Economics

When the first Pizza Hut opened its doors back in 1958, it offered consumers one

When the first Pizza Hut opened its doors back in 1958, it offered consumers one style of pizza: its Original Thin Crust Pizza. Since its modest beginnings, Pizza Hut has establis…

When the four-firm concentration ratio in a market is high: A. the four biggest

When the four-firm concentration ratio in a market is high: A. the four biggest firms are National Monopolists. B. economies of scale are likely to be significant C. Each of the f…

When the government imposes taxes on buyers or sellers of a good, society is bet

When the government imposes taxes on buyers or sellers of a good, society is better off because the government’s tax revenues exceed the deadweight loss. gains efficiency but lose…

When the government makes a payment to an individual for which no good or servic

When the government makes a payment to an individual for which no good or service is provided in return, this is referred to as a: A. public exchange. B. private exchange. C. reve…

When the government runs a deficit, it spends more than it collects in tax reven

When the government runs a deficit, it spends more than it collects in tax revenue. to make up the difference, it borrows. So if it runs a deficit of 7 trillion ducats, debt incre…

When the government subsidizes investement, such as with an investment tax credi

When the government subsidizes investement, such as with an investment tax credit, the subsidy often applies to only some types of investment. This question ask you to considerthe…

When the government uses fiscal policy to help the economy crowding out occurs b

When the government uses fiscal policy to help the economy crowding out occurs because The government must sell bonds which increases interest rates. The government must sell bond…

When the last recession hit, Congress agreed to increase government spending. Br

When the last recession hit, Congress agreed to increase government spending. Briefly defend this choice referring to the Keynesian view of fiscal policy. (Please mention “aggrega…

When the marginal product curve is declining because of A. increasing returns, t

When the marginal product curve is declining because of A. increasing returns, the marginal cost curve is rising B. Diminishing returns, the marginal cost curve is rising C. Dimin…

When the market fails there are calls for the government to step in and clean up

When the market fails there are calls for the government to step in and clean up the mess. Here, we consider three market failures: externalities, public goods, and informational …

When the money market is drawn with the value of money on the vertical axis, an

When the money market is drawn with the value of money on the vertical axis, an increase in the money supply creates an excess a. supply of money causing people to spend more. b. …

When the money market is drawn with the value of money on the vertical axis, if

When the money market is drawn with the value of money on the vertical axis, if the money supply rises: a. the price level and the value of money fall. b. the price level and the …

When the net annual cash flows are EQUAL, the cash payback period is computed by

When the net annual cash flows are EQUAL, the cash payback period is computed by dividing the cost of the capital investment by the: A) annual net income B) net annual cash flow C…

When the price faced by a firm in a competitive market was $5, the firm produced

When the price faced by a firm in a competitive market was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of outpu…

When the price is less than the equilibrium price, some consumers will be willin

When the price is less than the equilibrium price, some consumers will be willing to pay a price higher than the prevailing price. the price will be forced higher. there will be a…

When the price level is low and the demand for domestic goods increases, how doe

When the price level is low and the demand for domestic goods increases, how does it affect international trade? A. Prices of all international goods will increase B. Prices of al…

When the price of a CD player falls from $110 to $90 and other things remain the

When the price of a CD player falls from $110 to $90 and other things remain the same, the quantity demanded of CD players increases from 40 to 60 an hour, the quantity demanded o…

When the price of a box of herbal tea bags rises from $0.99 to $1.21, the quanti

When the price of a box of herbal tea bags rises from $0.99 to $1.21, the quantity offered for sale rises from 400,000 to 600,000. What is the price elasticity of supply? When the…

When the price of a cruise rises from $19,500 to 20,500, the quantity demanded d

When the price of a cruise rises from $19,500 to 20,500, the quantity demanded decreases from $2,100 to 1,900 travelers. 1. Use this information to calculate the chan in the total…

When the price of a good falls, the ratio of the marginal utility of that good d

When the price of a good falls, the ratio of the marginal utility of that good divided by its price ________ and as a result, consumers purchase ________ of that good. (Points : 5…

When the price of a good increases, it is incorrect to say that the Demand for t

When the price of a good increases, it is incorrect to say that the Demand for that same good will decrease. And when the price of a good decreases, it is incorrect to say that th…

When the price of a latte increases from $2 to $3, the quantity demanded decreas

When the price of a latte increases from $2 to $3, the quantity demanded decreases from 100 per week to 83 per week. Using the midpoint method, the price elasticity of demand is 2…

When the price of apples gets too high and people substitute to pears the CPI wi

When the price of apples gets too high and people substitute to pears the CPI will change accordingly GDP deflator will change accordingly They both will change accordingly Neithe…

When the price of corn was \"low,\" consumers in the United States spent a total

When the price of corn was "low," consumers in the United States spent a total of $3 billion annually on its consumption. When the price halved, consumer expenditures actually dec…

When the price of squiggles is $700, 2200 units are demaded. When the price per

When the price of squiggles is $700, 2200 units are demaded. When the price per unit of squiggles is $300, 4200 units of squiggles are demanded. 1) Use these two points and calcul…

When the price of sugar was \"low,\" consumers in the United States spent a tota

When the price of sugar was "low," consumers in the United States spent a total of $1 billion annually on its consumption. When the price doubled, consumer expenditures actually i…

When the real exchange rate for the dollar appreciates, U.S. goods become A. mor

When the real exchange rate for the dollar appreciates, U.S. goods become A.  more expensive relative to foreign goods, which makes exports fall and imports rise. B.  less expensi…

When the real exchange rate for the dollar appreciates, U.S. goods become A. mor

When the real exchange rate for the dollar appreciates, U.S. goods become A.  more expensive relative to foreign goods, which makes exports fall and imports rise. B.  less expensi…

When the real exchange value of the U.S. dollar rises: multiple choice U.S. impo

When the real exchange value of the U.S. dollar rises: multiple choice U.S. imports will decrease but exports will be unaffected. U.S. exports will decrease and imports will incre…

When the reserve ratio is increased: a. Required reserves are changedinto excess

When the reserve ratio is increased: a. Required reserves are changedinto excess reserves. b. The excess reserves ofmember banks are increased. c. A single commercial bankcan no l…

When the social planner minimizes deadweight loss, which of the following is tru

When the social planner minimizes deadweight loss, which of the following is true? Marginal private benefit equals marginal social cost. Marginal social benefit equals marginal so…

When the world price is below the domestic price the elimination of a tariff dec

When the world price is below the domestic price the elimination of a tariff decreases domestic production and provides a benefit because Select one it causes unemployment when wo…

When there are barriers to entry in a market, which of the following is true? An

When there are barriers to entry in a market, which of the following is true? Answer Existing firms will always make positive economic profit in the long run.   Economic profit ca…

When there are many producers and many consumers in an economy, the best way to

When there are many producers and many consumers in an economy, the best way to achieve an efficient allocation of resources is to have a A. single planner who makes all productio…

When there is a breach of a contract and damages, the difference between the val

When there is a breach of a contract and damages, the difference between the value of the contract as it had been promised and the value of the performance which was actually give…

When there is a positue evkrnaliy. the private benefit received by conswncrs is

When there is a positue evkrnaliy. the private benefit received by conswncrs is greater than the extcrml benefit. the octal benefit received by consumers is greater that the priva…

When there is a shortage, sellers have an incentive to their price and buyers ha

When there is a shortage, sellers have an incentive to their price and buyers have an incentive to offer a price. increase; lower decrease; lower decrease; higher increase; higher…

When there is an excess supply for a good, there is s: A. upward pressure on pri

When there is an excess supply for a good, there is   s: A. upward pressure on price because firms accumulate unwanted inventories. B. downward pressure on price because firms acc…

When there is an excess supply of a good in the market the price will increase c

When there is an excess supply of a good in the market the price will increase causing a decrease in demand and an increase in quantity supplied. the price of the product will dec…

When there is technological advance in the ice cream industry,consumer surplus i

When there is technological advance in the ice cream industry,consumer surplus in that market will a. increase b.decrease c.not change, since technology affects producers and notc…

When total product is at its maximum: a. average product is maximized b. average

When total product is at its maximum: a. average product is maximized b. average product equals marginal product c. average product equals 1 d. marginal product equals 1 e. averag…

When total revenue is less than variable costs, a firm in acompetitive market wi

When total revenue is less than variable costs, a firm in acompetitive market will a. continue to operate as long as average revenue exceedmarginal cost. b.continue to operate as …

When trying to assess differences in her customers, Claire the owner of Claires

When trying to assess differences in her customers, Claire the owner of Claires Rose Boutique noticed a difference in the typical demand of her female versus her male customers.  …

When trying to assess differences in her customers, Claire – the owner of Claire

When trying to assess differences in her customers, Claire – the owner of Claire’s Rose Boutique – noticed a difference in the typical demand of her female versus her male custome…

When trying to assess differences in her customers, Claire – the owner of Claire

When trying to assess differences in her customers, Claire – the owner of Claire’s Rose Boutique – noticed a difference in the typical demand of her female versus her male custome…

When trying to reach and persuade the Economic Buying Influence which item below

When trying to reach and persuade the Economic Buying Influence which item below is not one of the three most common challenges? It would be a violation of customer’s compliance r…

When two or more large companies in the same industry set prices or quantities i

When two or more large companies in the same industry set prices or quantities in unison, economists refer to them as: a. Monopolist competitors b. A cartel c. Dominant firms d. P…

When unexpected inflation occurs, some people in society are harmed while other

When unexpected inflation occurs, some people in society are harmed while other people are made better off Use the descriptions below to determine if they have benefited ("Winners…

When using regression to combine forecast of the same Y variable derived in with

When using regression to combine forecast of the same Y variable derived in with various methods. How do you determine the best forecasts to include in the model? a) forecast that…

When using the traditional command-and-control approach to environmental regulat

When using the traditional command-and-control approach to environmental regulation, the government attempts to: Answer a. make allowances for differences across industries and be…