Economics

17. (Inflation) Here are some recent data on the U.S. consumer price index: Year

17. (Inflation) Here are some recent data on the U.S. consumer price index: Year CPI Year CPI Year CPI 1988 118.3 1994 148.2 2000 172.2 1989 124.0 1995 152.4 2001 177.1 1990 130.7…

17. A firm will shut down in the short run if: (a) total revenue is greater than

17. A firm will shut down in the short run if: (a) total revenue is greater than total costs (b) total costs are greater than total revenue (c) it incurs an economic loss (d) norm…

17. A low-income country decides to set a price ceiling on bread so they can mak

17. A low-income country decides to set a price ceiling on bread so they can make sure that bread is affordable to the poor. The conditions of demand and supply are given in the f…

17. A private good is both rivalry in consumption and excludable, which of the f

17. A private good is both rivalry in consumption and excludable, which of the following would NOT be considered a private good? a. pizza. b. I-phone 8 c. french fries. d. a hikin…

17. A private good is both rivalry in consumption and excludable, which of the f

17. A private good is both rivalry in consumption and excludable, which of the following would NOT be considered a private good? a. pizza. b. I-phone 8. c-french fries. d. a hikin…

17. All of the following can raise union member wages except: a. limiting union

17. All of the following can raise union member wages except: a. limiting union membership over time b. increasing the demand for non-union made goods c. increasing the productivi…

17. An industry\'s output is produced at the lowest possible cost when A. firms\

17. An industry's output is produced at the lowest possible cost when A. firms' marginal costs are equal B. firms minimize their average costs. C. all firms earn the same profit. …

17. Assume that consumers who shop for single-family homes do not consider condo

17. Assume that consumers who shop for single-family homes do not consider condos. Also assume that consumers who wish to purchase condos do not look at single-family homes. Based…

17. Consider a labor market in which the intersection of the demand curve and th

17. Consider a labor market in which the intersection of the demand curve and the supply curve occurs on the “backward-bending” part of the labor supply curve (i.e. the part where…

17. DVD players and HDTVs have not been part of the US economy for very long. Bo

17. DVD players and HDTVs have not been part of the US economy for very long. Both goods have been decreasing in price and improving in quality. What problems does this pose for p…

17. Florida Power & Light is the sole provider of electricity in 32 counties of

17. Florida Power & Light is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given …

17. From 1980 to 2009, the female-male wage ratio in the United States A. held c

17. From 1980 to 2009, the female-male wage ratio in the United States A. held constant at about 0.7. B. fell steadily from about 1.0 in 1980 to 0.5 in 2009. C. increased modestly…

17. Goodwill created by an acquisition: a. affects the cash flows of the acquiri

17. Goodwill created by an acquisition: a. affects the cash flows of the acquiring firm on an annual basis for a period of years. b. must be reviewed each year to determine its cu…

17. How does the International Monetary Fund (IMF) provide loans to deficit-lade

17. How does the International Monetary Fund (IMF) provide loans to deficit-laden countries? A. It prints the required currencies, thereby increasing money supply in those countri…

17. If a developing country makes its currency fully convertible, it runs the ri

17. If a developing country makes its currency fully convertible, it runs the risk of having too: A. low levels of domestic saving and investment. B. high levels of domestic savin…

17. If only private costs are considered for a good with external costs, then th

17.       If only private costs are considered for a good with external costs, then the private market is producing ______ for economic efficiency. a.         too few b.         t…

17. If the accounting profit equals $200,000 and implicit costs equal $40,000, t

17. If the accounting profit equals $200,000 and implicit costs equal $40,000, the economic profit equals a. $240,000 b. $200,000 C. $160,000 d. $40,000 19. Which one of the follo…

17. In 2009, the US Postal Service increased first-class postage rates from 42 c

17. In 2009, the US Postal Service increased first-class postage rates from 42 cents to 44 cents. The service had been losing money. One of the reasons is increased competition fr…

17. In 2011, the box industry was perfectly competitive. The lowest point on the

17. In 2011, the box industry was perfectly competitive. The lowest point on the long-run average cost curve of each of the identical box producers is $4, and this minimum point o…

17. In 2016, it cost $.667 to buy one Canadian dollar. How many Canadian dollars

17. In 2016, it cost $.667 to buy one Canadian dollar. How many Canadian dollars would $1 U.S. buy? a. $1.50 b. $1.30 c. $1.00 d. $0.67 18. If the dollar appreciates relative to o…

17. In the circular flow of economic activity, the primary economic activities o

17. In the circular flow of economic activity, the primary economic activities of businesses are output and r b. Buying output and selling resources c. Collecting taxes and sellin…

17. In the presence of positive externalitics, a market will charge A) the corre

17. In the presence of positive externalitics, a market will charge A) the correct amount; the correct amount B) too much; the correct amount C) the correct amount; too little D) …

17. It is argued that high-tech industries typically generate new technologies b

17. It is argued that high-tech industries typically generate new technologies but appropriate the commercial benefits associated with their inventions or discoveries. If this is …

17. Pat, Lucy, Kiana, and Alex are comparing the starting salaries in their firs

17. Pat, Lucy, Kiana, and Alex are comparing the starting salaries in their first jobs. The year each started his or her first job, the CPI in that year, and each person's nominal…

17. President Jackson dismantled the Bank of the United States because: (a) He b

17. President Jackson dismantled the Bank of the United States because: (a) He believed it was not lending enough to Western farmers (b) He was opposed to all banking in general (…

17. Price for a firm under monopolistic competition is: A) equal to marginal rev

17. Price for a firm under monopolistic competition is: A) equal to marginal revenue. B) greater than marginal revenue. C) less than marginal revenue. D) greater than total revenu…

17. Pure oligopoly differs from differentiated oligopoly in that: a. the product

17. Pure oligopoly differs from differentiated oligopoly in that: a. the products of pure oligopolists tend to be similar. b. the pure oligopolist has greater power over price. c.…

17. Suppose that for a particular firm the only variable input into the producti

17. Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose tha…

17. Suppose that low-fat milk and cream are complements in production, while low

17. Suppose that low-fat milk and cream are complements in production, while low-fat milk and chocolate syrup are complements in consumption. If the price of cream falls at the sa…

17. Suppose the following table represents the cost of a market basket of goods

17. Suppose the following table represents the cost of a market basket of goods in the San Francisco Bay area for the years 2006, 2007, 2008, and 2009. Assume that the base year i…

17. Suppose the short-run production function is q 40 L. If the wage rate is $10

17. Suppose the short-run production function is q 40 L. If the wage rate is $10 per unit of labor, then MC equals 18. Suppose that at a firm's current level of production the mar…

17. The accompanying table shows the aggregate demand and aggregate supply sched

17. The accompanying table shows the aggregate demand and aggregate supply schedule for a hypothetical economy. If the quantity of real domestic output demanded increased by $1,00…

17. The is the ratio of the money supply to the monetary base. A. Discount Rate

17. The is the ratio of the money supply to the monetary base. A. Discount Rate B. Money Multiplier C. Reserve Ratio D. Bank Reserves 18. A system and controls the monetary base. …

17. The minimum points of the average variable cost and average total cost curve

17. The minimum points of the average variable cost and average total cost curves occur where a. the marginal cost curve lies below the average variable cost and average total cos…

17. The opportunity cost of watching television is: a all of the alternative pro

17. The opportunity cost of watching television is: a all of the alternative programs that appear on other stations bzero because there is no money expenditure involved the altema…

17. The point at which the supply curve and the demand curve intersect is called

17. The point at which the supply curve and the demand curve intersect is called: A Equilibrium, because quantity demanded equals quantity supplied so there is no tendency for pri…

17. TheFederal funds rateisthe interest rate at which commercial banks borrow fr

17. TheFederal funds rateisthe interest rate at which commercial banks borrow from each other. a) True b) Fal se 14 10 G · 6 ;810 Computers 18. Refer to the above diagram. If soci…

17. Two friends (let’s call them Rick and Ray) who were living in L.A. decided t

17. Two friends (let’s call them Rick and Ray) who were living in L.A. decided to go to Las Vegas for a weekend (who can blame them!). They were short on the money (at least in te…

17. Use the following information to answer the next four questions. Each multip

17. Use the following information to answer the next four questions. Each multiple choice question is worth 3 points. mm = money multiplier = .8 MB = monetary base = 4000 Money De…

17. Using the graph to the right, which of the following prices and quantities w

17. Using the graph to the right, which of the following prices and quantities would result from fair return pricing? p4 a) p1,0 b) p2,q3 c) p3, q2 p3 p2 MC pl q1 92 q3 Q 18. When…

17. Using the information from the above question: is the market in which Firm A

17. Using the information from the above question: is the market in which Firm A is selling its output currently in long run equilibrium? Questions 18-21 rely on the following pro…

17. When firms have an incentive to exit a perfectly competitive market, their e

17. When firms have an incentive to exit a perfectly competitive market, their exit will a. lower market price. b. necessarily raise the costs of firms that remain in the market c…

17. When firms have an incentive to exit a perfectly competitive market, their e

17. When firms have an incentive to exit a perfectly competitive market, their exit will a. lower market price. b. necessarily raise the costs of firms that remain in the market. …

17. When is a contractionary fiscal policy appropriate? A. During a mild recessi

17. When is a contractionary fiscal policy appropriate? A. During a mild recession B. When there is a danger that the economy might suffer deflation C. When the price level is sta…

17. When the price of movie tickets increases from $3 to $4, the number of ticke

17. When the price of movie tickets increases from $3 to $4, the number of tickets sold decreases from 00 per week to 290 per veak. The demand curve for movie tickbts, ovas the pr…

17. Which of the following statements are correct? A. An increase in the DJIA wo

17. Which of the following statements are correct? A. An increase in the DJIA would increase household wealth, which will result in more household spending and thus a decrease in …

17. Which of the following statements are correct? A. An increase in the DJIA wo

17. Which of the following statements are correct? A. An increase in the DJIA would increase household wealth, which will result in more household spending and thus a decrease in …

17. Which of the following statements are correct? A. An increase in the DJIA wo

17. Which of the following statements are correct? A. An increase in the DJIA would increase household wealth, which will result in more household spending and thus a decrease in …

17. a government w ants to pursue an expansionary tscal more expansionary when t

17. a government w ants to pursue an expansionary tscal more expansionary when the: A. Economy's MPS is small B. Economy's MPS is large C. Economy's MPC is small D. Unemployment r…

17. dumping occurs when, in a foreign market, a good is sold: a. at a discount b

17. dumping occurs when, in a foreign market, a good is sold: a. at a discount below the list price b.below its nominal price c.below its cost of product or below the price in tha…