Economics

1) If the government sets a maximum price for gasoline above the equilibrium pri

1) If the government sets a maximum price for gasoline above the equilibrium price: Select one: a. quantity demanded of gasoline will equal to quantity supplied of gasoline. b. th…

1) If the price of a complement increases, what happens to equilibrium price and

1) If the price of a complement increases, what happens to equilibrium price and quantity of the orginal good? a) price increases, quantity increases b) prince increases, quantity…

1) If the price of a good is increased by 15% and the quantitydemanded changes b

1) If the price of a good is increased by 15% and the quantitydemanded changes by 20% then the price elasticity of demand isequal to: a) 0.75 b) approximately -0.33 c) approximate…

1) If the supply curve is relatively flat, then the price elasticity of supply w

1) If the supply curve is relatively flat, then the price elasticity of supply will be: a. relatively large. b. relatively low. c. negative. d. decreasing at an increasing rate. 2…

1) If the tax multiplier is -1.5 and a $200 billion tax increase is implemented,

1) If the tax multiplier is -1.5 and a $200 billion tax increase is implemented, what is the change in GDP, holding everything else constant? (Assume the price level stays constan…

1) If the wage elasticity of demand for professors is -0.5, then an increase in

1) If the wage elasticity of demand for professors is -0.5, then an increase in the wage of professors from $45,000 to $55,000 will cause the quantity demanded to fall by how many…

1) If the wage paid to workers __________ relative to the pricefirms receive for

1) If the wage paid to workers __________ relative to the pricefirms receive for their output, __________. (a) rises; more people will be willing to work so profits willrise (b) f…

1) If we assume that most of Japan\'s trade is with the United States of America

1) If we assume that most of Japan's trade is with the United States of America, which of the following would cause a shift in the dollar demand curve to the left? A) Low prices i…

1) If you are the purchaser for Macy\'s Department Store, which measure of centr

1) If you are the purchaser for Macy's Department Store, which measure of central tendency is most useful in determining what jeans size to order? a. Mode b. Median c. Mean d. Non…

1) If you were an economist for a firm that wanted to merge, would you argue tha

1) If you were an economist for a firm that wanted to merge, would you argue that the three-digit or five-digit NAICS industry is the relevant market? Why? 2) Suppose you are an e…

1) If your purchases of shoes increase from 9 pairs per year to 11pairs per year

1) If your purchases of shoes increase from 9 pairs per year to 11pairs per year when your income increases from $19,000 to $21,000 ayear, then your income elasticity of demand fo…

1) Imagine an economy of 10 individuals. Their annual incomes are reported below

1) Imagine an economy of 10 individuals. Their annual incomes are reported below. Approximately what percentage of this economy’s income is held by the poorest 40% of the populati…

1) Imagine that Kristy deposits $10,000 of currency into her checking account de

1) Imagine that Kristy deposits $10,000 of currency into her checking account deposit at Bank A and that the required reserve ratio is 20%. As a result of Kristy’s deposit, a) Ban…

1) Improvements in labor productivity a) affect the level of profit, but do not

1) Improvements in labor productivity a) affect the level of profit, but do not affect the rate of economic growth. b) affect the level of wages, but do not affect the rate of eco…

1) In a market economy, income depends mostly on a. productivity b. luck c. age

1) In a market economy, income depends mostly on a. productivity b. luck c. age d. sex 2) The Lorenz curve shows the a. functional distribution of income b. personal distribution …

1) In a market economy, most choices about production and consumption are made b

1) In a market economy, most choices about production and consumption are made by which of the following? a)politicians b)many individuals and firms c)the government d)managers e)…

1) In a perfectly competitive market, a firm in long-run equilibrium will be ope

1) In a perfectly competitive market, a firm in long-run equilibrium will be operating A) at the minimum of the long-run average cost curve. B) at the minimum of the marginal cost…

1) In a prisoner\'s dilemma game a dominant strategy would mean that one of the

1) In a prisoner's dilemma game a dominant strategy would mean that one of the players... a) Follows the moves of the opponent no matter what the opponent does b) Knows the payoff…

1) In a two-sector (manufacturing and agriculture) specific-factors model: a. la

1) In a two-sector (manufacturing and agriculture) specific-factors model: a. land is specific to the manufacturing sector. b. labor is specific to the manufacturing sector. c. ca…

1) In general the demand for a good with a lot of substitutes will be more _____

1) In general the demand for a good with a lot of substitutes will be more ___________ than the demand for a good with less substitutes D) None of the above 2) A major finding in …

1) In long run, your company can change variable cost as well as fixed cost. Whe

1) In long run, your company can change variable cost as well as fixed cost. When you extend the time horizon, the fixed decisions in short run become variable decisions in long r…

1) In some markets the government has interfered with the rationing function of

1) In some markets the government has interfered with the rationing function of the market by establishing price ceiling and price floors. Has the establishment of price ceiling a…

1) In some monopolistically competitive markets, differentiation is obtained sim

1) In some monopolistically competitive markets, differentiation is obtained simply by location. Which of the followings is a good sample of differentiation by location? Select on…

1) In the Challenge Solution, the introduction of GM seeds shifts the market sup

1) In the Challenge Solution, the introduction of GM seeds shifts the market supply curve to the right and the market demand curve to the left. In turn, we could predict the chang…

1) In the above table, Yang experiences negative marginal utility after consumin

1) In the above table, Yang experiences negative marginal utility after consuming how many pieces of pizza? A) 2                 B) 4                 C) 3                 D) 5 2) …

1) In the article \"How Racism Doomed Baltimore,\" in the New York Times, the au

1)In the article "How Racism Doomed Baltimore," in the New York Times, the author argues that rather than reflecting a history of racial discrimination policies, the problems in B…

1) In the balance of payments, a deficit item is any transaction 2)Using trade r

1) In the balance of payments, a deficit item is any transaction 2)Using trade restrictions to protect special interests such as the U.S. auto industry is the best long-term solut…

1) In the context of the National savings and investment identity, briefly descr

1) In the context of the National savings and investment identity, briefly describe the main source for both the supply of and demand for capital in the U.S. economy. 2) Briefly e…

1) In the last year, China’s economic growth has slowed substantially, but is st

1) In the last year, China’s economic growth has slowed substantially, but is still faster than that of the U.S. or Europe. Based on this information, what impact has that had on …

1) In the long run, the perfectly competitive outcome will be efficient. True or

1) In the long run, the perfectly competitive outcome will be efficient. True or False 2) For the monopolist, it is true that MR=P. True or False 3) The monopolist sets the highes…

1) In the past decade, the United States has been running extraordinary large fo

1) In the past decade, the United States has been running extraordinary large foreign trade deficits. This is possible by the            A) desire of China, Japan, and other count…

1) In the short run, _____ do not increase with the quantity of output being pro

1) In the short run, _____ do not increase with the quantity of output being produced. marginal costs variable costs fixed costs implicit costs 2) At very low production volumes, …

1) In which of the three market arenas is each of the following goods traded? (1

1) In which of the three market arenas is each of the following goods traded? (1. The goods and services market, 2. The labor market, 3. The money market ).                 A) U.S…

1) In which of the three market arenas is each of the following goods traded? A)

1) In which of the three market arenas is each of the following goods traded?                 A) U.S Treasury Bonds                 B) An Amazon Kindle                 C) A Harley…

1) Indicate whether classical, empirical, or subjective probability should be us

1) Indicate whether classical, empirical, or subjectiveprobability should be used to determine each of the following: a. the probability that the baseball player Ryan Howard will …

1) Indicate whether classical, empirical, or subjective probability should be us

1) Indicate whether classical, empirical, or subjectiveprobability should be used to determine each of the following: a. the probability that the baseball player Ryan Howard will …

1) Inflation is A) Best Understood by looking at the individual prices that make

1) Inflation is A) Best Understood by looking at the individual prices that make up price index B) More about the value of money than about the value of goods C) More about the va…

1) Inflation is A) Best Understood by looking at the individual prices that make

1) Inflation is A) Best Understood by looking at the individual prices that make up price index B) More about the value of money than about the value of goods C) More about the va…

1) Inflation is A) Best Understood by looking at the individual prices that make

1) Inflation is A) Best Understood by looking at the individual prices that make up price index B) More about the value of money than about the value of goods C) More about the va…

1) Insurance and social policy You are making an app with a 5% chance of making

1)      Insurance and social policy You are making an app with a 5% chance of making a ton-load of money, and 95% chance of earning nothing. Your utility is the square root of inc…

1) Investors know for sure that the CEO of firm A will undertake an investment t

1) Investors know for sure that the CEO of firm A will undertake an investment that will yild $100 million profit next year and then $2 million each year after that for 10 years. …

1) Investors know for sure that the CEO of firm A will undertake an investment t

1) Investors know for sure that the CEO of firm A will undertake an investment that will yild $100 million profit next year and then $2 million each year after that for 10 years. …

1) Is Matt Yglesias engaging in normative or positive economic analysis when he

1) Is Matt Yglesias engaging in normative or positive economic analysis when he says that government regulation leads to shortages and over-consumption? 2) Explain, in your own wo…

1) Is there a net flow loanable funds out of the US or into the US? Explain ble

1) Is there a net flow loanable funds out of the US or into the US? Explain ble 1.1. U.S. International Transactions Millions of dollars elease Date: December 19, 2017- Next Relea…

1) Ivan’s house rent has been increased by 10 percent. Ivan, therefore, decides

1) Ivan’s house rent has been increased by 10 percent. Ivan, therefore, decides to shift to another house which is smaller than his current house because he cannot afford the high…

1) Ivan’s house rent has been increased by 10 percent. Ivan, therefore, decides

1) Ivan’s house rent has been increased by 10 percent. Ivan, therefore, decides to shift to another house which is smaller than his current house because he cannot afford the high…

1) Jack has $60 to spend on lunch each week. He eats either at the Taco Hut, whi

1) Jack has $60 to spend on lunch each week. He eats either at the Taco Hut, which costs $10, or the Pizza Shack, which costs $12. Which of the following combinations is on Jack's…

1) Jeremy Bentham believed that government should: a. promote the greatest happi

1) Jeremy Bentham believed that government should: a. promote the greatest happiness for the greatest number. own the means of production. stay out of the marketplace. d. be run b…

1) Jim’s diner is just about to open in Memphis, Tennessee. However, Jim is tryi

1) Jim’s diner is just about to open in Memphis, Tennessee. However, Jim is trying to decide whether he wants to offer Coke or Pepsi soda products. He determines that, to offer ei…

1) K-Mart acquired Sears so that both companies could better compete with Wal-Ma

1) K-Mart acquired Sears so that both companies could better compete with Wal-Mart. This acquisition is an example of a: a. vertical merger. b. conglomerate merger. c. horizontal …