Archives: Quiz
Economics Chapter 31 All Following Are Commonly Considered
Copyright © 2018 Pearson Education, Inc. 29) Transaction costs are A) the costs associated with making a transaction that is required by the government. B) not true costs since they are often not paid. C) the costs associated with exchanges […]
Economics Chapter 31 Common Property And Wild
Copyright © 2018 Pearson Education, Inc. 7) In principle, a cap-and-trade program would A) cause firms to generate more pollution than their allowed limits. B) cause firms to generate less pollution than their allowed limits. C) raise the production costs […]
Economics Chapter 31 That is, the social optimum with externalities is to produce less and
Copyright © 2018 Pearson Education, Inc. 141) What are social costs? How do they differ from private costs? Answer: Social costs are costs borne by society whenever a resource use occurs. Social costs include private costs plus external costs, so […]
Economics Chapter 31 Private Costs Pollution Usually Exceed Social Costs
Copyright © 2018 Pearson Education, Inc. 74) When the total external and internal costs of a transaction are taken into consideration, this is known as A) public costs. B) average total costs. C) social costs. D) marginal costs. Answer: C […]
Economics Chapter 31 Explain How Externalities Affect Market
Copyright © 2018 Pearson Education, Inc. Economics Today, 19e (Miller) Chapter 31 Environmental Economics 31.1 Private versus Social Costs 1) Which of the following statements best defines private costs? A) They are internal in the sense that the buyer or […]
Economics Chapter 30 Discuss the economics of income distribution and discrimination
Copyright © 2018 Pearson Education, Inc. 18) Other things being equal, a national health insurance program would A) decrease the demand for health care. B) decrease moral hazard. C) decrease total health care expenditures. D) reduce individuals’ incentives to make […]
Economics Chapter 30 Poverty And Attempts Eliminate
Copyright © 2018 Pearson Education, Inc. 32) The official number of poor in the United States A) is higher today than at any other time in our history. B) has risen steadily since 1981. C) was lowest in the late […]
Economics Chapter 30 The variations Earning Age However Reflect Many Economic
Copyright © 2018 Pearson Education, Inc. 44) Which of the following is NOT considered a determinant of income differences? A) productivity B) age C) discrimination D) equity or fairness Answer: D Diff: 2 Topic: 30.2 Determinants of Income Differences Learning […]
Economics Chapter 30 What percentage of income is received by the poorest 20% of
Copyright © 2018 Pearson Education, Inc. 67) The Lorenz curve shows A) how poverty rates change over time. B) the percentage of population below the poverty line. C) the degree of inequality in the income distribution. D) the ratio of […]
Economics Chapter 30 The Above Figure Displays Income inequality
Copyright © 2018 Pearson Education, Inc. Economics Today, 19e (Miller) Chapter 30 Income, Poverty, and Health Care 30.1 The Distribution of Income 1) The Lorenz curve shows A) the demand for jobs. B) the supply of jobs. C) the elasticity […]
Economics Chapter 29 A bilateral monopoly exists when there is a
Copyright © 2018 Pearson Education, Inc. 52) The figure supports all of the following statements regarding the marginal factor cost curve for a monopsonist EXCEPT A) the monopsonist firm looks at a marginal cost curve, MFC, which slopes upward and […]
Economics Chapter 29 Refer The Above Table The
Copyright © 2018 Pearson Education, Inc. 14) According to the above table, if the marginal revenue product is $24, how many workers will the profit maximizing monopsonist hire? A) 4 B) 5 C) 6 D) 7 Answer: A Diff: 2 […]
Economics Chapter 29 Outcome Micro 17 Explain The Effects The Factors
Copyright © 2018 Pearson Education, Inc. 60) When you see a commercial on TV asking you to “look for the union label,” the union is trying to A) increase worker productivity. B) increase the demand for nonunion goods. C) increase […]
Economics Chapter 29 Goals And Strategies learning Outcome Micro17 Explain The
Copyright © 2018 Pearson Education, Inc. 3) The most powerful tool unions have at their disposal when bargaining with management is A) the Taft-Hartley Act. B) the ability to strike. C) the secondary boycott. D) the power of pure competition. […]
Economics Chapter 29 A jurisdictional dispute is a
Copyright © 2018 Pearson Education, Inc. 62) A union shop is a A) strike by a union in sympathy with another union’s strike or cause. B) dispute involving two or more unions over which should have control of a particular […]
Economics Chapter 29 A closed shop is a business enterprise
Copyright © 2018 Pearson Education, Inc. Economics Today, 19e (Miller) Chapter 29 Unions and Labor Market Monopoly Power 29.1 Industrialization and Labor Unions 1) The earliest unions in the United States were A) industrial unions. B) craft unions. C) public-sector […]
Economics Chapter 28 Assume That Perfectly Competitive Firm Faces
Copyright © 2018 Pearson Education, Inc. 40) Assume that a perfectly competitive firm faces a fixed wage rate of $4 and a constant per- unit cost of capital of $2. If the marginal product of labor and capital are 16 […]
Economics Chapter 28 Labor Demand Monopolist And Overall Input Utilization learning
Copyright © 2018 Pearson Education, Inc. 22) Explain the implications of outsourcing for employment and wages in the domestic and foreign labor markets. Answer: If domestic firms out source their jobs abroad, then there will be a decrease in the […]
Economics Chapter 28 The Demand For Zinc Miners Will Increase
Copyright © 2018 Pearson Education, Inc. 35) Which of the following will NOT lead to a change in the demand for labor? A) a change in demand for the final good B) a change in the supply of labor C) […]
Economics Chapter 28 Firm A will hire 20 workers when the wage rate is $10
Copyright © 2018 Pearson Education, Inc. 18) What has been the impact of the widespread adoption of automated teller machines (ATMs) on the demand for bank tellers? A) The demand for tellers has increased. B) The demand for bank tellers […]
Economics Chapter 28 Given This Information The Marginal Product The
Copyright © 2018 Pearson Education, Inc. 122) The additional revenue associated with hiring one additional unit of some factor input, such as labor, is called A) marginal cost. B) marginal revenue product. C) marginal factor cost. D) marginal physical product. […]
Economics Chapter 28 If it hires 216 workers it will produce 3,128 units of output
Copyright © 2018 Pearson Education, Inc. 62) Refer to the above table. Suppose the price of the good sold is $10 and the marginal factor cost of labor is $70, how many units of labor will the firm hire? A) […]
Economics Chapter 28 Suppose at the current level of labor used,
Copyright © 2018 Pearson Education, Inc. Economics Today, 19e (Miller) Chapter 28 The Labor Market: Demand, Supply and Outsourcing 28.1 Labor Demand for a Perfectly Competitive Firm 1) For a perfectly competitive firm, the value of the marginal product of […]
Economics Chapter 27 The United States Whole Would
Copyright © 2018 Pearson Education, Inc. 60) Antitrust laws in the United States A) are an attempt to foster competition. B) are not necessary in the twenty-first century. C) have not been used in the past twenty-five years. D) are […]
Economics Chapter 27 Not One Ofthema Labor Unions Public Utilities
Copyright © 2018 Pearson Education, Inc. 21) The first antitrust law in the United States was the A) Clayton Act. B) Contestable Markets Act. C) the Federal Trade Commission Act. D) Sherman Antitrust Act. Answer: D Diff: 1 Topic: 27.5 […]
Economics Chapter 27 Incentives And Costs Regulation learning
Copyright © 2018 Pearson Education, Inc. 19) The hypothesis that regulators eventually are controlled by the regulated firms and their special interests is the A) share-the-gains, share-the-pains hypothesis. B) capture hypothesis. C) public interest theory. D) control-group hypothesis. Answer: B […]
Economics Chapter 27 Cost-of-service regulation allows regulated companies to charge
Copyright © 2018 Pearson Education, Inc. 70) Regulation of monopolies that allows prices to reflect only the actual cost of production and no monopoly profits is referred to as A) cost-of-service regulation. B) rate-of-return regulation. C) service-opportunity regulation. D) natural […]
Economics Chapter 27 A regulated natural monopolist allowed to earn a
Copyright © 2018 Pearson Education, Inc. 15) A firm that has taken advantage of economies of scale and expanded to become the only producer in the market is A) a cartel. B) a natural monopoly. C) a monopolistic competitor. D) […]
Economics Chapter 27 Employment Opportunity Commission Occupational Safety And Health
Copyright © 2018 Pearson Education, Inc. Economics Today, 19e (Miller) Chapter 27 Regulation and Antitrust Policy in a Globalized Economy 27.1 Forms of Industry Regulation 1) U.S. government regulation of social and economic activity A) only began after World War […]
Economics Chapter 26 Network Effects And Two sided
Copyright © 2018 Pearson Education, Inc. 36) The network effect in the TV broadcasting industry results in A) a positive market feedback between the number of advertisers and the size of TV audience. B) a negative market feedback between the […]
Economics Chapter 26 Negative market feedback refers to a tendency for
Copyright © 2018 Pearson Education, Inc. 2) For years, your neighbor insisted she had no desire to own a computer. Recently, however, she purchased one and says she did so because all her relatives have computers and she wants to […]
Economics Chapter 26 Least Likely Reason For Firms Form Cartela
Copyright © 2018 Pearson Education, Inc. 54) A game in which all the players are better off at the end of the game is a A) tit-for-tat game. B) dominant strategy game. C) positive-sum game. D) noncooperative game. Answer: C […]
Economics Chapter 26 Strategic Behavior And Game
Copyright © 2018 Pearson Education, Inc. 6) A game in which players as a group lose at the end of the game is referred to as A) zero-sum game. B) negative-sum game. C) positive-sum game. D) tit-for-tat game. Answer: B […]
Economics Chapter 26 Between World War II and the 1970s, three firms—General Motors
Copyright © 2018 Pearson Education, Inc. 64) If a retail food chain merged with a meat packing company, this would be an example of a A) horizontal merger. B) conglomerate merger. C) vertical merger. D) diagonal merger. Answer: C Diff: […]
Economics Chapter 26 In oligopoly, any action by one firm to change price
Copyright © 2018 Pearson Education, Inc. Economics Today, 19e (Miller) Chapter 26 Oligopoly and Strategic Behavior 26.1 Oligopoly 1) Which of the following does NOT help explain why oligopolies exist? A) economies of scale B) mergers C) product homogeneity D) […]
Economics Chapter 25 Information Products And Monopolistic
Copyright © 2018 Pearson Education, Inc. 4) The production of information products is characterized by A) relatively low fixed cost. B) relatively low marginal cost. C) diseconomies of operation. D) an upward sloping marginal cost curve. Answer: B Diff: 1 […]
Economics Chapter 25 Advertising Should Carried The Point Which The
Copyright © 2018 Pearson Education, Inc. 26) A good that people must actually consume before they can determine qualities is called A) a credence good. B) a search good. C) an experience good. D) a persuasive good. Answer: C Diff: […]
Economics Chapter 25 This Means That the Monopolistic Competitor Will Earn
Copyright © 2018 Pearson Education, Inc. 98) Compared with a firm in a perfectly competitive market, the demand curve faced by a monopolistically competitive firm is A) more elastic. B) more inelastic. C) perfectly elastic. D) perfectly inelastic. Answer: B […]
Economics Chapter 25 As more and more firms are able to and actually do enter
Copyright © 2018 Pearson Education, Inc. 49) A monopolistic competitor is in long-run equilibrium when A) economic profits are equal to zero and the average total cost curve is tangent to the demand curve. B) economic profits are equal to […]
Economics Chapter 25 Price And Output For The Monopolistic Competitor learning
Copyright © 2018 Pearson Education, Inc. 64) Which is NOT a characteristic of monopolistic competition? A) small share of market to each firm B) lack of collusion among firms C) few firms in the industry D) independence of each firm’s […]
Economics Chapter 25 In a monopolistically competitive market, a firm should advertise
Copyright © 2018 Pearson Education, Inc. Economics Today, 19e (Miller) Chapter 25 Monopolistic Competition 25.1 Monopolistic Competition 1) Which of the following is NOT a characteristic of monopolistic competition? A) product differentiation B) a large number of entry barriers C) […]
Economics Chapter 24 Monopolist Charges Price That
Copyright © 2018 Pearson Education, Inc. 5) The profit-maximizing quantity of the monopolist compared to the perfectly competitive industry in the above figure are, respectively A) Q1 and Q2. B) Q1 and Q3. C) Q1 and Q5. D) Q2 and […]
Economics Chapter 24 In the above figure, what is the profit-maximizing price and output?
Copyright © 2018 Pearson Education, Inc. 77) In the above figure, what is the profit-maximizing price and output? A) $9, 14 B) $13, 14 C) $11, 16 D) $10, 17 Answer: B Diff: 3 Topic: 24.3 Costs and Monopoly Profit […]
Economics Chapter 24 Given the demand and cost schedules
Copyright © 2018 Pearson Education, Inc. 23) In equilibrium, which of the following conditions is common to both unregulated monopoly and pure competition? A) P = MR B) AR = ATC C) MR = MC D) MC = P Answer: […]
Economics Chapter 24 The price elasticity of demand for a monopolist
Copyright © 2018 Pearson Education, Inc. 45) In order to sell more output units, what must a monopoly do? A) reduce output price B) reduce input price C) increase output price D) increase input price Answer: A Diff: 2 Topic: […]
Economics Chapter 24 The Demand Curve Monopolist
62) Which of the following is a characteristic of a monopoly firm? A) horizontal individual demand curve B) barriers to entry C) easy entry and exit D) many buyers and sellers Answer: B Diff: 2 Topic: 24.1 Defining and Explaining […]
Economics Chapter 24 A firm can be the sole supplier of a good and is still
Copyright © 2018 Pearson Education, Inc. Economics Today, 19e (Miller) Chapter 24 Monopoly 24.1 Defining and Explaining the Existence of Monopoly 1) Monopoly producers face A) many competitors producing the same product. B) only a few competitors producing the same […]
Economics Chapter 23 Because profits must be zero in the long run
Copyright © 2018 Pearson Education, Inc. 78) For a perfectly competitive firm at its long-run equilibrium A) P = MR = MC = AC. B) P = MR > MC. C) accounting profit must be zero. D) there are no […]
Economics Chapter 23 An industry in which an increase in
Copyright © 2018 Pearson Education, Inc. 33) Refer to the above figure. Which panel represents the long-run supply curve for a decreasing- cost industry? A) Panel A B) Panel B C) Panel C D) Panel D Answer: D Diff: 2 […]
Economics Chapter 23 Explain The Graph answer in The Above Figure The
Copyright © 2018 Pearson Education, Inc. 119) Factors that cause the short-run supply curve to change are factors that affect A) demand. B) fixed costs. C) variable costs. D) the market but not the individual firm. Answer: C Diff: 2 […]