Economics

1. The US Spends_percent of GDP on healthcare b. 6 c. 36 d. 66 2. Medicare is he

1. The US Spends_percent of GDP on healthcare b. 6 c. 36 d. 66 2. Medicare is healthcare paid by the government for Americans a. In Poverty b. Under 18 c. Over 65 d. Over 18 3 Wha…

1. The US business-government relations model includes which of the following: m

1. The US business-government relations model includes which of the following: minimal government intervention in private production of goods and services, minimal management of i…

1. The United States is considered a rich country because Americans can choose f

1. The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance? 2. Explai…

1. The XYZ Corporation is an American corporation. This year, it spent $2,000,00

1. The XYZ Corporation is an American corporation. This year, it spent $2,000,000 to buy new, state-of-the-art machinery so that it could produce its goods more cheaply. This spen…

1. The York Finance Corporation will sell its assets for $200 at year-end. The f

1. The York Finance Corporation will sell its assets for $200 at year-end. The firm has promised to pay the Sun York Insurance company $300 at that time. How much will the shareho…

1. The Zinger Company manufactures and sells a line of sewing machines. Demand p

1.     The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given by the following relationship:                   …

1. The \"law of demand\" implies that A) as prices fall, demand increases B) as

1. The "law of demand" implies that A) as prices fall, demand increases B) as prices rise, demand increases C) as prices fall, quantity demanded increases D) as prices rise, qua n…

1. The \"law of demand\" indicates that if Eastern College increases the price o

1. The "law of demand" indicates that if Eastern College increases the price of tuition, all other things remaining the same (ceteris paribus), a) the demand for classes will decr…

1. The \"law of one price\" applies to all goods, except those that: A. are prod

1. The "law of one price" applies to all goods, except those that: A. are produced only in one location. B. cannot be transported. C. are produced in a country that does not have …

1. The accompanying table shows a car manufacturer’s total cost of producing car

1. The accompanying table shows a car manufacturer’s total cost of producing cars. Quantity of cars Total Cost 0 $500,000 1 $540,000 2 $560,000 3 $570,000 4 $590,000 5 $620,000 6 …

1. The accompanying table shows the price and yearly quantity sold of ice cream

1. The accompanying table shows the price and yearly quantity sold of ice cream cones on Sidfield Island. Price of Ice Cream Cones Quantity of Ice Cream Cones Demanded $1 3000 $2 …

1. The addition to revenue obtained fom firing an additional unit of labor is: a

1. The addition to revenue obtained fom firing an additional unit of labor is: a. marginal revenue product b. marginal physical product of labor c.total product d. mrginal factor …

1. The additional satisfaction derived from consuming one more unit of a good or

1. The additional satisfaction derived from consuming one more unit of a good or service is called: a. Diminishing marginal utility b. The substitution effect c. The real-income e…

1. The aggregate demand curve A) represents the relationship between prices and

1. The aggregate demand curve A) represents the relationship between prices and quantities of all goods produced B) is derived from equilibriumm conditions in the labor and money …

1. The aggregate demand curve A. is upsloping because a higher price level is ne

1. The aggregate demand curve A. is upsloping because a higher price level is necessary to make production profitable as production costs rise. B. is downsloping because productio…

1. The amount an individual pays for insurance on his or her car is an example o

1. The amount an individual pays for insurance on his or her car is an example of a(n) ________ cost. public-good 2. A firm’s short-run cost curves show us how many other firms ar…

1. The amount spent on the goods and services becomes profit for the firm. In on

1. The amount spent on the goods and services becomes profit for the firm. In one hour John can produce either 4 units of good X or 12 units of good Y. He works an 8 hour day. In …

1. The annual benefits of $4000 every year for three years may be obtained for a

1. The annual benefits of $4000 every year for three years may be obtained for an investment on a production equipment costing $20,000 with a salvage value of $5,000. If MARR is 6…

1. The average fixed cost of producing five widgets is a. $1.00 b. $2.00 c. $3.0

1. The average fixed cost of producing five widgets is a. $1.00 b. $2.00 c. $3.00 d. None of the above are correct. 2. The average variable cost of producing four widgetsis a. $2.…

1. The basic characteristic of the long run is that: A. barriers to entry preven

1.     The basic characteristic of the long run is that: A. barriers to entry prevent new firms from entering the industry. B. the firm has sufficient time to change the size of i…

1. The basic idea of the theory of contestable markets is that when the cost of

1. The basic idea of the theory of contestable markets is that when the cost of entry and exit is very low, the threat of entry can be sufficient to produce an allocation similar …

1. The basis of trade Suppose that France and New Zealand both produce cheese an

1. The basis of trade Suppose that France and New Zealand both produce cheese and wine. France's opportunity cost of producing a bottle of wine is 2 pounds of cheese. That is, Fra…

1. The bond market is important because A) it is the major source of borrowed fu

1. The bond market is important because      A) it is the major source of borrowed funds for U.S. business.      B) it provides a rate of return significantly greater than the sto…

1. The burden of a tax per unit of output will fall heavily on consumers when de

1. The burden of a tax per unit of output will fall heavily on consumers when demand is relatively supply is relatively a. Inelastic, elastic. b. Inelastic, inelastic. c. Elastic,…

1. The change in the market is represented by an increase/decrease/no change in

1. The change in the market is represented by an increase/decrease/no change in the demand and an increase/decrease/no change in supply (circle one for each) 2. The change in the …

1. The change in the market is represented by an increase/decrease/no change in

1. The change in the market is represented by an increase/decrease/no change in the demand and an increase/decrease/no change in supply (circle one for each) 2. The change in the …

1. The change in the market is represented by an increase/decrease/no change in

1. The change in the market is represented by an increase/decrease/no change in the demand and an increase/decrease/no change in supply (circle one for each) 2. The change in the …

1. The circular flow model The following diagram presents a circular-flow model

1. The circular flow model The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the in…

1. The classical economists believed that our economy was always at full employm

1. The classical economists believed that our economy was always at full employment or tending toward full employment. If our economy were operating below full employment, what wo…

1. The color copy machine market is dominated by a large firm with significant p

1. The color copy machine market is dominated by a large firm with significant production capacity. The market demand for color copy machines is: Q = 4000 - 5 P The dominant firm …

1. The color copy machine market is dominated by a large firm with significant p

1. The color copy machine market is dominated by a large firm with significant production capacity. The market demand for color copy machines is: Q = 4000 - 5 P The dominant firm …

1. The combination of advertising, sales promotions, publicity, public relations

1.The combination of advertising, sales promotions, publicity, public relations and personal selling is known as: a.integrated marketing communication. b.a pull strategy. c.a push…

1. The compensating wage differential shows a labor supply curve for a risky occ

1.     The compensating wage differential shows a labor supply curve for a risky occupation located to the ____ of the labor supply curve for a less risky occupation. If the diffe…

1. The concept of quasi-rent is important because: Select one: A. It tells us ab

1. The concept of quasi-rent is important because: Select one: A. It tells us about the possible magnitude of the hold up problem. B. It influences the decision to increase promot…

1. The concepts of mutual interdependence and game theory illustrate the fact th

1. The concepts of mutual interdependence and game theory illustrate the fact that firms competing in oligopoly A) engage in frequent price changes B) never change prices C) ignor…

1. The construction time for a bridge depends on the weather. The project is exp

1. The construction time for a bridge depends on the weather. The project is expected to take 250 days if the weather is dry and hot. If the weather is damp and cool, the project …

1. The consumer optimum: A . occurs when a consumer buys more of a good as a res

1. The consumer optimum: A. occurs when a consumer buys more of a good as a result of a relative price change. B. the combo of goods and services that maximizes utility for given …

1. The consumption bundle and prices for years 0 and 1 for Sam are shown below:

1. The consumption bundle and prices for years 0 and 1 for Sam are shown below: Item Q0 P0 Q1 P1 Wine 45 $5.00 60 $3.50 Bread 120 $2.00 90 $2.50 a. Using the market basket in year…

1. The corresponding graphs show the supply and demand for strawberries in two c

1. The corresponding graphs show the supply and demand for strawberries in two countries: Berryland and Fruitland. Use the information in the graphs to answer the questions. Which…

1. The cost of producing video machines. Includes: a fixed cost of $ 3,000.00 pl

1. The cost of producing video machines. Includes: a fixed cost of $ 3,000.00 plus a variable cost per unit of $ 40.00 per machine. a) Find the total cost to produce # 300 machine…

1. The cost of producing video machines. Includes: a fxed cost of 3,00000 plus a

1. The cost of producing video machines. Includes: a fxed cost of 3,00000 plus a variable cost per unit of $ 40.00 per machine a) Find the total cost to produce # 300 machines. b)…

1. The country of Purdy, with fixed resources and state of technology, can produ

1. The country of Purdy, with fixed resources and state of technology, can produce the following combination of hybrid cars and monster trucks. Round any decimal answers to two pl…

1. The current spot exchange rate between the U.S. dollar and the Mexican peso i

1. The current spot exchange rate between the U.S. dollar and the Mexican peso is $0.052 = 1 Mexican peso. The one-year forward exchange rate is $0.050 = 1 Mexican peso. TRUE or F…

1. The customers of First Bank have a total of $520 million deposited there. Fir

1. The customers of First Bank have a total of $520 million deposited there. First Bank has $450 million in loans, $30 million cash in its vault, and $40 million on deposit with t…

1. The data below are drawn from the September employment numbers (in thousands)

1. The data below are drawn from the September employment numbers (in thousands) from the BLS Fill in values for each of the 8 empty boxes. Report all values to 2 decimal places (…

1. The demand and cost curves for a monopoly firm are as follows: Q = 750 - 5P T

1. The demand and cost curves for a monopoly firm are as follows: Q = 750 - 5P TC = 2000 + 70Q <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> &…

1. The demand and supply schedules for hot dogs are: Quantity demanded (millions

1. The demand and supply schedules for hot dogs are: Quantity demanded (millions per week) Quantity supplied (millions per week) a. What are the equilibrium price and equilibrium …

1. The demand curve faced by a price taking firm is A. horizontal at the market

1. The demand curve faced by a price taking firm is A. horizontal at the market equilibrium price B. downward sloping C. upward sloping D. vertical 2. If a price-taking firm incre…

1. The demand curve for a monopolistic competitive firm will be: Select one: a.

1. The demand curve for a monopolistic competitive firm will be: Select one: a. Flatter than the demand curve for a perfectly competitive firm b. Steeper than the demand curve for…

1. The demand curve for a product is given by: Qx^d = 1,000 - 2Px + 0.2Pz where

1. The demand curve for a product is given by: Qx^d = 1,000 - 2Px + 0.2Pz where Pz = $400 a. What is the price elasticity of demand for Q^d when Px = $354? Is the demand elastic o…