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1) Evidence from experiments in which real people play the ultimatum game supports
the idea that people care about fairness as well as about maximization of their personal
wealth.
a.True
b.False
2) Which of the following is not a characteristic of a perfectly competitive market?
a.There are many buyers and sellers.
b.Firms can freely enter and exit the market.
c.Many firms have market power.
d.Firms sell very similar products.
3) Eva wants to create a graph containing the prices of concert tickets and the
corresponding quantities of concert tickets demanded by customers. She should use a(n)
a.pie chart.
b.bar graph.
c.time-series graph
d.coordinate system.
4) When we focus on the firm as a supplier of a good or a service, we assume that the
firm is a profit maximizer. When we focus on the firm as a demander of labor, we
assume that the firm's objective is to
a.minimize wages.
b.minimize variable costs.
c.maximize the number of workers hired.
d.maximize profit.
5)
Using the midpoint method, what is the price elasticity of supply between $16 and $40?
a. 0.125
b.0.86
c.1.0
d.2.5
6) Perry's Production Possibilities FrontierJordan's Production Possibilities
Frontier
