Archives: Quiz
Economics Chapter 1 4 Center What Will The University Marginal Benefit
Copyright © 2016 Pearson Education, Inc. 25) What is a normative statement? Give an example. Answer: A normative statement is a statement about what ought to be. It is a value judgment or opinion and so cannot be proven true […]
Economics Chapter 1 3 Federal Reserve Bought Stakes In banks This Policy
Copyright © 2016 Pearson Education, Inc. 3) A positive statement is A) about what ought to be. B) about what is. C) always true. D) one that does not use marginal concepts. Answer: B Topic: Positive and Normative Skill: Recognition […]
Economics Chapter 1 2 Brand each Costs Ten Dollars She Decides
Copyright © 2016 Pearson Education, Inc. 34) The term human capital refers to A) labor resources used to make capital equipment. B) buildings and machinery. C) people’s knowledge and skill. D) entrepreneurship and risk-taking. Answer: C Topic: Human Capital Skill: […]
Economics Chapter 1 9 The Slope Equals The Change Variable The
Copyright © 2016 Pearson Education, Inc. 3) A graph has a point that is either a maximum or a minimum. To the left of the point, the slope of relationship is positive. To the right of the point, the slope […]
Economics Chapter 1 8 Graphing Relationships Among More Than Two
Copyright © 2016 Pearson Education, Inc. 67) In the above figure, using the slope across an arc, the slope of the curve between points a and b is A) 1/2. B) -1/2. C) 2. D) -2. Answer: B Topic: Slope […]
Economics Chapter 1 7 The Slope Straight Line skill Analytical Analytical
Copyright © 2016 Pearson Education, Inc. Income (dollars per month) Amount spent on restaurant meals (dollars per month) 50 20 100 40 150 60 200 80 35) Using the data in the above table, if income is on the x-axis […]
Economics Chapter 1 6 This Slope Means That a Change Associated With
Copyright © 2016 Pearson Education, Inc. 59) A diagram shows the quantity of tomatoes on the horizontal axis and the quantity of coffee on the vertical axis. The quantity of tomatoes remains constant as the quantity of coffee increases. The […]
Economics Chapter 1 5 None The Above Answers Are Correct answer topic
Copyright © 2016 Pearson Education, Inc. 8) In the above figure, which curve shows a positive relationship between x and y? A) only curve A B) only curve B C) only curve C D) All the curves show a positive […]
Economics Chapter 1 1 Microeconomics And Macro economics skill Recognition Reflective Thinking
Copyright © 2016 Pearson Education, Inc. Microeconomics, 12e (Parkin) Chapter 1 What Is Economics? 1 Definition of Economics 1) All economic questions are about A) how to make money. B) what to produce. C) how to cope with scarcity. D) […]
Chapter 33 2 Us Firm Michigan Nissan Plant Tennesseeb Deposit
81) An example of a deficit item on the U.S. balance of payments is 81) A) a U.S. resident flies from New York to Rome on British Airways. B) the sale of a carburetor made in Michigan to a Honda […]
Chapter 33 1 Under Flexible Exchange Rate System Increase The
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) An increase in a country’s rate of inflation is apt to 1) A) reduce its imports and improve its trade balance. B) […]
Chapter 33 5 The Balance Oftrade Makes Portion The Balance
280) An increase in the inflation rate of one country relative to another country will probably cause 280) A) a balance of trade deficit for the inflating country. B) a current account surplus for the inflating country. C) an increase […]
Chapter 33 4 Exchange Rates That Are Allowed Fluctuate
234) If the Mexican peso appreciates against the U.S. dollar 234) A) U.S. exports will become more expensive in Mexico. B) Mexican exports will become more expensive in the United States. C) there will be no change in the price […]
Chapter 33 3 Then The Price Euro Isa
155) Any transaction that leads to a payment by a country’s residents or government is a(n) 155) A) asset. B) surplus item. C) debt. D) deficit item. 156) In international trade, all payments and gifts that are related to the […]
Chapter 32 2 maximum Feasible Hourly Production Rates Either computers Bicycles
Maximum Feasible Hourly Production Rates of Either Product A or Product B Using All Available Resources Product Country X Country Y A 4 8 B 4 4 81) Refer to the above table. If opportunity costs are constant, then the […]
Chapter 32 5 Agree Since Comparative Advantage Based Relative
Maximum Feasible Hourly Production Rates (in Tons) of Either Wine or Beef Using All Available Resources Product Argentina France Wine (gallons) 30 60 Beef (pounds) 10 30 281) Use the above table. Assuming constant opportunity costs, if Argentina and France […]
Chapter 32 4 maximum Feasible Hourly Production Rates Either product Product
233) Which of the following statements is FALSE? 233) A) Sophisticated financial systems have given U.S. productive efficiency a boost. B) When it comes to overall productive efficiency, compared to Japan, Germany and the rest of the European Union, the […]
Chapter 32 3 According The Infant Industry Argument Protection
154) Refer to the above figures. A tariff is placed on a foreign good. Which figures represents the situation in the domestic market for a competing domestic good? 154) A) Panel A B) Panel B C) Panel C D) Panel […]
Chapter 32 1 Everyone Benefits From Free Traded Free Trade
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Suppose an industry receives protection from the government in the form of tariffs. A number of years later, it is observed that […]
Chapter 31 5 Good That Has Social Costs That
272) A good that has social costs that exceed private costs has a quantity that is 272) A) too high. B) the best society can do. C) too low. D) just right. 273) To correct for the social impact of […]
Chapter 31 4 Common Property Isa Exclusive Rights Owner ship
218) In the above figure 218) A) the optimal degree of air cleanliness is less than 100 percent. B) the marginal cost curve slopes up because of the law of diminishing returns. C) Neither A nor B are correct. D) […]
Chapter 31 3 Which The Following Statements True About
142) Refer to the above figure. Suppose the marginal benefit and the marginal cost curves of pollution abatement are normally shaped. Technological change that made it easier to produce in a “cleaner” fashion would cause 142) A) curve (1) to […]
Chapter 31 2 Suppose There Are Two Firms River
67) To correct for a negative externality, a government might impose a uniform tax related only to the physical quantity of pollution if 67) A) the cost of ascertaining the actual economic costs are relatively small. B) the economic damages […]
Chapter 31 1 External Costs Only Private Costs Only
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The marginal cost curve of pollution abatement is 1) A) vertical. B) downward sloping. C) upward sloping. D) horizontal. 2) When social […]
Chapter 30 5 Lorenz Curve Thefarther The Lorenz Curve From
283) Which of the following is NOT considered a determinant of income differences? 283) A) equity or fairness B) productivity C) age D) discrimination 284) In the above figure, the curve that represents the second most income equality is 284) […]
Chapter 30 4 Refer The Above Figure Which The
240) The country reflecting perfect income equality in the above figure is 240) A) country 3. B) country 5. C) country 1. D) country 4. 241) Which of the following income maintenance programs is designed to establish nationwide minimum incomes […]
Chapter 30 3 The program that was created to provide rebates of Social
163) The Social Security system is financed by 163) A) a payroll tax paid only by employers. B) a tax on luxury goods. C) a tax on individual retirement accounts. D) a payroll tax paid by both employers and employees. […]
Chapter 30 1 Include Cash Benefits And In Kind
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The more bowed out the Lorenz curve is, the 1) A) richer the society. B) less equal the distribution of income. C) […]
Chapter 30 2 Lorenz Curve That Represents Unequal Income
84) The age–earnings cycle is 84) A) the distribution of money income by age. B) the relationship between earnings while working and retirement benefits for an individual. C) the distribution of wealth by age. D) the regular earnings profile of […]
Chapter 29 5 What The Purpose Strike What Are The
280) The main difference between a monopsonist and a competitive buyer of labor is that 280) A) the competitive firm can hire as many workers as it wants at the going wage while the monopsonist can hire more workers at […]
Chapter 29 4 Themarginal Factor Cost Curve Above The Supply
Quantity Hourly Total Marginal of Labor Wage Rate Wage Bill Factor Cost 0– – – 1$10 212 3 14 416 518 620 215) In the above table, if the marginal revenue product is $18, how many workers will the profit […]
Chapter 29 1 there will be an increase in total employment
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which statement concerning powers granted the President of the United States by the Taft–Hartley Act is TRUE? 1) A) The President can […]
Chapter 29 3 When Group Workers Forms Union
146) A primary objective of labor unions is to 146) A) seek better pay and improved work conditions. B) secure equal pay for its members. C) have equal power with their employer. D) all of the above. E) none of […]
Chapter 29 2 States Werea Professional Unionsb Industrial Unionsc Craft
71) In the above figure, which wage rate will yield the highest wage rates for particular workers? 71) A) W1 B) W2 C) W3 D) W3–W2 72) Which of the following is NOT considered to be a benefit of unionism? […]
Chapter 28 2 The Individual Firm Operating Perfectly Competitive
72) When increased demand raises the price of the product, the 72) A) sales will fall. B) marginal revenue product will remain unchanged. C) marginal revenue product will fall. D) marginal revenue product will also increase. 73) A profit–maximizing firm […]
Chapter 28 1 The Marginal Physical Product Labor For
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A firm should hire workers up to the point where 1) A) MFC = P. B) MP = MRP. C) MFC = […]
Chapter 28 6 The Supply Curve Facing Monopoly Horizontal Because
355) Sam, who owns a carpentry shop, discovered that with 4 laborers he could produce 18 cabinets per day. With 5 laborers he produced 25 cabinets and with 6 laborers he produced 36 cabinets. What was the MPP of the […]
Chapter 28 5 Refer The Above Table Suppose The Price
296) A short–run increase in the price of a firm’s output will typically 296) A) not impact the hiring of labor. B) lead to a movement along the firm’s demand for labor curve. C) lead to more employment in the […]
Chapter 28 4 Suppose The Market Price Zinc Doubles
223) Which of the following would NOT be a reason for a shift in the labor demand curve? 223) A) a change in demand for the final product B) a change in the price of a related input C) a […]
Chapter 28 3 Firm Employs Extra Unit Labor The
145) 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 and 6, respectively, then to maximize profits […]
Chapter 27 5 Would The Number Accidents Necessarily Decline Why
278) What is the relationship between the Sherman Antitrust Act and the Clayton Act? 278) A) The Sherman Antitrust Act encouraged competition among firms in the U.S. while the Clayton Act encouraged competition among foreign firms. B) The Clayton Act […]
Chapter 27 4 Use The Above Figure Commission Regulates
214) Which of the following is NOT a likely market solution to the lemons problem? 214) A) industry standard B) product warranty C) average cost pricing D) product certification 215) Without any regulation, the natural monopolist will 215) A) not […]
Chapter 27 3 Sherman Commissionc Exempt From The Antitrust Lawsd
149) The Interstate Commerce Commission (ICC) regulates railroads, barges and trucks. Suppose technical change lowers the costs of railroads. As a result, the ICC permits railroads to lower prices some but also alters the rates of barges and trucks so […]
Chapter 27 2 Government Regulators Make The Natural Monopolist
80) Regulation focused on the impact of production on the environment and society, the working conditions under which production occurs, or the physical attributes of goods, is known as 80) A) cost–of–service regulation. B) social regulation. C) rate–of–return regulation. D) […]
Chapter 27 1 Natural Monopoly Exists When a Economies Large
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) If a regulator forced a natural monopolist to set P = MC 1) A) the monopolist would break even. B) the monopolist […]
Chapter 26 2 Which The Following Not Condition That
84) Industry X has four firms. The largest firm in Industry X has more than 90 percent of the market share. Industry Y also has four firms, but each of those four firms in Industry Y has 25 percent of […]
Chapter 26 1 Which The Following Example Horizontal Mergera
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Within a game theory model, if a change in decision–making raises corporation A’s profits by $50 and lowers corporation B’s profits by […]
Chapter 26 5 This Leads Strategic Dependence Which Means That
292) Refer to the above payoff matrix for the profits (in $ millions) of two firms (A and B) and two pricing strategies (high and low). Which of the following is the outcome of the dominant strategy without cooperation? 292) […]
Chapter 26 4 Joes Hotdog Stand Merges With Company
246) After participating members of a cartel form an agreement on common prices and output quotas, then an individual firm can increase its own profits by 246) A) increasing prices. B) increasing production. C) leaving the cartel. D) incurring higher […]
Chapter 26 3 Straight Cut Beauty Salon Merges With
167) The dominant strategy allows a firm to 167) A) transform a zero–sum game into a positive–sum game. B) obtain the highest benefit, regardless of its rivals’ actions. C) transform a negative–sum game into a positive–sum game. D) escape from […]