33. Redistribution programs are means-tested. To qualify for such a program, a p
ID: 1195504 • Letter: 3
Question
33.
Redistribution programs are means-tested. To qualify for such a program, a person must demonstrate that:
A)
his or her family size is larger than the mean-family size for the country as a whole.
B)
his or her average (or mean)-family income has fallen (or not gone up) during the past three years.
C)
he or she is making serious efforts to get a job, even though he or she is currently unemployed.
D)
his or her income (or means) is below a certain specified level.
34.
T or F: Means-tested programs are available only to those with sufficiently low income. An example is the Temporary Assistance for Needy Families program.
35.
T or F: A major category of government spending is social insurance. If this is broadly defined it would include not only spending on Social Security and Medicare, but also on unemployment insurance and defense.
36.
T or F: The efficient way to reduce pollution is to impose strict environmental standards on all polluters.
37.
T or F: The optimal Pigouvian tax is equal to the marginal social cost of pollution at the socially optimal quantity of pollution.
38.
T or F: If an external cost exists, then the marginal social cost curve will be to the left of the marginal cost of production curve.
39. Which of the following characterizes monopolistic competition?
a. Many interdependent firms sell a homogeneous product.
b. A few firms produce a particular type of product.
c. Many firms product a particular type of product, but each maintains some independent control over its own price.
d. A few firms produce all of the market supply of a good.
40. A major difference between monopoly and monopolistic competition is:
a. One maximizes profits by setting MR equal MC, and the other does not.
b. The number of firms in the market.
c. One type of firm has market power, and the other does not.
d. One has a downward-sloping demand curve, and the other does not.
41. Entry into a market characterized by monopolistic competition is generally:
a. Entirely blocked by existing firms.
b. Relatively hard because many barriers exist.
c. As difficult as in oligopoly.
d. Less difficult than entry into monopolized markets.
42. A monopolistically competitive firm maximizes profits or minimizes losses in the short-run by:
a. Using marginal cost pricing.
b. Producing output at the level where ATC is minimized.
c. Producing output at the level where price equals ATC.
d. Producing output at the level where MC=MR.
43. If new firms enter a monopolistically competitive market, the demand curves for the existing firms will:
a. Shift to the left and become more price inelastic.
b. Shift to the left an there will be no change in price elasticity.
c. Shift to the right and there will be no change in price elasticity.
d. None of the above.
44. Which of the following market structures will have lower prices in the long-run than will perfect competition, ceteris paribus?
a. Monopolistic competition.
b. Oligopoly.
c. Monopoly.
d. None of the above.
45. When firms have the power to restrict output, raise prices, stifle competition, and inhibit innovation the market failure involved is:
a. Market power.
b. Externalities.
c. Common pool resources.
d. Inequities.
46. T or F: Another important thing I’ve learned in class this semester is to have plenty of bottled gravy on hand during the holiday season.
47. T or F: In sum, the main cause of escalating healthcare costs over time is improvements in healthcare-related technology.
48. T or F: The Affordable Care Act was established mainly to provide health insurance for the estimated 50 million uninsured Americans.
49. A hot mixture of pan drippings, flour, and water is commonly known as:
a. externalities.
b. market power.
c. common pool resources.
d. gravy.
50. According to the video, “Enron: The Smartest Guys in the Room”, the name of the notorious CEO of Enron was:
a. Abu Bakr al-Baghdadi
b. Jim McEwen
c. Jeffrey Skilling
d. Miley Cyrus
33.
Redistribution programs are means-tested. To qualify for such a program, a person must demonstrate that:
A)
his or her family size is larger than the mean-family size for the country as a whole.
B)
his or her average (or mean)-family income has fallen (or not gone up) during the past three years.
C)
he or she is making serious efforts to get a job, even though he or she is currently unemployed.
D)
his or her income (or means) is below a certain specified level.
Explanation / Answer
39. Which of the following characterizes monopolistic competition?
c. Many firms product a particular type of product, but each maintains some independent control over its own price. Monopolistic competitive firm sells differentiated products and they only can sell more if they reduce the price. The firms have some control over the price as their products are differentiated on the basis of size, shapes, colour, fragrance etc.
40. A major difference between monopoly and monopolistic competition is:
b. The number of firms in the market. There is only one seller in the market in case of monopoly and there are large numbers of sellers in monopolistic competition.
41 Entry into a market characterized by monopolistic competition is generally:
d. Less difficult than entry into monopolized markets. The firms are less incline to deter firms from entering into the industry. Therefore there are no major barriers to entry and exit.
42. A monopolistically competitive firm maximizes profits or minimizes losses in the short-run by producing output at the level where MC=MR. but the firm prices its product at the price which consumers can pay maximum.
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