Archives: Quiz
Economics Chapter 13 1 Being part of a cartel is generally good for a firm because it can reduce output while increasing prices and profits. Yet most cartels have failed
CHAPTER 13: Oligopoly and Strategic Behavior MULTIPLE CHOICE 1. Like a pure monopoly, an oligopoly is characterized by a. free entry and exit in the long run. b. free entry and exit in the short run. c. significant barriers to […]
Economics Chapter 12 2 Both perfectly competitive and monopolistically competitive industries have many firms, in fact so many that, in the long run
89. Both perfectly competitive and monopolistically competitive industries have many firms, in fact so many that, in the long run a. only one firm can survive in the industry, leading to monopoly. b. costs must increase due to diseconomies of […]
Economics Chapter 12 1 If a monopoly firm suddenly lost its barriers to entry and faced new competition, yet consumers thought that the former monopoly’s products were somewhat
CHAPTER 12: Monopolistic Competition and Advertising MULTIPLE CHOICE 1. Monopolistic competition means that a. firms are in a monopoly, but they compete. b. firms are in perfect competition, but they collude similar to monopolies. c. firms differentiate their output, which […]
Business Development Chapter 18 1 Research shows that the most effective way to motivate people to make behavioral changes is to teach them about the crises facing the planet
1 To have significant impact on issues will require not only individual effort but people working together. (A) True (B) False 2 The pattern of networks is relevant to scientific topics but is not applicable to sustainability work. (A) True […]
Economics Chapter 11 3 Airlines have first-class or business-class seating, for which customers pay a higher price to receive more room, extra amenities, and more attentive service
c. It connects the bakery with buyers who value day-old products but aren’t willing to pay the full price for a product that isn’t fresh. d. Individuals with an inelastic demand for baked goods will travel to a different bakery […]
Business Development Chapter 17 1 Place-based learning is appropriate primarily in the early childhood stage of development, with limited application in later stages
1 Learning by doing is known as experiential learning. (A) True (B) False 2 Growing a food garden is an example of experiential learning. (A) True (B) False Answer: (A) True 3 Service learning is another name for experiential learning. […]
Economics Chapter 11 2 Because both cities are located quite far from each other, a company can charge different prices in each without fear of reselling
87. If Carnival Cruise Lines moves from a monopolist model that charges a single price to a perfect price-discrimination model, there would be a ________ in total welfare. a. gain of $800,000 d. loss of $1.2 million b. loss of […]
Business Development Chapter 16 1 While important for other reasons, the governance of an organization has little impact on the effectiveness of sustainability programs
1 While important for other reasons, the governance of an organization has little impact on the effectiveness of sustainability programs. (A) True (B) False 2 Organizations with traditional linear hierarchies will not be able to plan sustainability initiatives. (A) True […]
Economics Chapter 11 1 Airlines require every passenger with a ticket to have a matching, government-issued photo identification. Price discrimination is made easier because
CHAPTER 11: Price Discrimination MULTIPLE CHOICE 1. Price discrimination exists when a firm sells ________ goods at more than one price to ________ groups of customers. a. different; similar d. identical; different b. existing; distinct e. limited; restricted c. discounted; […]
Business Development Chapter 15 1 Incineration is a preferable method of waste treatment because it transforms toxic materials to nontoxic ash
1 Municipal solid waste consists mostly of paper waste produced by city government offices. (A) True (B) False 2 Sealing waste within a landfill is one type of waste treatment. (A) True (B) False Answer: (A) True 3 Sanitary landfill […]
Economics Chapter 10 3 Some economists argue that a government-created monopoly in the medical field can be good for the overall growth of an economy, even though it does create deadweight loss
5. Some economists argue that a government-created monopoly in the medical field can be good for the overall growth of an economy, even though it does create deadweight loss. Support this argument. ANS: A government-created monopoly gives monopoly power to […]
Business Development Chapter 14 1 The use of adhesives to fasten parts makes products more durable and so is more sustainable than bolting
1 The results of DFE strategies are not measurable. (A) True (B) False 2 “Industrial ecology” is a term for bioremediation on industrial sites. (A) True (B) False Answer: (B) False 3 In an eco-industrial park, output from one industry […]
Economics Chapter 10 2 Which areas of the graph represent the consumer surplus transferred to the monopolist as a result of the monopolist taking over the market
b. the provider is betting that customers will buy both rather than neither. c. government regulations limit the range of services a monopolist can offer. d. offering the two separately would be a market inefficiency. e. it is technologically much […]
Business Development Chapter 13 1 Locally grown food, regardless of growing methods, is always environmentally preferable to organically grown food from elsewhere
1 Growing food crops as monocultures was a major advance in the sustainability of food supplies. (A) True (B) False 2 Aquaculture can be considered a type of monoculture. (A) True (B) False Answer: (A) True 3 Selective breeding is […]
Economics Chapter 10 1 Ash is the preferred wood to be used in the production of baseball bats. If a company was to buy the rights to harvesting the ash trees out of all the forests in North America
CHAPTER 10: Understanding Monopoly MULTIPLE CHOICE 1. A monopoly a. always makes a profit. b. can force consumers to purchase what it is selling. c. is characterized by a single seller who produces a well-defined product for which there are […]
Business Development Chapter 12 1 Planners sometimes choose transit-oriented development to avoid the necessity for walkable streets, In the next several decades, cities are expected to
1 Suburban development is more environmentally benign than urban development because it is less dense. (A) True (B) False 2 Sprawl is a contributing factor in obesity. (A) True (B) False Answer: (A) True 3 Increased density increases greenhouse gas […]
Economics Chapter 9 3 Graph a perfectly competitive profit-maximizing firm that is incurring a short-run loss but continues to produce. Be sure to include the marginal revenue curve
7. Graph a perfectly competitive profit-maximizing firm making short-run profits. Be sure to include the marginal revenue curve, the marginal cost curve, the average total cost curve, and the average variable cost curve. 8. Graph a perfectly competitive profit-maximizing firm […]
Business Development Chapter 11 1 The same building design can provide passive heating and cooling in any climate, so that green buildings look the same whether in a desert, a tropical beach, or a temperate forest
1 One feature of green buildings is that they are easy to recognize based on architectural style. (A) True (B) False 2 The same building design can provide passive heating and cooling in any climate, so that green buildings look […]
Economics Chapter 9 2 The market for candles is perfectly competitive and is currently in equilibrium. What will happen if candles are later linked to more houses catching on fire
OBJ: 9.2 MSC: Remembering 98. A firm will shut down in the long-run if the a. price is above the minimum average total cost (ATC). b. price is equal to the minimum average total cost (ATC). c. price is anywhere […]
Business Development Chapter 10 1 Stable underground temperatures below about six feet of depth mean that geothermal energy power plants are suited for any location where there is enough land
1 Fossil fuels are so named because they are very ancient. (A) True 2 Because fossil fuels are continuously forming in the oceans, they are considered to be renewable energy sources. (A) True (B) False Answer: (B) False 3 Fracking, […]
Economics Chapter 9 1 The market for hot dogs on the streets of New York City can be considered close to a perfectly competitive market
CHAPTER 9: Firms in a Competitive Market MULTIPLE CHOICE 1. A firm characterized as a price taker a. has control over the price it pays, or receives, in the market. b. sets the price for the market. c. has no […]
Business Development Chapter 9 1 The Precautionary Principle says that scientific certainty is essential before making any decisions about pollutants
1 Endocrine disrupters are now outlawed. (A) True (B) False 2 Endocrine disrupters are substances that can mimic hormones. (A) True (B) False Answer: (A) True 3 Through biomagnification, toxins become more concentrated in predators at higher levels in the […]
Economics Chapter 8 2 Josephina owns a boxing gym. She recently expanded the size of her gym by adding another boxing ring and moving into a larger building
98. If the marginal cost curve is U-shaped a. there are no productivity gains from specialization, only diminishing marginal product. b. average fixed costs are continually decreasing. c. there are productivity gains from specialization before diminishing marginal product sets in. […]
Business Development Chapter 8 1 One important goal of stream restoration is simply to remove obstacles in order to allow a self-sustaining, dynamic stream system
1 Earth is currently experiencing a mass extinction. (A) True (B) False 2 A small population is vulnerable to increased genetic defects. (A) True (B) False Answer: (A) True 3 Increased biodiversity has followed past mass extinctions. (A) True (B) […]
Economics Chapter 8 1 Economists consider both explicit costs and implicit costs when measuring economic profit. The reason they consider implicit costs is that
CHAPTER 8: Business Costs and Production MULTIPLE CHOICE 1. What needs to be done to ensure that a company is profitable? a. The company needs to maximize revenue. b. The company needs to minimize costs. c. The company needs to […]
Business Development Chapter 7 1 Deforestation of mountain slopes can provide a permanent increase in the amount of water available for irrigation as more snowmelt flows into reservoirs
1 Scientists in the IPCC conduct original research and report their findings in periodic assessment reports. (A) True (B) False 2 The average global temperature is warmer than it has ever been in Earth’s history. (A) True (B) False Answer: […]
Economics Chapter 7 1 Lila shares a house with two other people. She is a concert pianist and often practices at home. One roommate enjoys listening to her practice
CHAPTER 7: Market Inefficiencies: Externalities and Public Goods MULTIPLE CHOICE 1. The costs or benefits of a market activity that affect a third party are called a. externalities. d. internal costs. b. public goods. e. common-resource goods. c. club goods. […]
Business Development Chapter 6 1 Before conducting a greenhouse gas inventory, an organization must determine whether they will use Scope 1, Scope 2, or Scope 3 boundaries.
1 Scientists in the IPCC conduct original research and report their findings in periodic assessment reports. (A) True (B) False 2 Eruption of volcanoes can cause global cooling. (A) True (B) False Answer: (A) True 3 Water vapor is a […]
Economics Chapter 7 2 To reduce the level of pollution emitted by firms in an industry, the government could use a cap-and-trade policy or a carbon tax
90. Driving in the city is an example of a good that is a. excludable. d. nonrival. b. excludable and rival. e. excludable and nonrival. c. nonexcludable and rival. 91. Visiting the public beach during summer is an example of […]
Business Development Chapter 5 1 Because sustainability practitioners are professionally trained, it is generally more productive for them to work alone
1 Most jobs in sustainability are quite similar. (A) True (B) False 2 Planning for sustainability initiatives typically begins by defining a goal. (A) True (B) False Answer: (A) True 3 The first step in sustainability work in an organization […]
Economics Chapter 6 1 Many states have laws that limit the maximum amount of interest that a lender can charge a borrower. Such a law is an example of
CHAPTER 6: Price Controls MULTIPLE CHOICE 1. Why do government leaders impose price controls? a. They are trying to promote the formation of black markets. b. They are trying to ensure that the market reaches equilibrium. c. They are trying […]
Business Development Chapter 4 1 Ecological economics, a discipline merging economics and ecology, sees the economy as a subsystem of the biosphere
1 Agriculture first developed during the most recent Ice Age. (A) True (B) False 2 Civilization began to develop around the end of the last Ice Age. (A) True (B) False Answer: (A) True 3 Population can continue to grow […]
Economics Chapter 6 3 Some states and localities have laws that make it illegal to resell event tickets at prices higher than the original, legal market price
b. potential workers seeking employment. c. only those workers in jobs that would normally pay less than minimum wage. d. only those workers in jobs that would normally pay more than minimum wage. e. no workers. 137. Which of the […]
Business Development Chapter 3 1 James Lovelock, developer of the Gaia theory, said that the presence of life on another planet could be inferred from the composition of its atmosphere
1 The Second Law of Thermodynamics is sometimes called the law of (A) True (B) False 2 Energy can neither be created nor destroyed. (A) True (B) False Answer: (A) True 3 The physical world is not static; change is […]
Economics Chapter 6 2 The town of Fairness has a law stating that wages should be high enough to ensure that all people can afford to buy enough food for their families
c. They cause producers to overproduce products during a time of disaster. d. They act as a binding price floor in a time of disaster. e. They cause a surplus in the product during a time of disaster. 89. If […]
Business Development Chapter 2 1 The sustainability movement differs from the environmental movement in that it also includes economics and equity
1 The science of ecology can be said to study relationships and connections, as opposed to individual objects. (A) True (B) False 2 The word “ecology” comes from the Greek word oikos, meaning “household.” (A) True (B) False Answer: (A) […]
Economics Chapter 5 2 If a tax is imposed on a good where both supply and demand are somewhat elastic, but supply is more elastic than demand, the burden of the tax will be borne
c. increase; increase in the price of ethanol d. decrease; increase in demand for ethanol e. increase; decrease in the price of ethanol 103. Butter and margarine are substitute goods. A tax on butter will have what effect on the […]
Business Development Chapter 1 1 Living systems are finite, and being sustainable means not using them up beyond their capacity to regenerate
1 In sustainability, it is important to think about systems and not just parts and pieces. (A) True (B) False 2 One property of a system is that its identity is always more than the sum of its parts. (A) […]
Economics Chapter 5 1 102 The price-quantity combination found where the supply and demand curves intersect is a unique combination that is efficient because
CHAPTER 5: Market Outcomes and Tax Incidence MULTIPLE CHOICE 1. Consumer surplus is defined as the a. difference between the willingness to pay for a good and the willingness to sell it. b. total revenue earned from producing and selling […]
Economics Chapter 4 3 Toyota uses a just-in-time production method to respond to consumer demand for its vehicles. In essence, it relies on various cues to signal
11. Refer to the accompanying table. Price Quantity of Televisions (Y = 20,000) Quantity of Televisions (Y = 30,000) $350 250 375 $450 200 325 $550 150 275 $650 100 225 $750 50 175 a. Calculate the price elasticity of […]
Economics Chapter 4 2 The introduction of new gaming systems that can compete effectively with the Nintendo console will make the demand for the Nintendo console become
(income = $20,000/year) $1 5 9 $2 4 8 $3 3 7 $4 2 6 $5 1 5 a. 0.67. d. 0.83. b. 1.20. e. 0.50. c. 1.33. 106. The introduction of new gaming systems that can compete effectively with […]
Economics Chapter 4 1 To keep the percentage change in quantity demanded equally proportional to the percentage change in price when the prices rise by 5 percent
CHAPTER 4: Elasticity MULTIPLE CHOICE 1. Price elasticity of demand measures the change in a. quantity demanded due to the change in price. b. demand due to the change in price. c. quantity demanded due to the change in price […]
Economics Chapter 3 2 Some studies have shown that eating chocolate before a test can increase brain activity, thereby causing students to score higher on exams
a. shift from S1 to S3. d. shift from S2 to S1. b. remain at S1. e. shift from S2 to S3. c. shift from S1 to S2. 87. If the price of Gatorade increases, the equilibrium price of Powerade, […]
Economics Chapter 3 1 If someone searches for a flight between Los Angeles and Chicago, he or she will find different airlines offering flights at similar prices
CHAPTER 3: The Market at Work: Supply and Demand MULTIPLE CHOICE 1. For a market to be competitive a. each buyer and seller is small, relative to the whole market; no single decision maker has any influence over the market […]
Economics Chapter 3 3 Using a supply and demand model, show what happens to the equilibrium price and equilibrium quantity in the market for bananas if
c. What happened to the demand curve? d. List five things that could make the demand curve reflect your answer in part c. 5. During a national recession, we see the income in the economy decrease and the majority of […]
Economics Chapter 2 2 Suppose a great plague wipes out half of the society’s population. Which of the following graphs best depicts how this would affect the PPF
83. Suppose a great plague wipes out half of the society’s population. Which of the following graphs best depicts how this would affect the PPF? a. Graph A d. Graph D b. Graph B e. Graph E c. Graph C […]
Economics Chapter 2 1 Think of the production possibilities frontier (PPF) model. When society is producing the largest possible output from its resources, it is operating
CHAPTER 2: Model Building and Gains from Trade MULTIPLE CHOICE 1. An economist’s use of experiments and real-world data to test a theory is an example of a. the scientific method in economics. d. normative analysis. b. macroeconomics. e. comparative […]
Economics Chapter 2 3 When an economy shifts away from production of consumer goods and toward production of capital goods, for the average worker this trade-off means
142. Which point represents an efficient level of output both before and after the shift? a. point A d. point D b. point B e. point E c. point C ANS: C DIF: Moderate REF: The Production Possibilities Frontier and […]
Economics Chapter 1 2 Hassan enjoys lifting weights in his spare time, but his gain in strength has come to a plateau. He is considering giving up weight lifting altogether
93. The allocation of limited resources within an environment of almost unlimited wants is the focus of a. capitalism. d. scarcity. b. fiscal policy. e. altruism. c. economics. ANS: C DIF: Easy REF: What Is Economics? OBJ: 1.1 MSC: Understanding […]
Economics Chapter 1 1 As a new firm in the apple-picking business, Nicolette has considered adding an economist to her management team
CHAPTER 1: Five Foundations of Economics MULTIPLE CHOICE 1. In economics, choices are necessary because of the presence of a. luxuries. d. scarcity. b. inefficiency. e. incentives. c. needs. 2. Economics is the study of a. how to make money. […]