Economics

11. Minimum wage legislation The following graph shows the labor market in the f

11. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. In a labor market, workers supply their …

11. Monetary policy is said to be accommodating when a. The central bank underta

11. Monetary policy is said to be accommodating when a. The central bank undertakes open market sales to fight inflation b. The central bank responds to a tax increase by increasi…

11. Natural monopolies arise because of: A. Government licenses. B. Patents on t

11. Natural monopolies arise because of: A. Government licenses. B. Patents on technological innovations. C. Economies of scale. D. Control over an important natural resource. 12.…

11. On November 18, 2012, Nintendo released its 8 th -generation video game cons

11. On November 18, 2012, Nintendo released its 8th-generation video game console, the Wii U. In November 2013, Microsoft and Sony followed suit by releasing the Xbox One and Play…

11. One Guy\'s short-run cost function is: C(q, K) = + 0.25K, where q is the num

11. One Guy's short-run cost function is: C(q, K) = + 0.25K, where q is the number of pizzas produced and K is the number of ovens. Currently, One Guy's is leasing 4 ovens in the …

11. People benefit by participating in the market because: Participants in the m

11. People benefit by participating in the market because: Participants in the market do not have to make choices. 12. A lower quantity demanded of a good reflects, ceteris paribu…

11. Product A cost $20 product B cost $36 marginal utility for the first unit of

11. Product A cost $20 product B cost $36 marginal utility for the first unit of A is 144 and the marginal utility from the first unit of B is 180 what should this consumer do to …

11. Product adaptation for a new market A. can be any part of the product, not n

11. Product adaptation for a new market A. can be any part of the product, not necessarily the physical product. B. must be the physical product, because that is what the customer…

11. Real GDP per capita: A. cannot grow more rapidly than real GDP. B. cannot gr

11. Real GDP per capita: A. cannot grow more rapidly than real GDP. B. cannot grow more slowly than real GDP. C. necessarily grows more rapidly than real GDP. D. can grow either m…

11. Rostow\'s Stages of Growth model predicts that: a. for an economic \"take-of

11. Rostow's Stages of Growth model predicts that: a. for an economic "take-off," savings and b. financial institutions will only begin to appear . economic growth accelerates onc…

11. Softer Lig hts, Inc. has provided the following information for its most rec

11. Softer Lig hts, Inc. has provided the following information for its most recent year of operation. Net income was $316,500, fixed assets are $876,400, current assets equal was…

11. Statement 1: The multiplier for autonomous consumption, I and G are differen

11. Statement 1: The multiplier for autonomous consumption, I and G are different given a specific value of MPC. Statement 2: The lumpsum tax multiplier is always the G multiplier…

11. Structural unemployment is defined as A. long-term unemployment caused by th

11. Structural unemployment is defined as A. long-term unemployment caused by the ordinary difficulties of matching employee to employer. B. short-term unemployment caused by the …

11. Suppose a firms\' average variable cost curve has the typical U-shaped form,

11. Suppose a firms' average variable cost curve has the typical U-shaped form, if so, then the following is true: A) The average variable cost curve reaches a minimum point where…

11. Suppose a monopoly team faces demand for a sporting event of Q = 100 ? P. Th

11. Suppose a monopoly team faces demand for a sporting event of Q = 100 ? P. The associated marginal revenue function is MR = 100 ? 2Q. If marginal cost is zero, what are the opt…

11. Suppose that at 100 units of output a firm is producing such that marginal r

11. Suppose that at 100 units of output a firm is producing such that marginal revenue is equal to marginal cost. The firm is selling its output at a price of $4 per unit and is i…

11. Suppose that at 100 units of output a firm is producing such that marginal r

11. Suppose that at 100 units of output a firm is producing such that marginal revenue is equal to marginal cost. The firm is selling its output at a price of $4 per unit and is i…

11. Suppose the demand function for good x is as follows: Qd=1000-4Px-2Py-6M+3A,

11. Suppose the demand function for good x is as follows: Qd=1000-4Px-2Py-6M+3A, where Px is the price for good X, Py is the price for good Y, M is income, and A is the amount the…

11. Suppose the following is shows the variable costs of the final manufacturing

11. Suppose the following is shows the variable costs of the final manufacturing division of a product. The price of the good sold to wholesalers is $8.10. Q       TVC            …

11. The Affordable Care Act (ACA) was enacted in 2010, but many of its provision

11. The Affordable Care Act (ACA) was enacted in 2010, but many of its provisions did not take effect until 2014. The ACA made significant changes to the US medical system. How po…

11. The Ocean Pacific fleet has just decided to use a pole-and-line method of fi

11. The Ocean Pacific fleet has just decided to use a pole-and-line method of fishing instead of gill netting to catch tuna. The latter method involves the use of miles of nets st…

11. The asset demand for money: a. is unrelated to both the interest rate and th

11. The asset demand for money: a. is unrelated to both the interest rate and the level of GDP. b. varies inversely with the rate of interest. c. varies inversely with the level o…

11. The backward-bending labor supply curve Caroline has 80 hours per week to de

11. The backward-bending labor supply curve Caroline has 80 hours per week to devote to working or to leisure. She is paid an hourly wage and can work at her job as many hours a w…

11. The factor most influencing the number of people in poverty and the incidenc

11. The factor most influencing the number of people in poverty and the incidence of poverty is whether the economy is dominated by another economy. having a progressive tax struc…

11. The following equations represent a small country\'s home supply and demand

11. The following equations represent a small country's home supply and demand curves for widgets: s-o + 2P and D = 1,000-2P. A) Find the equilibrium price and quantity for widget…

11. The following table indicates the demand schedules for four types of consume

11. The following table indicates the demand schedules for four types of consumers; A, B, C, and D and the number of consumers in each group (top row). The quantity demanded by ea…

11. The following table is the consolidated balance sheet for the commercial ban

11. The following table is the consolidated balance sheet for the commercial banking system. All figures are in billions. Assume that the required reserve ratio is 10 percent: Ref…

11. The following table shows the GDP deflator for the years 1971-77 and 2006-12

11. The following table shows the GDP deflator for the years 1971-77 and 2006-12, based on 2010 100. 1971 1972 1973 1974 1975 1976 GDP deflato 100 10.8 11.6 13.3 16.9 19.522.2 Inf…

11. The graph input tool The graph input tool Some questions allow you to intera

11. The graph input tool The graph input tool Some questions allow you to interact indirectly with a graph by manipulating a corresponding table of entries. In this type of questi…

11. The market for olive oil in New York City is controlled by two families, the

11. The market for olive oil in New York City is controlled by two families, the Sopranos and the Contraltos. Both families will ruthlessly eliminate any other family that attempt…

11. The market for olive oil in New York City is controlled by two families, the

11. The market for olive oil in New York City is controlled by two families, the Sopranos and the Contraltos. Both families will ruthlessly eliminate any other family that attempt…

11. The market for olive oil in New York City is controlled by two families, the

11. The market for olive oil in New York City is controlled by two families, the Sopranos and the Contraltos. Both families will ruthlessly eliminate any other family that attempt…

11. The process of deciding on and passing fiscal policy legislation creates a.

11. The process of deciding on and passing fiscal policy legislation creates a. an information lag b. a formulation lag c. an implementation lag. d. a direction lag 12. Automatic …

11. The production of agricultural products like wheat is one of the few example

11. The production of agricultural products like wheat is one of the few examples of a perfectly competitive industry. In this question, we analyze results from a hypothetical stu…

11. The reason that an increase in autonomous spending leads to an even greater

11. The reason that an increase in autonomous spending leads to an even greater increase in equilibrium level of output (the multiplier effect) is that a. As firms increase output…

11. The use of a mathematical formula that is applied to electronic data to rend

11. The use of a mathematical formula that is applied to electronic data to render it illegible to anyone without the decoding key is called ________. a. firewall blocking b. encr…

11. To reduce the possibility of inflation in the U.S. economy, the Fed should:

11. To reduce the possibility of inflation in the U.S. economy, the Fed should: A. lower the reserve requirement and buy securities on the open market. B. raise the discount rate …

11. Two breakfast cereal manufacturers, Krunchies and Flakies, know that there i

11. Two breakfast cereal manufacturers, Krunchies and Flakies, know that there is a market for a new crispy cereal and for a new sweet cereal, but neither has the resources to lau…

11. Two clinics want to merge. The price elasticity of demand is -0.20, and each

11. Two clinics want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $60,000. One clinic has a volume of 7,200, marginal costs of $60, and a …

11. Using the diagram above, which of the following is true? a. In country S the

11. Using the diagram above, which of the following is true? a. In country S the poorest 30 percent of the population receive 13 percent of the available income in country S. b. I…

11. Using the figures below, calculate the federal budget deficit. Discretionary

11. Using the figures below, calculate the federal budget deficit. Discretionary spending = 600 Spending on entitlements 1,250 Tax receipts = 2.000 Interest on the debt = 250 A. -…

11. We mentioned that voters are myopic, mostly paying attention to how the econ

11. We mentioned that voters are myopic, mostly paying attention to how the economy is doing in the few months before a presidential election. If they want to be perfectly rationa…

11. When firms have an incentive to exit a competitive market, their exit will a

11. When firms have an incentive to exit a competitive market, their exit will a. drive down market prices. b. drive down profits of existing firms in the market. c. decrease the …

11. When only certain EOC team members or organizations are activated to monitor

11. When only certain EOC team members or organizations are activated to monitor a credible threat, which Activation Level has been implemented? A. Level 4 – No EOC is required B.…

11. When there are economies of scope between two products, then producing these

11. When there are economies of scope between two products, then producing these products by one firm rather than 2 separate firms can reduce costs since A. one product is an inpu…

11. When you buy a set of speakers, Best Buy asks if you would like to purchase

11. When you buy a set of speakers, Best Buy asks if you would like to purchase insurance for your speakers. Assume that paying for new speakers for customers who listen to music …

11. Which of the following accurately describes the law of demand in a sports se

11.    Which of the following accurately describes the law of demand in a sports setting?     a.    offering higher prices to a sports organization motivates the organization to m…

11. Which of the following cities was discussed as having gone through a major a

11. Which of the following cities was discussed as having gone through a major annexation process in the 19th century? A. Chicago B. Boston C. Baltimore D. Philadelphia E. Atlanta…

11. Which of the following is NOT a feature of a market economy? Select one: a.

11. Which of the following is NOT a feature of a market economy? Select one: a. the means of production is privately owned b. economic decision making is decentralized c. economic…

11. Which of the following is a TRUE statement about a monopoly? A) As long as t

11. Which of the following is a TRUE statement about a monopoly? A) As long as there are barriers to entry, a monopoly can always find some price-output combination that generates…