Economics

1) To measure the price elasticity of demand, economists calculate: How much pri

1) To measure the price elasticity of demand, economists calculate: How much price changes relative the change in the quantity demanded. The absolute value of the percentage chang…

1) To the extent that money serves as a medium of exchange a) it reduces transac

1) To the extent that money serves as a medium of exchange a) it reduces transaction costs. b) it eliminates the need for barter. c) it benefits both buyers and sellers. d) All of…

1) Two criteria used to judge the performance of any economic system are A) effi

1) Two criteria used to judge the performance of any economic system are A) efficiency and equity. B) profit opportunities and technological progress. C) efficiency and profit opp…

1) Two goods are perfect substitutes in consumption when they always have A) ind

1) Two goods are perfect substitutes in consumption when they always have A) indifference curves with slopes of -1. B) indifference curves with slopes of 1. C) indifference curves…

1) Two tennis players have reached the final of a tournament. The prize money fo

1) Two tennis players have reached the final of a tournament. The prize money for the winner is S80K; the loser gets nothing. Player A has offered player B an agreement to split t…

1) Two years ago, Maria put $ 3000 in an account paying 3 % interest rate. How m

1) Two years ago, Maria put $ 3000 in an account paying 3 % interest rate. How much does she have in the account today? A) $3,180 B) $3,100 C) $3,182.7 D) $3,183.62 2) Suppose a d…

1) U.S. real GDP is substantially higher today than it was 60 years ago. What do

1) U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does it not tell us, about the well-being of U.S. residents? What are the…

1) Umbrella Corporation has the following sales figures (in $Millions) for the l

1) Umbrella Corporation has the following sales figures (in $Millions) for the last 12 months. The company wants to create a weighted moving average forecast of order k = 4 (i.e.,…

1) Under perfect first degree price discrimination, consumer surplus is ____% of

1) Under perfect first degree price discrimination, consumer surplus is ____% of total (consumer + producer) surplus. 2) Under which of the following scenarios is it most likely t…

1) Under which of the following circumstances, a firm is most likely to increase

1) Under which of the following circumstances, a firm is most likely to increase its production? The demand curve for the firm’s products has shifted to the left. The firm is expe…

1) Union membership reached its peak: a) During World War I b) During the 1920\'

1) Union membership reached its peak: a) During World War I b) During the 1920's c) During the Great Depression d) During World War II e) After World War II 2) Under "right-to-wor…

1) Use the five forces model to illustrate competition in the newspaper industry

1) Use the five forces model to illustrate competition in the newspaper industry. Are some competitors better positioned to withstand this environment than others? Why or why not?…

1) Use the following graph to answer the next question. At the profit-maximizing

1) Use the following graph to answer the next question. At the profit-maximizing level of output, the profit earned by the perfectly competitive firm is given by the area 0AHE. AC…

1) We explained how a central bank has an important role in maintaining confiden

1)    We explained how a central bank has an important role in maintaining confidence: We explained how a central bank has an important role in maintaining confidence: "High confi…

1) We know that long-term capital gains are subject to preferential tax rates (i

1) We know that long-term capital gains are subject to preferential tax rates (i.e., 0%, 15%, or 20%). Please explain why the Congress allows it. 2)Tad Trumbell is married and att…

1) What are efficiency, producer surplus, worker surplus, and total gains from t

1) What are efficiency, producer surplus, worker surplus, and total gains from trade? 2) Why would we expect regional wage levels to converge? What happens to total gains from tra…

1) What are the economic reasons for the high ratio of specialists to general pr

1) What are the economic reasons for the high ratio of specialists to general practitioners in the United States compared to other countries? 2) The AMA has often been through to …

1) What connection does that Bible story and Dylan\'s song have with ethics and

1) What connection does that Bible story and Dylan's song have with ethics and the so-called "Divine Command Theory" as espoused by Euthyphro? 2) How might it be possible for a pe…

1) What describes the competitive environment in the market for any good or serv

1) What describes the competitive environment in the market for any good or service? market structure OR market power OR market price 2) Real or perceived differences in the quali…

1) What dilemma faces regulators trying to regulate natural monopolies? 2) Suppo

1) What dilemma faces regulators trying to regulate natural monopolies? 2) Suppose seven people are trying to decide whether to get a pizza with pepperoni, a pizza with sausage an…

1) What does globalization mean? 2) Is globalization a good thing or a bad thing

1) What does globalization mean? 2) Is globalization a good thing or a bad thing? Why? 3) Are we experiencing global integration or disintegration? 4) Why is it important to widen…

1) What does monopolistic competition have in common with perfect competition? A

1) What does monopolistic competition have in common with perfect competition? A) A standardised product. B) Barriers to exit but no barriers to entry. C) A large number of firms …

1) What factors led to the mortgage default crisis and ultimately the Housing Cr

1) What factors led to the mortgage default crisis and ultimately the Housing Crisis? 2) How did mortgage defaults affect banks involved in mortgage lending and mortgage investing…

1) What is NPV for each project? Select one: a. Project 1: $17,209 Project 2: $6

1) What is NPV for each project? Select one: a. Project 1: $17,209 Project 2: $6,642 Project 3: $16,287 b. Project 1: $15,504 Project 2: $13,640 Project 3: $11,560 c. Project 1: $…

1) What is another name for supply side economics? 2) Whats is Monetary policy i

1) What is another name for supply side economics? 2) Whats is Monetary policy is associated with? 3) Lower interest rates redistribute income from ____ to ____? 4) Which theorist…

1) What is the capitalist, free enterprise ideal? 2) IN 2017, 1 Euro= 3TL,1$= 4T

1) What is the capitalist, free enterprise ideal? 2) IN 2017, 1 Euro= 3TL,1$= 4TL and 1 Russian Ruble = 10Turkish Lira. Therefore a shirt which sells at 240 TL in Turkey in 2017 i…

1) What is the real (inflation-free) before-tax rate of return (to two decimals)

1) What is the real (inflation-free) before-tax rate of return (to two decimals) on Mary Mary bought a five-year $20,000 Guaranteed Income Certificate (GIC) on January 1, 2007 (fo…

1) What is the slope of the demand curve for a monopolist? (positive, negative,

1) What is the slope of the demand curve for a monopolist? (positive, negative, vertical, or horizontal) 2) What is the slope of the marginal revenue curve for a monopolist? (posi…

1) What policy rule do monetarists believe the Fed should follow? What are the m

1) What policy rule do monetarists believe the Fed should follow? What are the major assumptions underlying this policy prescription? 2) What average annual inflation rate would a…

1) What policy rule do monetarists believe the Fed should follow? What are the m

1) What policy rule do monetarists believe the Fed should follow? What are the major assumptions underlying this policy prescription? 2) What average annual inflation rate would a…

1) What three things is Mill attempting to prove in Chapter 4? 2) To what purpos

1) What three things is Mill attempting to prove in Chapter 4? 2) To what purpose does Mill use a discussion of visible and audible in his proof of utility theory? 3) Mill has som…

1) What would happen to inflation, GDP, unemployment, and economic growth if we

1) What would happen to inflation, GDP, unemployment, and economic growth if we cut income taxes for the rich by $100 billion and their marginal propensity to consume (MPC) is equ…

1) Whatshould be the primary goal of the Chief Financial Officer (CPo) ofhice? t

1) Whatshould be the primary goal of the Chief Financial Officer (CPo) ofhice? the b) Trying to optimise the Capital Structure o the above Trying to maximize the ROE 2) Company A …

1) When an activity creates a negative externality, a. Its social costs exceed i

1) When an activity creates a negative externality, a. Its social costs exceed its private cost b. its private costs exceed its social cost c. its private benefits exceeds its soc…

1) When both countries specialize, the US will produce _____ tons of beeg and Me

1) When both countries specialize, the US will produce _____ tons of beeg and Mexico ______ tons of vegetables. A) 12;9 B)15;30 C) 30;20 D) 20;5 2) If the output is evenly divided…

1) When economists say that monetary policy can exhibit cyclical asymmetry, this

1) When economists say that monetary policy can exhibit cyclical asymmetry, this means expansionary and restrictive monetary policy cannot both be used for economic expansion and …

1) When the Federal Reserve ________. A) drains liquidity, the federal funds rat

1) When the Federal Reserve ________. A) drains liquidity, the federal funds rate falls B) drains liquidity, real interest rates fall C) provides more liquidity, the federal funds…

1) When the marginal utility per dollar of good x exceeds the marginal utility p

1) When the marginal utility per dollar of good x exceeds the marginal utility per dollar of good y, A) the consumer should consume more x. B) the consumer is consuming too much x…

1) When the price of rice rises: a. the market quantty supplied of rice increase

1) When the price of rice rises: a. the market quantty supplied of rice increases. b. the market supply of rice increases. c. the market quantity of rice demanded decreases. d. Bo…

1) When there is a per unit tax on PRODUCERS, do youADD or SUBTRACT it from the

1) When there is a per unit tax on PRODUCERS, do youADD or SUBTRACT it from the original price? 2) When there is a per unit tax on CONSUMERS, do youADD or SUBTRACT it from the ori…

1) When there is an interval between when the fiscal policy changes and correspo

1) When there is an interval between when the fiscal policy changes and corresponding changes in aggregate spending, we have a(n)        A. aggregate time lag.        B. action ti…

1) Which of the following are endogenous factors in a student’s decision about w

1) Which of the following are endogenous factors in a student’s decision about whether to attend a particular college? A. location of the school B. classes/majors offered C. abili…

1) Which of the following are endogenous factors in a student’s decision about w

1) Which of the following are endogenous factors in a student’s decision about whether to attend a particular college? (There can be more than one answer) A. location of the schoo…

1) Which of the following are included in the CPI, but not the GDP deflator? Sel

1) Which of the following are included in the CPI, but not the GDP deflator? Select one: a. None of the other answers. b. A truck produced in the U.S. and sold at a dealership in …

1) Which of the following assets is the most liquid? A. Transactions deposits. B

1) Which of the following assets is the most liquid? A. Transactions deposits. B. Stocks and bonds. C. A certificate of deposit (CD). D. Cash 2) If Maria buys a latte at Starbucks…

1) Which of the following best expresses the benefit from international trade? a

1) Which of the following best expresses the benefit from international trade? a. With trade, each country can concentrate on producing those goods and services that it produces m…

1) Which of the following can be used as money? 1) A) precious stones B) checks

1) Which of the following can be used as money? 1) A) precious stones B) checks C) cigarettes D) all of the above 2) Money solves the dilemma of a double coincidence of wants by s…

1) Which of the following cause(s) a decrease in the demand side equilibrium GDP

1) Which of the following cause(s) a decrease in the demand side equilibrium GDP? a) A stronger home currency. b) A weaker home currency. c) An increase in the real interest rate.…

1) Which of the following claims is true at each point along a price-consumption

1) Which of the following claims is true at each point along a price-consumption curve? A. Utility is maximized but income is not all spent. B. All income is spent, but utility is…

1) Which of the following commodity bundles is an example of joint products? Ski

1) Which of the following commodity bundles is an example of joint products? Skimmed milk and butter    Golf clubs and golf balls        Shoe and shoe polish    Meat and fish 2) A…