Archives: Quiz
978-1259723223 Test Bank TBChap017 Part 6
209. A major function of the National Labor Relations Board is to A. monitor potentially inflationary increases in wages. B. provide compulsory arbitration so that strikes and lockouts do not occur. C. set annual wage increases on an industry–by–industry basis. […]
978-1259723223 Test Bank TBChap017 Part 5
17–81 Topic: Wage Differentials 154. (Consider This) The story about artist Pablo Picasso illustrates the point that A. the demand for labor is a derived demand. B. geographical immobility impedes an efficient allocation of labor resources. C. principal-agent problems can […]
978-1259723223 Test Bank TBChap017 Part 4
17–61 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. C. 2. D. 1. AACSB: Knowledge Application Blooms: Understand Dif f i c u l t y : 02 […]
978-1259723223 Test Bank TBChap017 Part 3
Test Bank: I Topic: Monopsony Model Type: Graph 78. Refer to the diagram. The MRC curve lies above the labor supply curve because A. any number of workers can be hired at the going equilibrium wage rate. B. the firm […]
978-1259723223 Test Bank TBChap017 Part 2
17–21 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Blooms: Understand Dif f i c u l t y : 02 Medium Learning Objective: 17–02 Show how wage […]
978-1259723223 Test Bank TBChap017 Part 1
Chapter 17 Wage Determination Answer Key Multiple Choice Questions 1. Real wages in the United States in the long run A. show no discernible relationship to output per worker. B. have increased at about the same rate as increases in […]
978-1259723223 Test Bank Chapter 17 Part 2
24. What is the difference between an exclusive union and an inclusive union? What are the economic effects of each type? A craft union would be an example of an exclusive union. It uses licensing and other means to restrict […]
978-1259723223 Test Bank Chapter 17 Part 1
374 CHAPTER 17 Wage Determination A. Short-Answer, Essays, and Problems 1. When economists refer to labor, what type of workers are they referring to? 2. What do “wages” and “wage rates” mean in economics? How do they differ from labor […]
978-1259723223 Test Bank TBChap016 Part 7
16-121 Test Bank: II Topic: Elasticity of Resource Demand 259. In firm X labor costs are 85 percent of production costs, while in firm Y labor costs are 40 percent of production costs. A 20 percent increase in wages would […]
978-1259723223 Test Bank TBChap016 Part 6
16-101 A. is constant at all levels of production. B. cannot be discerned from the given data. C. decreases as production increases. D. increases as production increases. AACSB: Knowledge Application Blooms: Understand Difficulty: 02 Medium Learning Objective: 16–02 Convey how […]
978-1259723223 Test Bank TBChap016 Part 5
174. Refer to the graph, where TP = total product and L = labor input. If this graph is for a firm that sells its product in a purely competitive market, then its marginal revenue product of labor (MRP) A. […]
978-1259723223 Test Bank TBChap016 Part 4
16–61 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. C. $47. D. $90. AACSB: Knowledge Application Blooms: Understand Difficulty: 02 Medium Learning Objective: 16–05 Determine how a competitive […]
978-1259723223 Test Bank TBChap016 Part 3
16–41 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. A c c e s s i b i l i t y : Keyboard Navigation Blooms: Remember D […]
978-1259723223 Test Bank TBChap016 Part 2
16–21 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Top i c: Marginal Productivity Theory of Resource Demand 40. The labor demand curve of an imperfectly competitive seller […]
978-1259723223 Test Bank TBChap016 Part 1
Chapter 16 The Demand for Resources Answer Key Multiple Choice Questions 1. Resource pricing is important because A. resource prices are a major determinant of money incomes. B. resource prices allocate scarce resources among alternative uses. C. resource prices, along […]
978-1259723223 Test Bank Chapter 16 Part 2
16–359 0 .40 3 39 125 1.8 0 225 .00 61.60 4 32 157 1.7 0 266 .90 41.90 5 24 181 1.6 0 289 .60 22.70 6 14 195 1.5 0 292 .50 2.90 7 2 197 1.4 0 […]
978-1259723223 Test Bank Chapter 16 Part 1
CHAPTER 16 The Demand for Resources A. Short-Answer, Essays, and Problems 1. What are four significant reasons for studying resource pricing? 2. The theory of resource pricing is sometimes referred to by economists as the theory of income distribution. Why? […]
978-1259723223 Test Bank TBChap015 Part 6
Test Bank: II Topic: Role of Market Structure 221. Which two market structures have a strong need to innovate but have low expected returns on R&D expenditures? A. monopoly and oligopoly B. oligopoly and pure competition C. monopoly and monopolistic […]
978-1259723223 Test Bank TBChap015 Part 5
15–81 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Understand Difficulty : 02 Medium Learning Objective: 15–03 Summarize how a firm […]
978-1259723223 Test Bank TBChap015 Part 4
15–61 Test Bank: II Topic: Invention, Innovation, and Diffusion 142. In 2014, which of the following nations ranked highest in total R&D expenditures as a percentage of GDP? A. the United States B. the United Kingdom C. Sweden D. China […]
978-1259723223 Test Bank TBChap015 Part 3
15–41 87. Which of the following supports the contention that pure competitors have a strong incentive to engage in R&D? A. Entry to purely competitive industries is easy, and thus profit from innovation is quickly competed away. B. Pure competitors […]
978-1259723223 Test Bank TBChap015 Part 2
48. In the diagram, at $10 million of R&D expenditure, the A. expected rate of return exceeds the interest-rate cost of funds. B. firm is spending an optimal amount on R&D. C. interest-rate cost of funds exceeds the expected rate […]
978-1259723223 Test Bank TBChap015 Part 1
Chapter 15 Technology, R&D, and Efficiency Answer Key Multiple Choice Questions 1. Broadly defined, technological advance A. can occur in the short run, long run, or very long run. B. comprises new and improved goods and services and/or new and […]
978-1259723223 Test Bank Chapter 15 Part 2
15-331 23 Use the table below that shows the rate of return and R&D spending for a hypothetical firm. Assume the interest-rate cost of funds is 8%. Expected rate of return (%) R&D (millions of $) 14 6 12 9 […]
978-1259723223 Test Bank Chapter 15 Part 1
CHAPTER 15 Technology, R&D, and Efficiency A. Short-Answer, Essays, and Problems 1. Give a definition of technological advance. What role does time play in the definition according to economists? 2. What is the difference between the short run, long run […]
978-1259723223 Test Bank TBChap014 Part 9
In the first game, if firm B doesn’t introduce a new product and firm A does, then firm A would be better off if A. both firms introduce new products in game 2. B. neither firm introduces new products in […]
978-1259723223 Test Bank TBChap014 Part 8
14-141 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. in the case of a monopoly. D. oligopolies tend to engage in advertising more so than monopolies. 279. When […]
978-1259723223 Test Bank TBChap014 Part 7
231. Answer the question based on the payoff matrix for a duopoly in which the numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy. If both firms collude to maximize joint profits, the total […]
978-1259723223 Test Bank TBChap014 Part 6
AACSB: Knowledge Application Accessibi l i t y: Keyboard Navigation Blooms: Apply Di fficu l t y : 03 Hard Learning Objective: 14–06 Utilize additional game-theory terminology and demonstrate how to find Nash equilibriums in both simultaneous and sequential games. […]
978-1259723223 Test Bank TBChap014 Part 5
14–81 The diagram shows the extensive form version of a strategic game between the two nationally dominant coffee sellers, Corporate Coffee and Jumbo Java, both of whom are considering opening coffee shops in a new town. The payoffs represent, in […]
978-1259723223 Test Bank TBChap014 Part 4
113. Refer to the payoff matrix. Which cell represents the outcome of this game? A. A B. B C. C D. D AACSB: Knowledge Application Blooms: Apply Di f f i cu l t y : 03 Hard Learning Objective: […]
978-1259723223 Test Bank TBChap014 Part 3
76. Refer to the diagram for a non collusive oligopolist. We assume that the firm is initially in equilibrium at point E, where the equilibrium price and quantity are P and Q. If the firm‘s rivals will ignore any price […]
978-1259723223 Test Bank TBChap014 Part 2
14–21 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Di f f i cu l t y : 02 Medium Learning Objective: 14–02 Discuss how game theory relates […]
978-1259723223 Test Bank TBChap014 Part 1
14-1 Chapter 14 Oligopoly and Strategic Behavior Answer Key Multiple Choice Questions 1. In which of these continuums of degrees of competition (lowest to highest) is oligopoly properly placed? A. pure monopoly, monopolistic competition, oligopoly, pure competition B. oligopoly, pure […]
978-1259723223 Test Bank Chapter 14 Part 2
13. Why is the economic analysis of oligopoly so difficult? What two generalizations can be made about the pricing behavior of oligopolists? Oligopoly is hard to analyze because it covers many different market situations. There are both homogeneous and differentiated […]
978-1259723223 Test Bank Chapter 14 Part 1
14–292 CHAPTER 14 Oligopoly and Strategic Behavior A. Short-Answer, Essays, and Problems 1. What are the basic characteristics of oligopoly? How does oligopoly compare with the other market structures? 2. Evaluate the statement: “A market that produces an identical product […]
978-1259723223 Test Bank TBChap013 Part 6
13–96 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. B. marginal cost is less than price. C. marginal cost is not at its lowest. D. average total cost […]
978-1259723223 Test Bank TBChap013 Part 5
13–81 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. D. decrease to zero. AACSB: Reflective Thinking Blooms: Understand Difficulty: 02 Medium Learning Objective: 13–02 Explain why monopolistic competitors […]
978-1259723223 Test Bank TBChap013 Part 4
13–61 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Accessibility: Keyboard Navigation Blooms: Remember Diffi cult y: 01 Easy Learning Objective: 13–01 List the characteristics of monopolistic competition. […]
978-1259723223 Test Bank TBChap013 Part 3
13–41 9.99 8.85 7 7 62 9.00 8.00 8 8 64 8.00 7.00 9 9 67 7.10 6.10 10 10 72 6.00 5.00 11 11 79 5.15 4.15 12 12 86 If columns (1) and (3) of the demand data […]
978-1259723223 Test Bank TBChap013 Part 2
13–21 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. C. exceed MC but equal ATC. D. exceed both MC and ATC. 52. Which of the following is correct […]
978-1259723223 Test Bank TBChap013 Part 1
Chapter 13 Monopolistic Competition Answer Key Multiple Choice Questions 1. Monopolistic competition means A. a market situation where competition is based entirely on product differentiation and advertising. B. a large number of firms producing a standardized or homogeneous product. C. […]
978-1259723223 Test Bank Chapter 13
13–278 CHAPTER 13 Monopolistic Competition A. Short-Answer, Essays, and Problems 1. What are the major features of monopolistic competition compared to pure competition and pure monopoly? 2. “Pure competition or pure monopoly industries will tend to be one-price industries. Monopolistic […]
978-1259723223 Test Bank TBChap012 Part 10
12-180 to achieve efficiency. AACSB: Analytical Thinking Blooms: Analyze Difficu l t y : 03 Hard Learning Objective: 12–07 Distinguish between the monopoly price, the socially optimal price, and the fair-return price of a government-regulated monopoly. Test Bank: II Topic: […]
978-1259723223 Test Bank TBChap012 Part 9
275. If the industry depicted in this graph were purely competitive, then the market price would be A. $25, which is higher than what the price would have been if the industry were a monopoly. B. $25, which is lower […]
978-1259723223 Test Bank TBChap012 Part 8
must be cut to $7.00. The marginal revenue of the 21st toy is A. −$10. B. −$13. C. +$7. D. +$21. AACSB: Knowledge Application Accessibilit y: Keyboard Navigation Blooms: Understand D i ff i c u lt y: 02 Medium […]
978-1259723223 Test Bank TBChap012 Part 7
12-121 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Learning Objective: 12–03 Explain how demand is seen by a pure monopoly. Test Bank: II Topic: Monopoly Demand 212. […]
978-1259723223 Test Bank TBChap012 Part 6
12-101 Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. D ifficulty: 02 Medium Learning Objective: 12–05 Discuss the economic effects of monopoly. Test Bank: I Topic: Economic Effects […]
978-1259723223 Test Bank TBChap012 Part 5
A. incurs a loss. B. earns an economic profit of $250. C. earns a normal profit of $250. D. earns an economic profit of $150. AACSB: Knowledge Application Blooms: Understand D ifficulty: 02 Medium Learning Objective: 12–06 Describe why a […]
978-1259723223 Test Bank TBChap012 Part 4
104. Refer to the diagrams. The demand for Firm B’s product is A. perfectly elastic over all ranges of output. B. perfectly inelastic over all ranges of output. C. elastic for prices above $4 and inelastic for prices below $4. […]