1. (TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to
2. (TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if
3. (TCO 1) The law of increasing opportunity costs indicates that
4. (TCO 1) Which expression is another way of saying "marginal benefit"?
5. (TCO 1) Which is not a factor of production?
6. (TCO 1) The Soviet Union economy of the 1980s would best be classified as
7. (TCO 1) Markets in which firms sell their output of goods and services are called
8. (TCO 1) Laissez-faire capitalism is characterized by
9. (TCO 1) Consumer sovereignty and "dollar votes" guide the market system in dealing with which fundamental question?
10. (TCO 1) A major problem with state ownership of resources is that it does not
11. (TCO 2) The quantity demanded of a product increases as its price declines because the
12. (TCO 2) A surplus of a product will arise when price is
13. (TCO 2) If an effective price ceiling is placed on hamburgers then
14. (TCO 2) An increase in demand for oil along with a simultaneous increase in supply of oil will
15. (TCO 2) For most products, purchases tend to fall with decreases in buyers' incomes. Such products are known as
16. (TCO 2) If the price elasticity of demand for a product is equal to 0.5, then a 10 percent decrease in price will increase quantity demanded by
17. (TCO 2) When the price of movie tickets in a certain town was reduced, the movie-theaters' revenues did not change. This suggests that the demand for movie tickets in that town has a price-elasticity coefficient of
18. (TCO 2) The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that
19. (TCO 2) If the demand for a product is elastic, then
20. (TCO 2) Airlines charge business travelers more than leisure travelers because there is a more
21. (TCO 3) Cash expenditures a firm makes to pay for resources are called
22. (TCO 3) Economic profits are equal to
23. (TCO 3) The main difference between the short run and the long run is that
24. (TCO 3) Variable costs are
25. (TCO 3) The phrase "don't cry over spilt milk" could be rephrased in economic terms by saying
26. (TCO 3) If you know that total fixed cost is $200, total variable cost is $600, and total product is four units, then average total cost must be:
1. (TCO 3) Mutual interdependence would tend to limit control over price in which market model?
2. (TCO 3) Local electric or gas utility companies mostly operate in which market model?
3. (TCO 3) The production of agricultural products such as wheat or corn would best be described by which market model?
4. (TCO 3) Sam owns a firm that produces tomatoes in a purely competitive market. The firm's demand curve is
5. (TCO 3) T-Shirt Enterprises is selling in a purely competitive market. It is producing 3,000 units, selling them for $2 each. At this level of output, the average total cost is $2.50 and the average variable cost is
6. (TCO 3) If a purely competitive firm is producing at an output where marginal revenue exceeds marginal cost, the firm will increase its profit by
7. (TCO 3) In pure competition, each extra unit of output that a firm sells will yield a marginal revenue that is
8. (TCO 3) One feature of pure monopoly is that the monopolist is
9. (TCO 3) Which of the following is a barrier to entry?
10. (TCO 3) The demand curve confronting a nondiscriminating, pure monopolist is
11. (TCO 3) Which would definitely not be an example of price discrimination?
12. (TCO 3) Which of the following is a characteristic of monopolistic competition?
13. (TCO 3) If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will
14. (TCO 3) The characteristic most closely associated with oligopoly is
15. (TCO 3) A low concentration ratio means that
16. (TCO 3) A major reason that firms form a cartel is to
17. (TCO 1) Which of the following is a land resource?
18. (TCO 1) Refer to the diagram below which is based on the Circular Flow Model in Chapter 2. Arrows (1) and (2) represent
19. (TCO 2) Refer to the diagram. A decrease in demand is depicted by a
20. (TCO 2) Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the game
21. (TCO 2) Which of the following goods (with their respective income-elasticity coefficients in parentheses) will most likely suffer a decline in demand during a recession?
22. (TCO 3) In the diagram Curves 1, 2, and 3 represent
23. (TCO 1) Refer to the diagram. If society is producing nine units of bicycles and four units of computers and it now decides to increase computer output to six, the cost
24. (TCO 3) Assume that the owners of the only gambling casino in Wisconsin spend large sums of money lobbying state government officials to protect their gambling monopoly. Economists refer to these expenditures as
25. (TCO 3) a.) Do you agree or disagree with the statement that: "A monopolist always charges the highest possible price."? Explain. b.) Why can't an individual firm raise its price by reducing output or lower its price to increase sales volume in a purely competitive market?
26. (TCO 2) What effect should each of the following have upon the demand for portable music players in a competitive market? Explain your reasoning in each case
Комментариев нет:
Отправить комментарий