The U.S. Bureau of Labor Statistics predicts that 9 of the 20 fastest growing
occupations over the next ten years will be in
A) the medical field.
B) the travel and leisure industry.
C) education.
D) construction.
Why do some firms choose not to file for a patent and instead try to keep the results of
their research a trade secret?
A) because firms must disclose information about the product or process being patented
in a patent application
B) because trade secrets are never divulged
C) because a patent only gives the inventor exclusive rights to a product or process for
5 years
D) because trade secrets provide the same exclusive legal rights to a product as a patent
does
Two economists from Northwestern University estimated the benefit households
received from subscribing to broadband Internet service. The economists found that
A) the consumer surplus from dial-up Internet service exceeded the consumer surplus
from broadband Internet service.
B) the average consumer of broadband Internet service received a marginal benefit
equal to $36.
C) most consumers of broadband Internet service were not willing to pay more than $36
per month.
D) one month’s benefit to consumers who subscribe to broadband Internet service is
about $890 million.
Table 21-1
Using the table above, what is the approximate growth rate of real GDP from 2012 to
2013?
A) 1%
B) 2%
C) 3%
D) 4%
Figure 13-11
What is the productively efficient output for the firm represented in the diagram?
A) Q1 units
B) Q2 units
C) Q3 units
D) Q4 units
At the minimum efficient scale,
A) all possible economies of scale have not been exhausted.
B) the firm has achieved the lowest possible average cost of production.
C) any increases in the scale of operation will encounter further economies of scale.
D) marginal cost is at its minimum.
Economic decline (negative growth) is represented on a production possibilities frontier
model by the production possibility frontier
A) shifting outward.
B) shifting inward.
C) becoming steeper.
D) becoming flatter.
Figure 12-9
Figure 12-9 shows cost and demand
curves facing a profit-maximizing, perfectly competitive firm.
At price P4, the firm would produce
A) Q3 units.
B) Q4 units.
C) Q5 units.
D) Q6 units.
The cyclically adjusted budget deficit calculates the budget surplus or deficit at
A) real GDP.
B) potential GDP.
C) nominal GDP.
D) average GDP.
Which of the following is an example of an implicit cost a firm might incur?
A) the out-of-pocket expense to hire resources
B) taxes owed to the state and Federal governments
C) the rental value of the office space the company owns and uses for itself
D) the revenue a firm generates in using its resources