Archives: Quiz

Which of the following is TRUE of testing effects? a. Mortality effects refer to the deaths of subjects during hazardous experiments using electronic devices. b. Maturation effects can only be measured in test units composed of people. c. Experiments lasting […]

The electrical resistance of the skin associated with sweating that accompanies emotional arousal is measured by a. a galvanometer. b. a tachistoscope. c. opthalomograph. d. audiometer. e. none of the above. After determining the research design the next step in […]

Which of the following is an advantage of the observational method over the communication method of gathering primary data? a. versatility b. speed c. cost savings d. objectivity e. none of the above An experimental design a. is one in […]

Some of the commonly used measures of location such as the median or quartiles can be read directly from a a. matrix. b. frequency polygon. c. histogram. d. cumulative distribution function. e. contingency table. Which of the following is true? […]

A researcher is interested in studying the effect of geographic location of grocery stores on the prices they charge for various food items. A typical “market basket” is selected and the researcher obtains data on the total basket price from […]

As shown above, the total variance can be explained by 8 factors. What is the least number of variables on which this principal components factor analysis can be based? a. 2 b. 8 c. 16 d. 4 e. more information […]

The components of a data system in a typical DSS system include all EXCEPT a. processes used to retrieve data from internal sources. b. methods of receiving data from external sources. c. languages that allow managers to produce reports from […]

Which of the following is TRUE? a. a error and b error are completely complementary in that a + b always equals one. b. A Type I or α error occurs when a false null hypothesis is not rejected. c. […]

Chocoholic Ice Cream, Inc. completes an annual study of consumers to determine the customer’s brand awareness and satisfaction with the product. These studies demonstrate what type of marketing research strategy? a. advertising evaluation strategy b. program strategy c. development strategy […]

When an interactive testing effect is likely to be present, which type of experimental design should be used? a. the before’‘after with control group design b. the one’‘shot case study design c. the four’‘group’‘six’‘study design d. a time series design […]

When no variable is singled out for special treatment as a criterion variable but rather the researcher is interested in the relationship among all the variables considered at once, the most appropriate technique is a. factor analysis. b. multiple regression […]

Multidimensional scaling is concerned with a. the mapping of perceptions and preferences. b. the spatial relationship of objective data. c. the mapping and transformation of distances. d. the evaluation of the positive and negative aspects of an object. e. the […]

Kruskal’s stress a. is an index of variation. b. is a measure of central tendency. c. is a lack of fit index. d. is an index of reproducibility. e. is an index of dispersion. The scale value zero when measuring […]

Observation in a laboratory (as opposed to natural) setting has the advantage of a. less restricted behavior. b. fewer tabulation and analysis problems. c. better control of extraneous influences. d. greater external validity. e. a laboratory setting possesses no advantages […]

Factor Loading Matrix Variable Factor 1 Factor 2 inactivity .20 .70 aggressiveness .70 .10 ambition .80 .05 stress .60 .15 What proportion of the variability in the data is accounted for by the two factor solution? a. 51% b. 100% […]

Which of the following is TRUE? a. A double-barreled question is one that calls for two responses and thereby creates confusion for the respondent. b. It is extremely important that the first few questions on a questionnaire be simple, interesting, […]

A corporation seeking to expand, and looking for the least risky financing option would choose: a. stocks b. bonds c. retained earnings d. a bank loan If a competitive firm’s short run average cost curve lies above the price of […]

In 1989, Hurricane Hugo devastated Charleston, South Carolina, leaving residents with no electricity for light or refrigeration, and completely cut off from the outside world by fallen trees and washed-out roads. Consequently, the price of ice rose 1,000 percent and […]

The statement “Resources employed in producing X are better suited to making Y” is another way of saying a. the production possibilities frontier is “bowed out.” b. the production possibilities frontier is a straight line. c. the production possibilities frontier […]

A graph with a positive slope indicates that the variables depicted on the axes move in the same directions. a. True b. False A tax is more likely to promote economic equality if it is a. regressive. b. proportional. c. […]

Economic rent is the payment made to a factor of production above the amount necessary to induce any of that factor to be supplied at its present employment. a. True b. False A straight-line demand curve has the same elasticity […]

“Protection” is designed to help a. firms whose relative inefficiency does not permit successful competition with imports. b. workers who have very high productivity, and cannot survive against low-paid foreign workers. c. government that needs revenue from tariffs and quotas […]

Displayed below is the payoff matrix of firm A for four different strategies, A1, A2, A3, and A4, and the potential retaliatory responses of firm B (B1, B2, B3, B4). Table 12-1 If firm A uses the maximin criterion, which […]

The slope of a demand curve is almost always a. positive, because when people buy more of a good the cost of producing it will rise. b. positive, because the more money a person has, the more of a particular […]

At an equilibrium price, quantity demanded a. exceeds quantity supplied. b. equals quantity supplied. c. is less than quantity supplied. d. Any of the above is possible. Which of the following illustrates government acting as a referee? a. taxing high […]

The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition. a. True b. False Taxing pollution will encourage firms to reduce pollutants dumped in the atmosphere or in […]

The lowest-income fifth of the population ordinarily earns about 20 percent of the income in the United States. a. True b. False After a $5 million ad campaign, Coca-Cola measured its effectiveness by calculating the cross elasticity of demand between […]

The total physical product of an input is the same thing as its a. total revenue product. b. marginal physical product times output. c. output. d. total consumer’s surplus. A natural monopoly is one that deliberately erects entry barriers. a. […]

Inputs in production processes are called resources. a. True b. False Production technology determines the relationship of total cost to outputs. a. True b. False Answer: True Increasing scarcity of a resource causes new supplies to become more and more […]

In the U.S., health care may be expensive, but Americans enjoy the longest life-expectancy of any nation. a. True b. False Figure 11-2 In Figure 11-2, at what quantity would the monopolist maximize profit? a. E b. F c. G […]

The invention of new mining methods will affect price through the supply side. a. True b. False If a firm shuts down, its a. fixed costs remain unchanged. b. revenue will fall to zero. c. short-run variable costs will fall […]

An efficient distribution of goods requires that a. everyone gets an equal share of each good. b. marginal cost equal marginal utility for the last unit produced. c. each person derives the same total utility from the good. d. since […]

Monopolistic competition differs from perfect competition only in the number of firms participating in the market. a. True b. False A certain machine will last one year, will produce $120 in income (received one year later), and will cost $100 […]

The concept of opportunity cost is more applicable to society as a whole than it is for an individual household. a. True b. False The system of grants from one level of government to another is an example of fiscal […]

In a market economy, goods are allocated to a. all potential uses. b. all citizens on an equal basis. c. citizens with political power. d. citizens with both the desire and the willingness to pay for the goods. If the […]

How does the U.S. economy rank in size? a. first in economic output b. second in economic output c. third in economic output d. fourth in economic output e. fifth in economic output One of the following is not a […]

The basic principle that explains the demand for a factor of production is the a. principle of marginal productivity. b. Hotelling principle. c. principle of opportunity cost. d. Ramsey pricing principle. The cost of processors and memory has decreased dramatically […]

The psychological rewards of inventing a new product generally result in ____ profits for entrepreneurs. a. below average b. only average c. above average d. indeterminate Economists favor a negative income tax because they believe a. that it will create […]

The most basic investigative tool of economics is the a. concept of scarcity. b. mechanism of supply and demand. c. coordination and trade syndrome. d. inflation-unemployment trade-off. e. regulation of business. For the typical student, taking an introductory course in […]

The optimal number of units to produce is best expressed when: a. marginal benefit exceeds marginal cost b. marginal cost exceeds marginal benefit c. marginal benefit and marginal cost are close to equal d. both a and c Land on […]

The benefits principle states that the users of a service should pay for that service. a. True b. False Wages in American industry are very high because of wage laws. a. True b. False Answer: False The key difference between […]

Why does equilibrium in the market for a traded good not occur where that country’s quantity demanded equals quantity supplied? a. Because equilibrium occurs where demand equals supply. b. Because markets are never in equilibrium. c. Because some of the […]

Price discrimination is always illegal. a. True b. False The external costs of cigarettes are related to the health problem smoking produces for both smokers and nonsmokers. One estimate places these costs at 29 cents per pack. Presently, sales and […]

A progressive tax is one in which the fraction of income paid in taxes rises as a person’s income increases. a. True b. False Collective bargaining is a process used by unions and management to settle upon the terms of […]

In the long run, a. both monopolists and perfectly competitive firms produce at minimum long-run average total cost. b. a monopolist will exit the industry if he is earning zero economic profit. c. a monopolist will always charge a higher […]

If good “A” is represented on the horizontal axis and good “B” on the vertical axis, then the steeper the production possibilities frontier at a given level of production of good “A,” the a. larger the opportunity cost of producing […]

The share of industry output sold by the top four steel producers in the country are 19%, 15%, 12%, and 9% respectively. The four-firm concentration ratio for the steel industry is a. 0,19 b. 0,55 c. 0,138 d. 0,65 Natural […]

Which of the following statements is equivalent to the law of diminishing marginal returns? a. A stitch in time saves nine. b. You can’t make an omelet without breaking eggs. c. Too many cooks spoil the broth. d. If you […]

Is the monopolist supply decision more complicated than that of competitive supply? a. Yes, because the monopolist can choose its price, and the perfect competitor cannot. b. No, because they are both price takers. c. No, because the market determines […]

If the price of garbage removal rises, people will a. demand a lesser quantity of garbage removal. b. take more waste to recycling centers. c. repair broken items rather than throwing them out. d. All of the above are correct. […]