1) the following data confronting a firm:
refer to the above data. at the profit-maximizing output the firm’s total cost is:
a.$48.
b.$32.
c.$80.
d.$64.
2)
3) the trade adjustment assistance act of 2002:
a.enacts temporary tariffs to enable firms hurt by foreign competition to transition to
new industries or improve their international competitiveness.
b.subsidizes firms for a maximum of 2 years as they try to establish themselves in
foreign markets.
c.provides price supports on domestically produced goods for up to 52 weeks.
d.provides financial help for up to 78 weeks for workers displaced by imports or plant
relocations abroad.
4) A $20 bill is a:
A.gold certificate.
B.Treasury note.
C.Treasury bill.
D.Federal Reserve Note.
5) if consumers are willing to pay a higher price than previously for each level of
output, we can say that, the following has occurred:
a.a decrease in demand.
b.an increase in demand.
c.a decrease in supply.
d.an increase in supply.
6) (Last Word) In 1995 Microsoft released its Windows 95 operating system which was
a far better system than the Microsoft system it replaced. Microsoft’s Window 95 best
illustrates:
A.innovation.
B.scientific determinism.
C.venture capitalism.
D.creative destruction.
7) A resource’s present value is:
A.greater than its value in the future.
B.less than its value in the future.
C.is the same as its value in the future.
D.should be extracted as slowly as possible.
8) When a bank has a check drawn and cleared against it:
A.excess reserves in the banking system decline.
B.the nation’s total money supply falls.
C.the bank’s balance sheet does not change.
D.the amount of required reserves the bank must have will fall.
9) The traditional Phillips Curve suggests a tradeoff between:
A.price level stability and income equality.
B.the level of unemployment and price level stability.
C.unemployment and income equality.
D.economic growth and full employment.
10)
refer to the above tables. suppose that resources in north cantina and south cantina are
identical in quantity and quality. we can conclude that:
a.south cantina has better technology than north cantina in producing both capital and
consumer goods.
b.north cantina has better technology than south cantina in producing both capital and
consumer goods.
c.north cantina is growing more rapidly than south cantina.
d.north cantina has better technology than south cantina in producing consumer goods,
but not capital goods.
11) the zzz corporation issued $25 million in new common stock in 2008. it used $18
million of the proceeds to replace obsolete equipment in its factory and $7 million to
repay bank loans. as a result, investment:
a.of $7 million has occurred.
b.of $25 million has occurred.
c.of $18 million has occurred.
d. has not occurred.
12) Medicaid:
A.helps finance medical expenses for those participating in the TANF and
Supplemental Security Income programs.
B.has been abandoned in favor of privately provided medical insurance.
C.is a program of medical insurance for the aged and retired.
D.is a compulsory national health insurance program which covers all adult Americans.
13) The major source of new scientific knowledge in the United States is:
A.university and government research.
B.R&D work in large corporations.
C.entrepreneurs working alone.
D.purely competitive and monopolistically competitive firms.