign exchange market is the market where a. goods and services of different countries are exchanged. b. currencies of different countries are exchanged. c. transportation

Microeconomics 12th Edition

Exam Prep

ECB 581 Midterm

The profit-maximizing natural monopoly will a. set price equal to marginal cost. b. produce the quantity of output at which MR = MC. c. charge the highest price per unit for the quantity of output it chooses to produce. d. necessarily face higher production costs if it is unregulated than if it is regulated. e.

Microeconomics 12th Edition

Exam Prep

ECB 638 Midterm 2

If for good Z income elasticity is greater than 1, then demand for good Z is income __________, and good Z is a(n) __________ good. a. inelastic; normal b. inelastic; inferior c. elastic; normal d. elastic; inferior e. unit elastic; normal Answer: c Answer: c Answer: c In the textbook, economics is defined as the science of scarcity. a.

Microeconomics 12th Edition

Exam Prep

ECB 654 Final

The terms scarcity and shortage are synonyms. a. True b. False Answer: False Answer: False Answer: False Assume the following conditions hold: (1) the demand for every type of labor is the same, (2) there are no special nonpecuniary aspects to any job, (3) all labor is ultimately homogeneous and can costlessly be trained for

Microeconomics 12th Edition

Exam Prep

ECB 732 Quiz 1

Suppose you are eating buffalo wings at a local happy hour. The total utils from doing so after the fourth, fifth, sixth, and seventh wings are 80, 116, 136, 146, respectively. The marginal utility of the seventh wing is __________ utils. a. 14 b. 146 c. 10 d. 20.9 Answer: c Answer: c Answer: c If total

Microeconomics 12th Edition

Exam Prep

ECB 760 Quiz 1

If Luke can bake bread at a lower opportunity cost than Jason, and Jason can produce paintings at a lower opportunity cost than Luke, it follows that a. Lukehas a comparative advantage in paintings and Jason has a comparative advantage in baking bread. b. BothLuke and Jason have a comparative advantage in

Microeconomics 12th Edition

Exam Prep

ECB 775 Test 2

Under certain circumstances, a congressional district may be a special interest group. a. True b. False Answer: True Answer: True Answer: True Refer to Exhibit 34-3. The world price is PW. If a tariff is imposed, the price rises to PW + T. Because of the tariff, producers' surplus is __________ by an amount equal

Microeconomics 12th Edition

Exam Prep

ECB 783 Quiz 2

Which of the following statements is true? a. Treasury bills mature in 2 to 10 years. b. Treasury notes mature in 13 or 26 weeks. c. Treasury bills, notes, and bonds are considered to be very safe investments. d. Municipal bonds are issued to help the federal government build new projects such as highways and

Microeconomics 12th Edition

Exam Prep

ECB 894 Test

Refer to Exhibit 23-10.What price does this firm charge for its product? Exhibit 23-10 a. $10 b. $20 c. $25 d. $30 e. There is not enough information to answer this question. Answer: c Answer: c Answer: c Which of the following statements is true? a. If a consumer is in equilibrium, it does not necessarily follow that he or

Microeconomics 12th Edition

Exam Prep

ECON 194 Test 2

One of the conditions necessary for price discrimination is that the seller be a price searcher. a. True b. False Answer: True Answer: True Answer: True Refer to Situation 27-1. If good X is produced in the U.S. the output per $1 of cost would be ___________________ than if good X were produced in Mexico, thus

Microeconomics 12th Edition

Exam Prep

ECON 199 Quiz 2

Which of the following statements is true? a. Concentration ratios take into account competition from substitute goods. b. The four-firm concentration ratio is likely to be larger than the eight-firm concentration ratio. c. There are assumed to be insignificant barriers to entry in the theory of oligopoly. d. A designer label on a pair

Microeconomics 12th Edition

Exam Prep

ECON 227

A call option is a contract a. that gives the owner the right, but not the obligation, to buy shares of a stock at a specified price within the time limits of the contract. b. that gives the owner the right, but not the obligation, to sell shares of a stock at

Microeconomics 12th Edition

Exam Prep

ECON 228

Which of the following is a major import for the United States? a. corn b. soybeans c. coal d. fish e. none of the above Answer: d Answer: d Answer: d Refer to Exhibit 22-13.What dollar amounts go in blanks (I) and (J), respectively? Exhibit 22-13 Quantity of Output (Q) Total Fixed Cost (TFC) Average Fixed Cost (AFC) Total

Microeconomics 12th Edition

Exam Prep

ECON 240

An increase in the demand for a good will lead to a a. rightward shift of the MRP of labor curve. b. leftward shift of the MRP of labor curve. c. movement up and along a given MRP of labor curve. d. movement down and along a given MRP of labor curve. Answer: a Answer:

Microeconomics 12th Edition

Exam Prep

ECON 262 Homework

Refer to Exhibit 4-1. Suppose the good shown is being sold at the $6 price ceiling. At a quantity of 75 units, what is the maximum per-unit price buyers would be willing to pay for a good "tied" to the good shown in the exhibit? Exhibit 4-1 a. $10 b. $8 c. $6 d. $4 e. none

Microeconomics 12th Edition

Exam Prep

ECON 280 Test

The actions of speculators make the speculators better off, but they necessarily make the rest of society worse off. a. True b. False Answer: False Answer: False Answer: False George is a gift giver and Roger is a gift recipient.George has Roger in his utility function, but Roger does not have George in his utility

Microeconomics 12th Edition

Exam Prep

ECON 298

Total industry sales are $90 million. The top four firms (A, B, C, and D) account for sales of $15 million, $3.5 million, $1.3 million and $0.8 million, respectively. What is the four-firm concentration ratio? a. 9.40 b. 0.23 c. 0.77 d. 0.40 Answer: b Answer: b Answer: b Refer to Exhibit 21-1. The marginal utility of

Microeconomics 12th Edition

Exam Prep

ECON 324 Homework

Refer to Exhibit 3-6. If an increase in income causes the demand for good X to shift from D1 to D2,then good X is Exhibit 3-6 a. a normal good. b. an inferior good. c. a substitute good. d. a complementary good. e. a neutral good. Answer: a Answer: a Answer: a There are two divorce laws, A and

Microeconomics 12th Edition

Exam Prep

ECON 367 Quiz 3

The market demand curve for labor is the horizontal summation of the firms' demand curves (MRP curves) for labor. a. True b. False Answer: False Answer: False Answer: False The term outsourcing is used to describe work done for a company by individuals working for another company in a different country. a. True b. False Answer: True Answer: True Answer:

Microeconomics 12th Edition

Exam Prep

ECON 375 Quiz 1

Which of the assumptions below assures us that economic profit will be zero in long-run equilibrium for perfectly competitive firms? a. buyers and sellers having all relevant information b. firms producing heterogeneous goods c. too few buyers d. easy entry and exit e. smallness of firms with respect to the market Answer: d Answer: d Answer: d Refer

Microeconomics 12th Edition

Exam Prep

ECON 375 Quiz 3

Which of the following statements represents a correct and sequentially accurate economic explanation? a. Good X is an inferior good and good Y is a substitute for X. Income rises, the demand for X falls, the price of X falls, and the demand for Y rises. b. Good X is an inferior

Microeconomics 12th Edition

Exam Prep

ECON 438 Quiz 2

Refer to Exhibit 2-1. A movement from point B to point D Exhibit 2-1 a. could only happen through economic growth. b. is necessarily a movement from a productive efficient point to a productive inefficient point. c. isa movement from a productive efficient point to another productive efficient point. d. is necessarily a movement from

Microeconomics 12th Edition

Exam Prep

ECON 443 Quiz 2

Refer to Exhibit 23-2. What quantity of output does the profit-maximizing (or loss-minimizing) firm produce? Exhibit 23-2 a. Q1, where marginal cost is less than marginal revenue. b. Q2, where marginal cost is equal to marginal revenue. c. Q3, where marginal cost is greater than marginal revenue. d. Q4, which maximizes the difference between

Microeconomics 12th Edition

Exam Prep

ECON 449 Homework

Which of the following statements is true? a. The concept of opportunity costs cannot be illustrated within a PPF framework. b. If scarcity did not exist, neither would a PPF. c. All PPFs are downward-sloping straight lines. d. There are more attainable points than unattainable points in every PPF diagram. Answer: b Answer: b Answer: b It

Microeconomics 12th Edition

Exam Prep

ECON 457 Final

Simple majority voting sometimes leads to projects being undertaken whose costs are greater than the benefits. How is this possible? a. It is not possible, unless the voting results are rigged. b. Because voters have no way to express the intensity of their preferences. c. Because many voters choose to be rationally ignorant. d.

Microeconomics 12th Edition

Exam Prep

ECON 488

Refer to Exhibit 39-7. Let E1 represent the initial equilibrium in the market for X. Population growth combined with the widely publicized results of medical research extolling the virtues of consuming X will, ceteris paribus, result in a new equilibrium at Exhibit 39-7 a. E2. b. E3. c. E4. d. E5. e. E4 or E5, depending

Microeconomics 12th Edition

Exam Prep

ECON 541 Midterm

Refer to Exhibit 39-4. The government feels that the present level of farmers' total revenues is insufficient to support a reasonable standard of living and wants to raise it to exactly $3,000. This can be achieved by Exhibit 39-4 a. restricting supply so that price increases to $4. b. a price support of

Microeconomics 12th Edition

Exam Prep

ECON 583 Test

Refer to Exhibit 22-5. Diseconomies of scale are present between Exhibit 22-5 a. points A and B. b. points A and C. c. points B and C. d. points B and D. e. points C and D. Answer: e Answer: e Answer: e Concentration ratios are often used to determine the degree of oligopoly in an industry. a. True b. False Answer: True Answer:

Microeconomics 12th Edition

Exam Prep

ECON 625 Test If Jack Bought 21

If Jack bought 21 DVDs last year when his income was $30,000 and he buys 23 DVDs this year when his income is $35,000, then his income elasticity of demand is ______________ which means that DVDs are a(n) ______________ good for Jack. a. +1.69; normal b. -1.69; inferior c. +0.59; normal d. +0.59; inferior e.

Microeconomics 12th Edition

Exam Prep

ECON 647 Midterm 2

The profit-maximizing single-price monopolist will charge a price a. equal to marginal revenue. b. greater than marginal cost. c. less than marginal revenue, but greater than marginal cost. d. greater than marginal revenue, but equal to marginal cost. e. a and b Answer: b Answer: b Answer: b If there is a decrease in the expected inflation rate,

Microeconomics 12th Edition

Exam Prep

ECON 711 Which Of The Following Can

Which of the following can bring about an increase in the demand for labor? a. an increase in the demand for the product that labor produces b. an increase in the marginal physical product of labor c. a decrease in the price of labor (wage rate) d. a and b e. a, b, and c

Microeconomics 12th Edition

Exam Prep

ECON 715 Quiz 2

Refer to Exhibit 24-9. Total fixed costs are equal to. a. $0. b. $10. c. $25. d. $59. e. There is not enough information to answer the question. Answer: e Answer: e Answer: e Suppose the demand curve for corn is inelastic between the current price and price that exists after the supply of corn falls. It follows

Microeconomics 12th Edition

Exam Prep

ECON 721 Quiz 1

If the demand for a particular farm product is inelastic between price P1 and P2 (where P2 > P1), farmers as a group would want to sell their product at the a. higher price, but an individual farmer would rather sell his product at the lower price. b. higher price, and

Microeconomics 12th Edition

Exam Prep

ECON 768 Final

The law of comparative advantage can be used to explain why many couples divide up their household duties along gender lines. a. True b. False Answer: True Answer: True Answer: True The Alchian and Demsetz theory of why business firms exist suggests that a. there are only advantages to team production. b. disadvantages of team production may

Microeconomics 12th Edition

Exam Prep

ECON 797 Midterm 1

If the equilibrium exchange rate is $1 = 90 yen, then at an exchange rate of $1 = 80 yen there is a a. surplus of yen. b. shortage of yen. c. shortage of dollars. d. a and c e. b and c Answer: d Answer: d Answer: d The answer is: "The difference between the price buyers pay for

Microeconomics 12th Edition

Exam Prep

ECON 807

A firm that is a price taker can sell a. any quantity of product it wants at any price. b. less of its product at a higher price than at a lower price. c. any quantity of product it can produce at the market equilibrium price. d. more of its product at a higher

Microeconomics 12th Edition

Exam Prep

ECON 835 Quiz

As firms exit an industry, the industry supply curve shifts __________ and the equilibrium price __________ until long-run competitive equilibrium is established and the surviving firms are earning __________ economic profits. a. leftward; rises; zero b. leftward; falls; positive c. leftward; rises; positive d. rightward; falls; negative e. rightward; rises; positive Answer: a Answer: a Answer: a Refer to

Microeconomics 12th Edition

Exam Prep

ECON 884 Test 1

For a straight-line downward-sloping demand curve, price elasticity of demand a. increases as we move down along the demand curve from higher to lower prices. b. decreases as we move down along the demand curve from higher to lower prices. c. remains constant along the entire demand curve. d. a or b depending on

Microeconomics 12th Edition

Exam Prep

ECON A 121 Midterm 1

The Wheeler-Lea Act of 1938 was designed to close the merger loophole that remained in the Clayton Act. a. True b. False Answer: False Answer: False Answer: False Marginal revenue is defined as a. the difference between costs and revenues. b. the change in total revenue caused by selling one additional unit of output. c. price times quantity. d.

Microeconomics 12th Edition

Exam Prep

ECON A 183 Final

A public franchise is a right granted a. to one firm by another firm; for example, McDonald's Corporation grants restaurant owners a franchise to make its hamburgers. b. to a firm by government that prevents other firms from producing the same product or service. c. to a cooperative of buyers that allows the

Microeconomics 12th Edition

Exam Prep

ECON A 225 Midterm 1

According to the text, farming today in the U.S. is __________ productive compared to a century ago, resulting in there being __________ farmers today than at the turn of the previous century. a. about as; fewer b. about as; more c. much more; fewer d. much more; more Answer: c Answer: c Answer: c The marginal physical

Microeconomics 12th Edition

Exam Prep

ECON A 234 Final

Given that fixed costs are constant as output increases, average fixed costs are also constant. a. True b. False Answer: False Answer: False Answer: False The English economist David Ricardo argued that a. grain prices were high because land rents were high. b. land rents were high because grain prices were high. c. grain prices were high because

Microeconomics 12th Edition

Exam Prep

ECON A 296 Test 1

Jimmy borrowed $30,000 to add a room to his house. He financed the loan over 3 years at 8 percent per year. He expects a 2 percent inflation rate each year for the next 3 years. It follows that he expects to pay an annual real interest rate of a. 8

Microeconomics 12th Edition

Exam Prep

ECON A 305 Test

Refer to Exhibit 38-1. The yield on bond E is approximately a. 37.5 percent. b. 0.38 percent. c. 0.45 percent. d. 5.0 percent. Answer: d Answer: d Answer: d Refer to Situation 37-2. Ann spends 8 hours of each day producing and 1 hour of each day stealing.It is probably the case for her that Situation 37-2Dan and

Microeconomics 12th Edition

Exam Prep

ECON A 312 Midterm 2

The Coase theorem a. shows that under certain conditions the market can internalize externalities. b. states that economic units should specialize in the production of those goods in which they have a comparative advantage. c. asserts that the firm should produce that output at which marginal cost is equal to marginal revenue. d. holds that

Microeconomics 12th Edition

Exam Prep

ECON A 346 Final

"To understand the decisions of regulatory bodies, you must first understand how the decisions affect the regulators themselves." The person who made this statement probably believes in the __________ theory of regulation. a. capture b. public interest c. social interest d. public choice e. none of the above Answer: d Answer: d Answer: d Suppose that a federal

Microeconomics 12th Edition

Exam Prep

ECON A 350

Which of the following statements is false? a. Average fixed cost continually declines as output increases. b. Marginal cost is equal to the change in total cost divided by the change in quantity of output. c. The law of diminishing marginal returns states that, in the long run, as ever larger amounts of

Microeconomics 12th Edition

Exam Prep

ECON A 351

As the price of good Z falls, the quantity demanded of good Z rises, but the quantity supplied of good Z does not change.Based upon this information we can conclude that the demand curve for good Z is ________________ and the supply curve for good Z is ________________. a. downward sloping;

Microeconomics 12th Edition

Exam Prep

ECON A 364 Test 2

Municipal bonds a. are issued by state and local governments. b. pay interest that is fully taxable. c. are issued by corporations. d. are issued by the federal government. Answer: a Answer: a Answer: a Refer to Exhibit 22-13.What dollar amounts go in blanks (T) and (U), respectively? Exhibit 22-13 Quantity of Output (Q) Total Fixed Cost (TFC)

Microeconomics 12th Edition

Exam Prep

ECON A 377 Quiz 1

One of the ways in which some monopolistic competitors try to become more like monopolists is through the use of designer labels. a. True b. False Answer: True Answer: True Answer: True Refer to Exhibit 31-2. If the exhibit represents a positive externality situation, the social benefit of expanding output from Q1 to Q2 is the area

Microeconomics 12th Edition

Exam Prep

ECON A 442 Quiz

Refer to Exhibit 23-2. For the firm that faces the demand curve in the exhibit, Exhibit 23-2 a. marginal revenue is constant. b. price equals marginal revenue. c. if the firm maximizes profits, it produces the quantity of output at which price equals marginal cost. d. a and c e. a, b, and c Answer:

Microeconomics 12th Edition

Exam Prep

ECON A 483

Refer to Exhibit 31-3. What is the cost to Firm B of eliminating 2 tons of pollution? a. $350 b. $250 c. $300 d. $140 e. $540 Answer: d Answer: d Answer: d Rational (political) ignorance refers to a. some voters choosing not to vote in elections. b. the fact that some voters are not smart enough to be informed on

Microeconomics 12th Edition

Exam Prep

ECON A 500 Midterm

One point on a market supply curve represents $4 and 100 units quantity supplied. If there are three suppliers, and at a price of $4 one of the suppliers supplies 23 units, then which of the following combinations of price and quantity supplied might hold for the other two suppliers? a. At

Microeconomics 12th Edition

Exam Prep

ECON A 516

If MPPX/PX > MPPY/PY, the firm should buy a. more of factor X and less of factor Y. b. less of factor X and more of factor Y. c. more of factor Y and the same amount of factor X. d. less of factor X and factor Y. e. more of factor X and factor

Microeconomics 12th Edition

Exam Prep

ECON A 544 Final

Refer to Exhibit 22-5. Constant returns to scale are present between Exhibit 22-5 a. points A and B. b. points A and C. c. points B and C. d. points B and D. e. points C and D. Answer: c Answer: c Answer: c Refer to Exhibit 4-3. If P1 is a price ceiling, the maximum (per-unit) amount buyers are

Microeconomics 12th Edition

Exam Prep

ECON A 584 Quiz 1

Refer to Exhibit 4-8.Suppose that wheat producerslobby the government for a price floor and receive one.This price floor is set at PF.What is the size of the total surplus at PF? Exhibit 4-8 a. area 1 + 2 + 3 b. area 1 + 2 + 3 + 4 c. area 1

Microeconomics 12th Edition

Exam Prep

ECON A 591 Midterm

If it is assumed that people vote for the candidate who comes closer to matching their own views, then a. candidates will label themselves as right-wingers. b. candidates will label themselves as left-wingers. c. candidates will label their opponents as middle-of-the-roaders. d. candidates will discuss the means to accomplishing ends. e. a candidate who is

Microeconomics 12th Edition

Exam Prep

ECON A 615

Which of the following statements is false? a. The Treasury bond information published under the column heading "Yield" is based on the ask price of the bond. b. The Treasury bond information published under the column heading "Yield" is based on the assumption that the bond is held to maturity. c. The Treasury

Microeconomics 12th Edition

Exam Prep

ECON A 627 Test 1

Refer to Exhibit 2-1. The opportunity cost of moving from point B to A is Exhibit 2-1 a. 10,000 units of butter. b. 20,000 units of butter. c. 50,000 units of guns. d. the maximum amount of butter that can be produced with available resources. Answer: b Answer: b Answer: b Refer to Exhibit 24-5. What area represents

Microeconomics 12th Edition

Exam Prep

ECON A 629 The Following

The following statement, "Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several states, or with foreign nations, is hereby declared illegal," is part of the a. Clayton Act. b. Sherman Act. c. Federal Trade Commission Act. d. Wheeler-Lea Act. e. Celler-Kefauver Antimerger Act.

Microeconomics 12th Edition

Exam Prep

ECON A 652 Quiz 1

If 1 percent inflation rather than zero percent inflation is expected by both the suppliers and demanders of loanable funds, then the nominal interest rate will a. fall, ceteris paribus. b. remain constant. c. rise. d. rise, ceteris paribus. Answer: d Answer: d Answer: d The fundamental reason why most supply curves are upward sloping is that a.

Microeconomics 12th Edition

Exam Prep

ECON A 734 Test

Refer to Exhibit 4-3. Which of the following is true? Exhibit 4-3 a. If price P3 is set as a price ceiling it will have an effect on the market for good X. b. If price P3 is set as a price floor it will have an effect on the market for good

Microeconomics 12th Edition

Exam Prep

ECON A 769

Which of the following directly (as opposed to indirectly) raises the price of agricultural products? a. marketing quota system b. acreage allotment program c. paying farmers not to produce d. price supports e. all of the above Answer: d Answer: d Answer: d Third-degree price discrimination is sometimes called discrimination among buyers. a. True b. False Answer: True Answer: True Answer: True Refer to Exhibit

Microeconomics 12th Edition

Exam Prep

ECON A 863 Final

If the price of a good rises and as a result total revenue falls, then it must be true that a. cross elasticity of demand for the good is negative. b. price elasticity of demand for the good is less than 1. c. income elasticity of demand for the good is positive. d. b

Microeconomics 12th Edition

Exam Prep

ECON A 899 Midterm 1

Which of the following founders of the United States used the infant-industry argument to support trade restrictions? a. Thomas Jefferson b. Alexander Hamilton c. James Madison d. John Jay Answer: b Answer: b Answer: b Ceteris paribus, the more risk associated with a loan, a. the lower the interest rate. b. the higher the interest rate. c. the more

Microeconomics 12th Edition

Exam Prep

ECON E 202 Quiz 2

Which of the following exchange rates between the dollar and the peso would an American buyer of Mexican goods most prefer? a. $0.10 = 1 peso b. $0.08 = 1 peso c. $0.06 = 1 peso d. $0.04 = 1 peso Answer: d Answer: d Answer: d Refer to Exhibit 20-7. As a producer, if you had

Microeconomics 12th Edition

Exam Prep

ECON E 241 Midterm

It has been suggested by some economists that rent seeking activity often occurs within families, particularly when an inheritance is involved. a. True b. False Answer: True Answer: True Answer: True Refer to Exhibit 29-2.This graph depicts the Lorenz curve for two countries, country 1 (Lorenz curve 1) and country 2 (Lorenz curve 2).Although the

Microeconomics 12th Edition

Exam Prep

ECON E 301 Midterm 1

The change in the price of a foodstuff will be greater, a. the smaller the change in the supply of the foodstuff. b. the greater the change in the supply of the foodstuff and the more inelastic the demand curve for the foodstuff. c. the lesser the change in the supply of the

Microeconomics 12th Edition

Exam Prep

ECON E 346 Test

The instructors at College A are regularly late for their office hours.Based on a theory presented in the textbook, we would predict that the gap between the ______________student tuition and ___________equilibrium tuition is ___________ at College A. a. lower; higher; small b. higher; lower; small c. lower; higher; large d. higher; lower; large Answer:

Microeconomics 12th Edition

Exam Prep

ECON E 366 Quiz 2

Refer to Exhibit 2-5. The opportunity cost of moving from point D to point C is Exhibit 2-5 a. 5,000 televisions. b. 5,000 fax machines. c. 10,000 televisions. d. 10,000 fax machines. Answer: d Answer: d Answer: d Refer to Exhibit 34-8. Assume that the current price of sugar in the United States is $300 per ton

Microeconomics 12th Edition

Exam Prep

ECON E 367 Quiz

Most states have instituted mandatory seatbelt laws to reduce traffic fatalities. An economist may point out that an unintended effect of these laws is a. an increase in the price of automobiles, further reducing fatalities. b. an increase in driving speed, reducing the number of accidents. c. a decrease in driving speed, further

Microeconomics 12th Edition

Exam Prep

ECON E 392 Quiz 1

Which of the following is not a necessary condition for price discrimination to hold? a. The seller must be a price searcher. b. The seller must be able to distinguish between customers willing to pay different prices. c. It must cost the seller more to service some customers than others. d. Reselling the product

Microeconomics 12th Edition

Exam Prep

ECON E 435 Midterm

A person buys a bond with a face value of $10,000 for $9,325. Each year until the maturity date the bond buyer receives a coupon payment of $650 from the issuer of the bond. The coupon rate on the bond is a. 9.11 percent. b. 6.5 percent. c. 7.0 percent. d. 6.75 percent. Answer: b Answer:

Microeconomics 12th Edition

Exam Prep

ECON E 456 Test 2

Refer to Exhibit 34-7.Assume that the current price of good X is $25 (which includes a $10 tariff on imports of good X).Americans purchase ______ units of good X from U.S. producers and import _______ units of good X from abroad. Exhibit 34-7 a. 0; 50 b. 20; 25 c. 10; 30 d. 10; 40 Answer:

Microeconomics 12th Edition

Exam Prep

ECON E 468 Quiz

Refer to Situation 22-2. How many widgets is Alejandro producing? a. 10 b. 15 c. 20 d. 25 e. There is not enough information to answer the question. Answer: c Answer: c Answer: c A shift of the supply curve for farm products to the right in a price inelastic region of the demand curve for farm products a. reduces

Microeconomics 12th Edition

Exam Prep

ECON E 477 Midterm 1

The statement, "Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons to monopolize any part of the trade or commerce...shall be guilty of a misdemeanor" is a part of the a. Clayton Act. b. Robinson-Patman Act. c. Sherman Act. d. Wheeler-Lea Act. e. none of

Microeconomics 12th Edition

Exam Prep

ECON E 494 Midterm

The U.S. dollar currently serves as the "unit of account" of major global products. a. True b. False Answer: True Answer: True Answer: True When income rises for the buyers of good X, the ____________ curve for good X will shift ________________. a. demand; rightward b. demand; leftward c. supply; rightward d. supply; leftward e. This question cannot be answered

Microeconomics 12th Edition

Exam Prep

ECON E 514 Test 2

Is there a difference between the terms interest and interest rate? a. No. Interest is simply a shorthand version of interest rate. b. Yes. Interest refers to the return that capital earns, whereas interest rate is the payment to someone who lends money to someone else. c. Yes. Interest is what

Microeconomics 12th Edition

Exam Prep

ECON E 660 Midterm 1

To lower the elasticity of demand for labor, a labor union might attempt to a. decrease the availability of substitutes for the products union workers produce. b. increase the availability of substitutes for the products union workers produce. c. increase the availability of substitute factors for union labor. d. a and c e. b and

Microeconomics 12th Edition

Exam Prep

ECON E 683 Quiz 2

Refer to Exhibit 3-8. A shortage exists at any price below Exhibit 3-8 a. $5.00. b. $4.50. c. $4.00. d. $3.50. e. $3.00. Answer: e Answer: e Answer: e To minimize cost, a firm should hire two factors, X and Y, until a. MPPX/PX = MPPY/PY. b. MPPX = MPPY. c. MPPX x PX = MPPY x PY. d. MRPX/PX = MRPY/PY.

Microeconomics 12th Edition

Exam Prep

ECON E 692 Quiz 1

There is no difference between building a theory and evaluating a theory. a. True b. False Answer: False Answer: False Answer: False An increase in the number of sellers of a good will, ceteris paribus, __________________for that good. a. increase equilibrium price and quantity b. increase equilibrium price and decrease equilibrium quantity c. decrease equilibrium price and

Microeconomics 12th Edition

Exam Prep

ECON E 743 Midterm 1

If explicit costs equal $40,000, implicit costs equal $95,000, and accounting profit equals $23,000, it follows that total revenue equals __________ and economic profit equals __________. a. $75,000; $17,000 b. $63,000; -$72,000 c. $68,000; $25,000 d. $22,000; -$68,000 e. There is not enough information given to answer this question. Answer: b Answer: b Answer: b Which of the following

Microeconomics 12th Edition

Exam Prep

ECON E 848 Quiz 3

For a monopoly firm, price is __________ marginal revenue, and for a monopolistic competitive firm, price is __________ marginal revenue. a. less than; equal to b. greater than; equal to c. greater than; less than d. greater than; greater than e. equal to; less than Answer: d Answer: d Answer: d Several years ago, a bookstore chain extended

Microeconomics 12th Edition

Exam Prep

Economics 188 Quiz 2

Refer to Exhibit 34-7. The world price of good X is $15. Under a policy of free trade, the U.S. production ofgood X would be Exhibit 34-7 a. 10 units. b. 20 units. c. 25 units. d. 50 units. e. none of the above Answer: e Answer: e Answer: e Refer to Exhibit 22-11. Average total cost of the

Microeconomics 12th Edition

Exam Prep

Economics 203

A country has a (an) __________ in the production of a good it produces at lower opportunity cost than another country. a. absolute advantage b. specialization disadvantage c. tariff-efficient advantage d. infant-industry advantage e. none of the above Answer: e Answer: e Answer: e Profits are income to a. owners of capital. b. all factors of production in a profitable

Microeconomics 12th Edition

Exam Prep

Economics 242 Midterm 2

Refer to Exhibit 3-5. In the market shown, if equilibrium was originally at point Z and the new equilibrium is now at point V, this change may have been caused by Exhibit 3-5 a. a decrease in consumers' income (assuming that this is an inferior good) and a simultaneous decline in technology

Microeconomics 12th Edition

Exam Prep

Economics 304

Refer to Exhibit 39-1. Given the target price PT, what is the quantity supplied? Exhibit 39-1 a. Q1 b. Q2 c. Q3 d. Q3 - Q1 Answer: b Answer: b Answer: b A bear market is one in which prices are expected to rise. a. True b. False Answer: False Answer: False Answer: False A person goes into a store

Microeconomics 12th Edition

Exam Prep

Economics 393 Homework

Refer to Exhibit 32-l. The exhibit shows the breakdown of benefits and costs for a four-person town of a proposed $1,200 addition in books to the public library. The members of the community get to vote on the project at hand, and the majority rules. Given the data, the $1,200

Microeconomics 12th Edition

Exam Prep

Economics 439 Homework

Refer to Exhibit 22-3. The total cost of producing 45 units of output is Exhibit 22-3 a. $1,100. b. $950. c. $1,050. d. $900. e. $1,000. Answer: a Answer: a Answer: a If income rises, the budget constraint a. moves inward toward the origin. b. moves outward away from the origin. c. does not move. d. moves farther down the vertical axis. Answer: b Answer:

Microeconomics 12th Edition

Exam Prep

Economics 473 Homework

The national defense argumenthas been used in the past to justify trade restrictions by firms in the peanut industry and the pottery industry. a. True b. False Answer: True Answer: True Answer: True There are two universities, A and B, in a city. Tuition rises at University A and, as a result, the demand for

Microeconomics 12th Edition

Exam Prep

Economics 510 Quiz 2

In an oligopoly market, unlike in other market structures, firms a. can act interdependently. b. can produce a homogeneous product or a differentiated product. c. use advertising. d. face low barriers to entry and exit. e. a and b Answer: e Answer: e Answer: e The government imposes a $2.50 per-unit tax on the production of good X.

Microeconomics 12th Edition

Exam Prep

Economics 616 Midterm 1

Which of the following statements is false? a. A subsidy can be used to internalize a negative externality; a tax can be used to internalize a positive externality. b. Ronald Coase stressed the reciprocal nature of externalities. c. One way to deal with negative externalities is for government to apply regulations directly to

Microeconomics 12th Edition

Exam Prep

Economics 636

In collective bargaining, a. union members act together as a single unit. b. each union member represents herself in labor-management negotiations. c. the objective of the union is to increase its bargaining power with management. d. a and c e. b and c Answer: d Answer: d Answer: d A market is said to be in disequilibrium if a.

Microeconomics 12th Edition

Exam Prep

Economics 684 Quiz 1 Economists

Economists believe that people's wants are a. finite. b. infinite. c. irrational. d. unimportant because needs are more important than wants. Answer: b Answer: b Answer: b Two major exports for the United States are a. clothing and office machines. b. soybeans and scientific instruments. c. footwear and fish. d. coffee and diamonds. e. none of the above Answer: b Answer: b Answer: b Natural

Microeconomics 12th Edition

Exam Prep

Economics 694

Refer to Exhibit 21-1. The marginal utility of the fourth plum is Exhibit 21-1 a. 8 utils. b. 2 utils. c. 10 utils. d. 13.5 utils. e. 50 utils. Answer: a Answer: a Answer: a Suppose that on Monday, a Big Mac cost $3.00 in the United States and 320 Japanese yen in Japan. On Monday, the exchange rate was

Microeconomics 12th Edition

Exam Prep

Economics 699

If people begin to favor science fiction novels to a greater degree than previously, the demand curve for science fiction novels a. shifts rightward. b. shifts leftward. c. stays constant. d. can shift either rightward or leftward. Answer: a Answer: a Answer: a Refer to Exhibit 3-15. In Exhibit 3-15, Exhibit 3-15 a. there is a shortage of doctors

Microeconomics 12th Edition

Exam Prep

Economics 700 Midterm

What is the relationship between the elasticity of demand for a product and the elasticity of demand for labor (that is used in producing the product)? a. The higher the price of the product, the higher the elasticity of demand for labor. b. The higher the price of the product, the lower

Microeconomics 12th Edition

Exam Prep

Economics 702 Test 1

Total revenue is defined as a. price minus quantity sold. b. price multiplied by quantity sold. c. price divided by quantity sold. d. quantity divided by price sold. e. price plus quantity sold. Answer: b Answer: b Answer: b Refer to Exhibit 2-9. For Alex, the opportunity cost of producing one unit of good B is ____________ unit(s)

Microeconomics 12th Edition

Exam Prep

Economics 836 Midterm 1

Which of the following statements is false? a. There are more poor white persons than there are poor African-American persons. b. People are more likely to be poor when they are young than at any other time. c. Families headed by females are more likely to be poor than families headed by males. d.

Microeconomics 12th Edition

Exam Prep

Economics 839 Quiz 1

Approximately how much is $25,000 to be received a year from now worth today at an interest rate of 6 percent? a. $26,500 b. $85,556 c. $23,585 d. $20,385 Answer: c Answer: c Answer: c When a professor announces to the class that she will grade on a curve and that no one in the class will

Microeconomics 12th Edition

Exam Prep

Economics 843 Homework

An increase in the price of good B caused an increase in the demand for good C. This indicates that goods B and C are a. complements. b. substitutes. c. neither substitutes nor complements. d. normal goods. Answer: b Answer: b Answer: b The Gini coefficients for countries A and B are 0.25 and

Microeconomics 12th Edition

Exam Prep

Economics 863 Midterm 2

Which of the following statements is true? a. The perfectly competitive firm produces a level of output at which P=MC. b. The single-price monopolist produces a level of output at which P > MC. c. The perfectly price-discriminating monopolist produces a level of output at which P>MC. d. a and b e. all of the

Microeconomics 12th Edition

Exam Prep

Economics 865 During The

During the twentieth century, the U.S. farm sector experienced a. large increases in its ability to produce output. b. relatively little improvement in its ability to produce output. c. a marked decrease in its ability to produce output. d. relatively stable demand for its output. e. increasing relative prices for its output. Answer: a Answer: a Answer:

Microeconomics 12th Edition

Exam Prep

MicroEconomic 137 Refer To

Refer to Exhibit 2-4. This economy is productive Exhibit 2-4 a. efficient, if it operates at point B or C. b. efficient, if it operates at point A or D. c. inefficient, if it operates at point A or D. d. inefficient regardless of the particular point. e. both a and b Answer: e Answer: e Answer:

Microeconomics 12th Edition

Exam Prep

MicroEconomic 145 Midterm 1

Refer to Exhibit 31-1. If the exhibit represents a negative externality situation, the net social cost of expanding output from Q2 to Q1 is the area of Exhibit 31-1 a. ABC. b. BEA. c. Q2BAQ1. d. Q2EAQ1. Answer: a Answer: a Answer: a If supply is perfectly inelastic, it follows that a a. rise in price will not

Microeconomics 12th Edition

Exam Prep

MicroEconomic 160 Midterm

George earns $500,000 playing baseball for team X. His next best alternative to playing baseball is to own a fast-food restaurant, for which he would earn $100,000 a year. His next best alternative to playing baseball for team X is playing baseball for team Y, for which he would earn $400,000

Microeconomics 12th Edition

Exam Prep

MicroEconomic 212 Test

If Japanese real interest rates fall relative to real interest rates in the U.S., the yen will likely appreciate and the dollar will likely depreciate. a. True b. False Answer: False Answer: False Answer: False If the Japanese yen trades at $1 = 98 yen, a Honda that sells for $29,000 in the U.S. would

Microeconomics 12th Edition

Exam Prep

MicroEconomic 244 Test 1

The firm's factor demand curve is the a. MRP curve if the firm is a price taker (perfectly competitive firm). b. MFC curve if the firm is a price taker (perfectly competitive firm). c. VMP curve if the firm is a price searcher (monopolist, monopolistic competitor, oligopolist). d. MFC curve if the firm is

Microeconomics 12th Edition

Exam Prep

MicroEconomic 268

The single-price monopolist produces where price is ___________ than marginal cost because for it price is __________ than marginal revenue and its demand curve lies __________ its marginal revenue curve. a. less; less; below b. greater; greater; above c. greater; greater; below d. less; less; above e. greater; less; below Answer: b Answer: b Answer: b A monopoly may

Microeconomics 12th Edition

Exam Prep

MicroEconomic 277 Test

Among the stated objectives of the National Collegiate Athletic Association (NCAA) regulations is to a. maintain the amateur standing of college athletes. b. prevent schools with more money from getting all of the good players. c. enhance the competitiveness of college sports. d. all of the above Answer: d Answer: d Answer: d In which of the following

Microeconomics 12th Edition

Exam Prep

MicroEconomic 323 Final

One reads the following in a newspaper: "Today the president and Congress agreed to impose new restrictive quotas on Japanese cars coming into the country." As a result, an economist would predict that the a. supply of cars in the country will remain the same and the (average) price of cars will fall. b.

Microeconomics 12th Edition

Exam Prep

MicroEconomic 338

Which of the following statements is true? a. An extra dollar earned by a millionaire necessarily brings him or her less utility than an extra dollar earned by a poor person. b. If marginal utility is constant, then total utility for two units of a good is equal to the marginal utility

Microeconomics 12th Edition

Exam Prep

MicroEconomic 341 Homework

Refer to Exhibit 4-3. If price P3 is a price ceiling, then Exhibit 4-3 a. the price ceiling does not have an effect on the market for good X. b. the price at which exchange takes place is P3. c. the price at which exchange takes place is P2. d. there is a shortage in

Microeconomics 12th Edition

Exam Prep

MicroEconomic 342 Homework

Unions provide training programs in an attempt to increase the marginal physical product of union labor, thus shifting the union demand for labor curve rightward. a. True b. False Answer: True Answer: True Answer: True Which of the following is an example of government regulation of a natural monopoly distorting incentives? a. A natural monopoly is

Microeconomics 12th Edition

Exam Prep

MicroEconomic 345

As presented in the textbook, research by some economists has shown that even when there is no difference between options provided to people a. the way in which the options are framed has no impact on the outcome (i.e. there will be no preference for one option over another). b. the preferred option

Microeconomics 12th Edition

Exam Prep

MicroEconomic 363 Quiz

Scarcity affects everyone, even billionaires. a. True b. False Answer: True Answer: True Answer: True Suppose the government provides peanut butter to everyone free of charge and everyone consumes it to the point at which he receives no additional satisfaction from another spoonful. Is this necessarily good? a. Yes, because everyone is satisfied. b. No, because there

Microeconomics 12th Edition

Exam Prep

MicroEconomic 376 Quiz 2

Refer to Exhibit 4-3. If P1 is a price ceiling, the highest price for good Y, which is tied (a tie-in sale) to good X, is Exhibit 4-3 a. P1. b. P2. c. P3. d. P3 - P1. e. P1 + P2. Answer: d Answer: d Answer: d A good is rivalrous in consumption if a. its consumption by one

Microeconomics 12th Edition

Exam Prep

MicroEconomic 386

A perfectly competitive firm is a price taker. a. True b. False Answer: True Answer: True Answer: True According to public choice theory, low voter turnouts are the result of voters a. being apathetic. b. being uninformed. c. being lazy. d. disliking the candidates. e. calculating their costs and benefits of voting. Answer: e Answer: e Answer: e Refer to Exhibit 23-2. If

Microeconomics 12th Edition

Exam Prep

MicroEconomic 499 Midterm

If Americans demand goods produced in Mexico, it leads to a demand for Mexican pesos and a supply of U.S. dollars on the foreign exchange market. a. True b. False Answer: True Answer: True Answer: True If a labor union tries to reduce the availability of substitutes for the product it sells, it is attempting

Microeconomics 12th Edition

Exam Prep

MicroEconomic 544 Quiz 1

A French firm sells its good at a lower price in England than in France. It follows that the French firm is necessarily a. dumping. b. saving domestic jobs. c. being subsidized by the French government. d. part of an infant industry. e. none of the above Answer: e Answer: e Answer: e The perfectly competitive firm will

Microeconomics 12th Edition

Exam Prep

MicroEconomic 581 Quiz 3

Refer to Exhibit 34-12. PW is the price that exists in a free world market. A quota is imposed and imports are Q4 - Q3. Importers gain revenues equal to the area __________. Exhibit 34-12 a. GKL + HIJ b. GCE c. GHJK d. GFEH e. none of the above Answer: c Answer: c Answer: c Approximately how much

Microeconomics 12th Edition

Exam Prep

MicroEconomic 641

The longer the period of time allowed for the producer of a good to adjust to a change in the price of the good, the ____________ the price elasticity of supply will be.This statement assumes that the quantity supplied __________ be altered with time. a. more elastic; can b. more elastic; cannot c.

Microeconomics 12th Edition

Exam Prep

MicroEconomic 642 Midterm 2

Refer to Exhibit 38-3.Which of the two stocks has a bigger gap between its close price and net earnings per share? Exhibit 38-3 a. Stock ABC b. Stock XYZ c. Both stocks have the same gap between its close price and net earnings per share d. There is not enough information provided to answer the

Microeconomics 12th Edition

Exam Prep

MicroEconomic 653

Which of the following is the best example of a monopoly? a. a local public utility b. a fast-food restaurant c. a department store d. a wheat farmer Answer: a Answer: a Answer: a Concentration ratios are used to determine a. the number of firms in an industry. b. the potential for entry into an industry. c. the degree of

Microeconomics 12th Edition

Exam Prep

MicroEconomic 679 Test

The term "present value" refers to a. how much something costs today relative to what it could be sold for in the future after it depreciates in value. b. how much you would be willing to pay for a good today if you are not sure that the good will be available

Microeconomics 12th Edition

Exam Prep

MicroEconomic 687 Quiz 1

Refer to Exhibit 34-5. The opportunity cost of one unit of good B is __________ for country 1 and __________ for country 2. a. 20A; 15A b. 1/20A; 1/15A c. 10A; 15A d. 1/2A; 1A e. 2A; 1/2A Answer: e Answer: e Answer: e The major economic objective of cartels is to a. impose their political will on others. b.

Microeconomics 12th Edition

Exam Prep

MicroEconomic 737 Rational

Rational ignorance refers to voter-citizens choosing to be uninformed about politics and government on an individual basis because a. of apathy. b. of ignorance. c. of laziness. d. they believe the benefits of becoming informed are greater than the costs. e. they believe the benefits of becoming informed are less than the costs. Answer: e Answer:

Microeconomics 12th Edition

Exam Prep

MicroEconomic 786 Quiz 2

Refer to Exhibit 4-8.Suppose that wheat producerslobby the government for a price floor and receive one.This price floor is set at PF.What is the size of the consumers' surplus at PF? Exhibit 4-8 a. area 5 b. area 6 c. area 1 + 2 + 4 d. area 1 Answer: d Answer: d Answer: d When marginal private benefit

Microeconomics 12th Edition

Exam Prep

MicroEconomic 830 Quiz 2

Ari is currently consuming 10 hot dogs and 8 hamburgers per week. The last hot dog she consumed yielded 20 utils while the last hamburger she ate gave her 25 utils. If hot dogs cost $2 and hamburgers cost $2.50, is Ari consuming the correct quantities of these two goods

Microeconomics 12th Edition

Exam Prep

MicroEconomic 868 Test 2

A put option is a contract a. that gives the owner the right, but not the obligation, to buy shares of a stock at a specified price within the time limits of the contract. b. that gives the owner the right, but not the obligation, to sell shares of a stock at

Microeconomics 12th Edition

Trusted by Thousands of
Students

Here are what students say about us.

Albert

University of Michigan

“I found almost every finance case study paper for my MBA courses.”.

Anna

University of Massachutsetts

“Wow! Solution manual for 3 out of 4 courses.”.

Collins

Jacksonville State University

“One-stop shop for college students. I passed all my exams thanks to Coursepaper”.

Jill

Boston University

“A helpful studying resources, a combination of all studying material in one place”.

Drake

Clark Atlanta University

“I graduated thanks to Coursepaper”.

Karen

College of Charleston

“I invested in Coursepaper, and it is paid off after the first semester. I got straight A”.

Hill

Concordia University Irvine

“Awesome awesome awesome site”.

Rachel

Coppin State University

“The one website that I recommend to every college students”.

Microeconomics 12th Edition

Trusted by Thousands of
Students

Albert

Anna

Collins

Jill

Drake

Karen

Hill

Rachel

Kristopher

Resources

Company

Legal

Microeconomics 12th Edition

Trusted by Thousands ofStudents

Albert

Anna

Collins

Jill

Drake

Karen

Hill

Rachel

Kristopher

Resources

Company

Legal

Trusted by Thousands of
Students