Economics

1. Conslder a store that produces bagels in a monopollstically competitive marke

1. Conslder a store that produces bagels in a monopollstically competitive market. The following graph shows Its demand curve (Demand), marginal revenue curve (MR), marginal cost …

1. Consumer and producer surplus measure the? _____ benefit rather than the? ___

1. Consumer and producer surplus measure the? _____ benefit rather than the? _____ benefit. A. ?total; net B. ?net; total C. ?marginal; additional D. ?subjective; objective 2. The…

1. Consumer-Driven Health Plans: How do consumer-driven health plans work for di

1. Consumer-Driven Health Plans: How do consumer-driven health plans work for different sections of the population? Which socioeconomic group is likely to benefit the most? Consid…

1. Consumer’s initial income at A is $………………… 2. How much income is needed to bu

1. Consumer’s initial income at A is $………………… 2. How much income is needed to buy the old level of utility at new prices……….….. 3. How much income is needed to buy the old basket …

1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40

1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40 euros, the price per unit of good X (i.e. Px ) is 5 euros and the price per unit of good Y (i.e. Py…

1. Contractionary fiscal policy affects the state of the U.S. federal budget. It

1. Contractionary fiscal policy affects the state of the U.S. federal budget. It can create a budget. a. balanced b. deficit c. surplus d. debt 2. The organization within the Fede…

1. Contractionary monetary policy causes _____ in the price level in the short r

1. Contractionary monetary policy causes _____ in the price level in the short run and _____ in the price level in the long run no change: a decrease, a decrease: a decrease, a de…

1. Convert the following cash flow below to a future value at year 7. Let i per

1. Convert the following cash flow below to a future value at year 7. Let i per year? EOY 3 0 2 6 7 $100 S100 $100 $100 $100 $100 $200 Engineers at Sea World, a division of Busch …

1. Cooperation between the two prisoners in the prisoners’ dilemma game is diffi

1. Cooperation between the two prisoners in the prisoners’ dilemma game is difficult to maintain, because A. the prisoners are questioned separately. B. criminals know they can’t …

1. Corporate bond interest rates are a good measure of the interest rate facing

1. Corporate bond interest rates are a good measure of the interest rate facing firms planning investments. Before the financial crisis, this rate was about 2% higher than the fed…

1. Corporate bond interest rates are a good measure of the interest rate facing

1. Corporate bond interest rates are a good measure of the interest rate facing firms planning investments. Before the financial crisis, this rate was about 2% higher than the fed…

1. Corporate profitability declined by 20 percent from 2008 to 2009. What perfor

1. Corporate profitability declined by 20 percent from 2008 to 2009. What performance percentage would you use to trigger executive bonuses for that year? Why? What issues would a…

1. Correcting for negative externalities Regulation versus tradablepermits Suppo

1. Correcting for negative externalities Regulation versus tradablepermits Suppose the government wants to reduce the total pollution emitted by three local firms. Currently, each…

1. Cost and Production It’s July 1 and Levi is just out of residency, with loans

1.Cost and Production It’s July 1 and Levi is just out of residency, with loans that he is able to pay off at a very slow rate of $520 per year. He has several job offers that wou…

1. Cost of goods sold refers to ___________. A. direct costs attributable to pro

1. Cost of goods sold refers to ___________. A. direct costs attributable to producing the product sold by the firm B. salaries, advertising and selling expenses C. payments to th…

1. Cost-effectiveness analysis compares the value of an innovation with its cost

1. Cost-effectiveness analysis compares the value of an innovation with its cost. True or False 2. Cost cutting cannot increase profits. True or False 3. Insurance creates a princ…

1. Country A and country B both have the production function Y = F(K,L) = K 1/3

1. Country A and country B both have the production function Y = F(K,L) = K1/3L2/3 a. Does this production funciton have constant returns to scale? Explain b. What is the per-work…

1. Country G can produce 500 cabbages or 100 bananas. Country K can produce 50 c

1. Country G can produce 500 cabbages or 100 bananas. Country K can produce 50 cabbages or 30 bananas. Which of the following statements must be true? I. At any price of trade tha…

1. Country X has an $8000 billion GDP and a population of 200 million. Country Y

1. Country X has an $8000 billion GDP and a population of 200 million. Country Y has a $6000 billion GDP and a population of 150 million. Which of the following is true? A. Per ca…

1. Court rulings on anti-trust cases tend to follow one of two principles, the r

1. Court rulings on anti-trust cases tend to follow one of two principles, the rule of reason or the per se rule. Which of these two principles do you believe should guide courts …

1. Craig spends his entire budget. He can just a8ord 10 apples and 7 pears. He c

1. Craig spends his entire budget. He can just a8ord 10 apples and 7 pears. He can also just aeord 20 apples and 2 pears. If income is 12, then what is the price of an apple? (a) …

1. Crunchy-Wunchy Flakes (\"Absolutely no food value, but we have great prizes!\

1. Crunchy-Wunchy Flakes ("Absolutely no food value, but we have great prizes!") are produced using fixed inputs of 20 machine-days/period, with wage rate w at $20abour-day and re…

1. Current period purchases of foreign stocks and bonds by U.S. residents are re

1. Current period purchases of foreign stocks and bonds by U.S. residents are recorded as credits in the                                                section of the U.S.        …

1. Current, financial, and capital accounts Consider the following table showing

1. Current, financial, and capital accounts Consider the following table showing hypothetical balance-of-payments data for the United States. Complete the following table by selec…

1. Currently there are 2.9 workers for every retiree. Average salary is $50,000

1. Currently there are 2.9 workers for every retiree. Average salary is $50,000 and average benefits are $15,000. What is the average tax rate consistent with a pay-as-you-go syst…

1. Customers to Live Theaters, Inc. can be divided into two groups: seniors and

1.       Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marg…

1. Danny’s Dump Truck sells its output in both the domestic and the foreign mark

1. Danny’s Dump Truck sells its output in both the domestic and the foreign markets. Because of import and export restrictions, there is not possibility of a purchase in one marke…

1. Data for the market for graham crackers is shown below. Calculate the elastic

1.      Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices. Price   of crackers Quantity   Demanded (per month…

1. Data on annual percentage changes in real GDP, consumption, and investment in

1. Data on annual percentage changes in real GDP, consumption, and investment in the United States shows that fluctuations in investment _____. a. are noticeably smaller during ex…

1. David Friedman said that free (international) trade is a technology. Explain

1. David Friedman said that free (international) trade is a technology. Explain what he means. 2. Will globalization lead to some people losing jobs? 3. How do tariff rates in the…

1. Decide whether the following are true, false, or uncertain and thoroughly exp

1. Decide whether the following are true, false, or uncertain and thoroughly explain your reasoning. (a) (Review) If AC > MC at the firm’s chosen output level, then the firm is…

1. Declines in spending on residential construction are often due to increases i

1. Declines in spending on residential construction are often due to increases in interest rates. The collapse in residential construction prior to and during the recession of 200…

1. Define Behavioral Economics. Explain two reasons why individual behavior may

1. Define Behavioral Economics. Explain two reasons why individual behavior may deviate from the predictions of traditional economic theory. 2. Explain the following two concepts:…

1. Define a Monopoly. 2. Why do Monopolies arise? - Explain: - Give an example o

1. Define a Monopoly. 2. Why do Monopolies arise? - Explain: - Give an example of each of the 3 reasons. 3. Why is the demand curve for a competitive firm horizontal (perfectly el…

1. Define and describe GSP? Explain GSP per capita and what influences it to inc

1. Define and describe GSP? Explain GSP per capita and what influences it to increase or decrease? 2. Define and describe cost of living. Explain why the cost of living is higher …

1. Define consumer surplus and producer surplus. Explain why the equilibrium pri

1. Define consumer surplus and producer surplus. Explain why the equilibrium price and quantity maximizes the sum of producer plus consumer surplus (the total surplus). 2. There a…

1. Define inflation and discuss the differing impacts of “expected” vs. “unexpec

1. Define inflation and discuss the differing impacts of “expected” vs. “unexpected inflation.” Which do you believe is the more important type of inflation the government should …

1. Define scarcity. What signifies to managers that a resource used in productio

1. Define scarcity. What signifies to managers that a resource used in production is becoming scarce? What impact does this have on management decisions? 2. Define economic profit…

1. Define social responsibility. 2. What is an advantage to a business being soc

1. Define social responsibility. 2. What is an advantage to a business being socially responsible? 3. List the three main reasons for government regulation of businesses. 4. What …

1. Define the term gig economy and give some company examples. (Answer based art

1. Define the term gig economy and give some company examples. (Answer based article information and by doing a web search on the topic…) 2. Choose any one of the companies you li…

1. Define three types of elasticity of demand. Indicate how you would use inform

1. Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1…

1. Definition of economic costs Antonio lives in Philadelphia and runs a busines

1. Definition of economic costs Antonio lives in Philadelphia and runs a business that sells boats. In an average year, he receives $723,000 from selling boats. Of this sales reve…

1. Definition of economic costs Bob lives in Miami and runs a business that sell

1. Definition of economic costs Bob lives in Miami and runs a business that sells boats. In an average year, he recelves $724,000 from selling boats. Of this sales revenue, he mus…

1. Definition of economic costs Charles lives in San Diego and runs a business t

1. Definition of economic costs Charles lives in San Diego and runs a business that sells guitars. In an average year, he receives $793,000 from selling guitars. Of this sales rev…

1. Definition of economic costs Darnell lives in Vancouver and runs a business t

1. Definition of economic costs Darnell lives in Vancouver and runs a business that sells boats. In an average year, he receives $722,000 from selling boats. Of this sales revenue…

1. Definition of economic costs Van lives in Chicago and runs a business that se

1. Definition of economic costs Van lives in Chicago and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he m…

1. Delta Software earned $10 million this year. Suppose the growth rate of Delta

1. Delta Software earned $10 million this year. Suppose the growth rate of Delta's profits and the interest rate are both constant and Delta will be in business forever. Determine…

1. Demand and supply are graphed: With quantity supplied on the vertical axis an

1. Demand and supply are graphed: With quantity supplied on the vertical axis and quantity demand on the horizontal axis With quantity demanded on the vertical axis and quantity s…

1. Demand for a company product is, Q=400 - 0.5P and TC =2-,000 +50Q + 3Q^2 Tota

1. Demand for a company product is, Q=400 - 0.5P and TC =2-,000 +50Q + 3Q^2 Total profit is maximized at output of; (Points : 1) a) 750 b) 625 c) 850 d) 75 E) none of the above 2.…

1. Demand is measured on the vertical axis and supply on the horizontal axis. Tr

1. Demand is measured on the vertical axis and supply on the horizontal axis. True False 2. Opportunity cost is the lowest valued benefit that must be sacrificed as the result of …