Economics

1. The demand curve for petroleum should be A. more or less elastic in the long

1. The demand curve for petroleum should be A. more or less elastic in the long run versus the short run depending upon supply conditions. B. more elastic in the long run than in …

1. The demand curve for tickets to the George Winston concert (with special gues

1. The demand curve for tickets to the George Winston concert (with special guest star, Kenny G) is given as follows: Q = 100 - 0.1P At a price of $30, what is the consumer surplu…

1. The demand for a certain good is given by the following equation: D(p) = 10 -

1. The demand for a certain good is given by the following equation: D(p) = 10 - p. The technology that can be used to produce this good is described by the cost function: c(y) = …

1. The demand for a factor: a. depends on the marginal utility received from con

1. The demand for a factor: a. depends on the marginal utility received from consuming the factor b. depends on the demand for the product that the factor produces c. Both of the …

1. The demand for a product cannot be influenced by the quality and performance

1. The demand for a product cannot be influenced by the quality and performance of substitute products. True or False 2.Price differentiation permits business-owners to charge dif…

1. The demand for a tactor a. cepends on ull! marginal uity rece,ved t101n curtz

1. The demand for a tactor a. cepends on ull! marginal uity rece,ved t101n curtzumng te lactur b. copans on the demand far the product that he fachor produces 8 What is the aginal…

1. The demand for an input is: a. the VMP of the input. b. derived from input ow

1. The demand for an input is: a. the VMP of the input. b. derived from input owner's profit-maximizing condition. c. determined by MPL = W. d. sloping upward. 2. Suppose that pro…

1. The demand for good X has been estimated to be ln Q x d = 100 ? 3 ln P X + 7

1. The demand for good X has been estimated to be ln Qxd = 100 ? 3 ln PX + 7 ln PY + 5 ln M. The income elasticity of good X is A) -3.0 B) 7.0 C) 5.0 D) -5.0 2. Consumer surplus i…

1. The demand function for a firm’s product is Q(P) = 50-P/10. The firm’s cost o

1. The demand function for a firm’s product is Q(P) = 50-P/10. The firm’s cost of production is C(Q) = Q^3-20Q^2+125Q. The firm’s problem is to choose the value of Q> or = 0 th…

1. The demand function for a firm’s product is Q(P) = 50-P/10. The firm’s cost o

1. The demand function for a firm’s product is Q(P) = 50-P/10. The firm’s cost of production is C(Q) = Q^3-20Q^2+125Q. The firm’s problem is to choose the value of Q0 that maximiz…

1. The demand function for a firm’s product is Q(P) = 50-P/10. The firm’s cost o

1. The demand function for a firm’s product is Q(P) = 50-P/10. The firm’s cost of production is C(Q) = Q^3-20Q^2+125Q. The firm’s problem is to choose the value of Q> or = 0 th…

1. The demand function for a firm’s product is Q(P) = 50-P/10. The firm’s cost o

1. The demand function for a firm’s product is Q(P) = 50-P/10. The firm’s cost of production is C(Q) = Q3-20Q2+125Q. The firm’s problem is to choose the value of Q>=0 that maxi…

1. The demand function for football tickets for a typical game at a large Midwes

1. The demand function for football tickets for a typical game at a large Midwestern university is D(p) 200 000 10 000p. The university has a clever and avaricious athletic direct…

1. The demand prices for monthly math and science tutoring services are given be

1.       The demand prices for monthly math and science tutoring services are given below Type of Student...............................Math Tutoring Only........................S…

1. The difference between a hierarchy and a web-network is a. A hierarchy is mor

1. The difference between a hierarchy and a web-network is a. A hierarchy is more complex b. A hierarchy is more ordered c. A web-network branches out like a tree d. A hierarchy b…

1. The dihydrogen monoxide (H20) hoax involves getting people to sign a petition

1. The dihydrogen monoxide (H20) hoax involves getting people to sign a petition banning this substance because, among other things, it may cause severe burns, is fatal if inhaled…

1. The director of admissions at Kinzua University in Nova Scotia estimated the

1. The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience. What is t…

1. The discount rate is A. the interest rate the Fed charges to banks for loans

1. The discount rate is A. the interest rate the Fed charges to banks for loans from the Fed. B. the interest rate banks charge their best customers. C. the interest rate banks ch…

1. The distributional consequences of the delineation of property rights are eli

1. The distributional consequences of the delineation of property rights are eliminated when preferences are quasi-linear (or in' t he absence of income effects). True or false 2.…

1. The distributional consequences of the delineation of roperty rights are elim

1. The distributional consequences of the delineation of roperty rights are eliminated when preferences are quasi- inear (or in the absence of income effects). True or false? In a…

1. The distributional consequences of the delineation of roperty rights are elim

1. The distributional consequences of the delineation of roperty rights are eliminated when preferences are quasi- inear (or in the absence of income effects). True or false? 2. I…

1. The downward-sloping demand curve for a monopolistically competitive firm: re

1. The downward-sloping demand curve for a monopolistically competitive firm: reflects product differentiation. eventually will become perfectly elastic as more firms enter. indic…

1. The economic theory based on an analysis of individual maximizing choices is

1. The economic theory based on an analysis of individual maximizing choices is called a. monetarism b. new classical economics c. business cycle theory d. Keynesian economics 2. …

1. The economic way of thinking entails: d. the analysis of costs but not benefi

1. The economic way of thinking entails: d. the analysis of costs but not benefits. * Answers should be at least 3-5 sentences long and include no grammar mistakes. Your work is y…

1. The economic way of thinking has to do with: a. analyzing benefits but not co

1. The economic way of thinking has to do with: a. analyzing benefits but not costs. b. making choices at the margin. c. analyzing costs but not benefits. d. making the distinctio…

1. The economy of Pennsylvania can produce grapes and hardwood lumber (such as b

1. The economy of Pennsylvania can produce grapes and hardwood lumber (such as black cherry, red maple, red oak, and sugar maple). You notice that the price of forest-land and log…

1. The economy\'s income and expenditure The following diagram presents a circul

1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollar…

1. The economy\'s income and expenditure The following diagram presents a circul

1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollar…

1. The effect of a valid delegation of duties is that it: A. discharges the dele

1. The effect of a valid delegation of duties is that it: A. discharges the delegator from any further liability. B. is an automatic novation. C. discharges the obligee from any f…

1. The empirical evidence that exists concerning the magnitude of the wage elast

1. The empirical evidence that exists concerning the magnitude of the wage elasticity of labour demand indicates that it tends to be: a) negative and elastic. b) negative and inel…

1. The engineering design and testing group for Honda Corp. does contract-based

1. The engineering design and testing group for Honda Corp. does contract-based work for automobile manufacturers throughout the world. During the last 3 years, the net cash flows…

1. The entire quantity available of a consumption good is allocated amongst seve

1. The entire quantity available of a consumption good is allocated amongst several people. Some of these people value their last unit received at $30. All of the other people val…

1. The equilibrium price of a good occurs when the a) quantity of the good deman

1. The equilibrium price of a good occurs when the a)quantity of the good demanded equals the quantity of the good supplied. b)quantity of the good demanded is greater than the qu…

1. The equilibrium price of a swimming pool in this market is (35,000, 20,000, 3

1. The equilibrium price of a swimming pool in this market is (35,000, 20,000, 30,000, 25,000, or 15,000) per swimming pool and the equilibrium quantity is (200, 150, 120, 240, or…

1. The equimarginal principle says that if and only if then the policy must be c

1. The equimarginal principle says that if and only if then the policy must be cost effective. (CIRCLE THE BEST ANSWER) (A) the cost of the first unit of abatement is equal across…

1. The existence of money A. reduces specialization. B. makes trade easier. C. a

1. The existence of money A. reduces specialization. B. makes trade easier. C. allows for barter. D. hinders production. 2. Economists equate money with A. individual wealth. B. i…

1. The expanded circular-flow diagram Aa Aa The diagram below shows an expansive

1. The expanded circular-flow diagram Aa Aa The diagram below shows an expansive circular-flow diagram for the U.S. economy, with arrows pointing in the direction that money flows…

1. The expected value of a gamble Aa Aa Carl and Amy are friends who are attendi

1. The expected value of a gamble Aa Aa Carl and Amy are friends who are attending a "casino night" at a charity fundraiser. Once inside, there's a table at which you can gamble: …

1. The expected value of a gamble Daesun and Kim are friends who are attending a

1. The expected value of a gamble Daesun and Kim are friends who are attending a "casino night" at a charity fundraiser. Once inside, there's a table at which you can gamble: For …

1. The fact that borrowers sometimes default on their loans by declaring bankrup

1. The fact that borrowers sometimes default on their loans by declaring bankruptcy is directly related to the characteristic of a bond called: A) Private risk B) Term risk C) Int…

1. The farmer believes that the guidance system will add the value of improved f

1. The farmer believes that the guidance system will add the value of improved farming, more uniform treatments, less driver skill needed and extended hours of operation. He belie…

1. The field of law that attempts to limit the ability of oligopolists to collud

1. The field of law that attempts to limit the ability of oligopolists to collude and restrict competition is called: antitrust policy. product safety policy. fuel efficiency stan…

1. The figure above shows the intersection of demand and supply at the price P2

1. The figure above shows the intersection of demand and supply at the price P2 and quantity Q2 in a competitive market. Refer to figure. What is the consumer surplus at the equil…

1. The figure below depicts the macroeconomic situation of stagflation [1] infli

1.The figure below depicts the macroeconomic situation of stagflation[1] inflicted by the negative supply shock. As the economic advisor to PM Scott Morrison (!), you are contempl…

1. The figure given below shows the revenue and cost curves of a perfectly compe

1. The figure given below shows the revenue and cost curves of a perfectly competitive firm. MC: Marginal cost curve MR: Marginal revenue curve ATC: Average-total-cost curve AVC: …

1. The financial system is primarily a means through which a-funds are transferr

1. The financial system is primarily a means through which a-funds are transferred from savers to borrowers b-the government puts into operation its plans for the economy. c-busin…

1. The firm shown in the graph would maximize profit by producing output A) Q\'

1.             The firm shown in the graph would maximize profit by producing output                 A)            Q' at price P.                                          B)      …

1. The firm\'s break-even point occurs at an output of A. 30 B. 40 C. 55 D. 70 2

1. The firm's break-even point occurs at an output of A. 30 B. 40 C. 55 D. 70 2. The firm's shutdown point occurs at an output of A. 30 B. 45 C. 60 D. 65 3. The firm's most profit…

1. The firm\'s short-run total cost function is C(Q)-70+4Q+2Q2 where Q is the am

1. The firm's short-run total cost function is C(Q)-70+4Q+2Q2 where Q is the amount of output. The corresponding unit cost functions are: A. AFC-70 AVC-4Q+2Q MC-4Q B. AFC-70 AVC 4…

1. The firms and workers in Alpha form expectations adaptively. The firms and wo

1. The firms and workers in Alpha form expectations adaptively. The firms and workers in Omega form expectations rationally. Their otherwise identical economies are initially in e…