Eco101
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Dr.Napester
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| Economics is best defined as the study of((how people make choices in the face of scarcity and the implications of those choices for society as a whole)) |
| Economics is best defined as the study of((choice in the face of limited resources)) |
| Economists recognize that because people have limited resources((they have to make trade-offs)) |
| The Scarcity Principle states that((with limited resources, having more of one thing means having less of another)) |
| An implication of scarcity is that((people must make trade-offs)) |
| If all the world's resources were to magically increase one hundredfold, then((people would still have to make trade-offs)) |
| The Scarcity Principle applies to((everyone)) |
| Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true((Forest has to make trade-offs)) |
| The Scarcity Principle applies to((all decisions)) |
| Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is((an economic problem because Chris has only one hour, and engaging in one activity means giving up the other)) |
| Josh wants to go to the football game this weekend, but he has a paper due on Monday. It will take him the whole weekend to write the paper. Josh decides to stay home and work on the paper. According to the Scarcity Principle, the reason Josh doesn't go to the game is that((Josh can't go the game and finish the paper)) |
| Whether studying the output of the U.S. economy or how many classes a student will take, a unifying concept is that((wants are unlimited and resources are scarce, so trade-offs have to be made)) |
| The Cost-Benefit Principle indicates that an action should be taken if((its extra benefit is greater than or equal to its extra cost)) |
| If a person takes an action if, and only if, the extra benefits from taking that action are at least as great as the extra costs, then that person is((following the Cost-Benefit Principle)) |
| Choosing to study for an exam until the extra benefit (e.g., improved score) equals the extra cost (e.g., the value of foregone activities) is((an application of the Cost-Benefit Principle)) |
| The Scarcity Principle tells us ________, and the Cost-Benefit Principle tells us ________((that choices must be made; how to make good choices)) |
| According to the Cost-Benefit Principle, you should go see the latest Star Wars movie with your friends this weekend if((the extra benefits of seeing the movie are greater than the extra costs of seeing the movie)) |
| A rational person((makes choices based on added benefits and added costs)) |
| Suppose that the extra cost to Tim of a third glass of soda is zero because he's at a restaurant that gives free refills. According to the Cost-Benefit Principle Tim should((drink a third glass of soda if the extra benefit of doing so is positive)) |
| Janie must choose to either mow the lawn or wash clothes. If she mows the lawn, she will earn $30, and if she washes clothes, she will earn $45. She dislikes both tasks equally and they both take the same amount of time. Janie will therefore choose to ________ because it generates a ________ economic surplus((wash clothes; bigger)) |
| Dean should play golf instead of preparing for tomorrow's exam in economics if((the economic surplus from playing golf is greater than the economic surplus from studying)) |
| Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending Elite U is(($70,000 )) |
| Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State College is(($35,000 )) |
| Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State NoName U is(($20,000 )) |
| Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry maximizes his economic surplus by attending((State College)) |
| Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. What is Larry's economic surplus from attending State College instead of his next best alternative(($5,000 )) |
| Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. Her opportunity cost of going to the beach is((the value she places on seeing the movie)) |
| All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has((a higher opportunity cost of taking the day off work)) |
| The opportunity cost of an activity includes the value of((the next-best alternative that must be foregone)) |
| Amy is thinking about going to the movies tonight. A movie ticket costs $15, and she'll have to cancel a $20 dog-sitting job that she would have been willing to do for free. The opportunity to Amy cost of going to the movies is(($35 )) |
| The economic surplus of an action is((the difference between the benefit and the cost of taking an action)) |
| You are trying to decide whether to purchase the latest Harry Potter book online or borrow it from the library. There is no charge for borrowing a book from the library, but going to the library takes more time than ordering a book online. Regardless of how you get the book, its benefit to you is the same. If the cost of buying the book online is $13, then you should((borrow the book from the library if the cost of doing so (in terms of the extra time it takes) is less than $13)) |
| Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. If Alex becomes a full-time student, then((the opportunity cost of attending State U. includes the money Alex could have earned working for four years)) |
| Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for $12,000, her ________ would be ________((economic surplus; $3,000)) |
| If individuals are rational, they should choose actions that yield the((largest economic surplus)) |
| Suppose the most you would be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is(($75 )) |
| The Cost-Benefit Principle((provides an abstract model of how people should choose between alternatives)) |
| Economists believe the Cost-Benefit Principle is((a simple but useful model of how people should make choices)) |
| The cost-benefit model used by economists is((useful because most people follow it most of the time)) |
| Economists use abstract models because((they are useful for describing general patterns of behavior)) |
| The fact that most people make some decisions based on intuition rather than calculation is((consistent with the cost-benefit model because most people intuitively weigh costs and benefits)) |
| Moe has a big exam tomorrow. He considered studying this evening, but decided to hang out with Curly instead. If neither activity involves any explicit costs, and Moe always chooses rationally, it must be true that((Moe gets more benefit from spending time with Curly than from studying)) |
| If one fails to account for implicit costs in decision making, then applying the cost-benefit rule will be flawed because((the costs will be understated)) |
| Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. If you do not use the frequent-flyer coupon to fly to Miami, should you go to Miami((No, your benefit is less than your cost)) |
| Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. What is the opportunity cost of using the coupon for the Miami trip(($450 )) |
| Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. Should you use the frequent flyer coupon to go to Miami((No, your benefit is less than your cost)) |
| Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. If the Chicago-Atlanta round-trip air fare were $350, should you use the coupon to go to Miami((Yes, your economic surplus would be $50)) |
| Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school-aged children. Childcare for their children costs $12,000 per year. Given that Chris doesn't want to stay home with the kids, regardless of what Pat does, Pat should stay home with the kids if, and only if, the value of Pat spending more time with the kids is greater than(($13,000 per year)) |
| You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. Should you go to the concert instead of working Saturday((No, the benefit of going to the concert is less than the cost)) |
| You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is the opportunity cost of going to the concert(($36 )) |
| You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is your opportunity cost of going to work on Saturday(($35 )) |
| You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. Your economic surplus from going to work instead of seeing SPAM on Saturday is(($1 )) |
| Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. The benefit to Matt of buying his books at the university bookstore instead of online is(($5 )) |
| Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. The benefit to Matt of driving to campus to buy the concert ticket last week was(($4 )) |
| Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. Given that driving to campus to buy the concert ticket was rational for Matt, Matt should((drive to campus to buy the books because the $5 he would save is more than he saved by driving to campus to buy the concert ticket)) |
| Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. Assume the minimum that Matt would be willing to accept to drive to campus is equal to the $4 he saved on the concert ticket. What would his economic surplus be if he bought his textbooks at the university bookstore rather than online(($1 )) |
| The marginal benefit of an activity is the((extra benefit associated with an extra unit of the activity)) |
| Suppose the total benefit of watching 1 baseball game is 100, the total benefit of watching 2 games is 120, and the total benefit of watching 3 games is 125. In this case, the marginal benefit of watching the 3rd game is(($5 )) |
| The extra benefit that results from carrying out one additional unit of an activity is the ________ of the activity((marginal benefit)) |
| The marginal cost of an activity is the((change in the total cost of the activity that results from carrying out an additional unit of the activity)) |
| The extra cost that results from carrying out one additional unit of an activity is the ________ of the activity((marginal cost)) |
| Dividing the total cost of undertaking n units of an activity by n reveals the((average cost)) |
| For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat all of the meals, your average cost for a meal is(($4 )) |
| For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is(($6 )) |
| For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your marginal cost of the 100th meal is(($0 )) |
| The average benefit of n units of an activity is the((total benefit of n units divided by n)) |
| You save $10 on gas every week because you take the bus to school. You have class 5 days a week. What is your average benefit per day of taking the bus to school(($2 )) |
| Your scholarship depends on your maintaining a 3.5 cumulative GPA. Your GPA for last semester was 3.6, which brought your cumulative GPA down. What must be true((Last semester's grades were lower than your overall GPA)) |
| Refer to the accompanying table below. The average cost of 4 units of this activity is(($25 )) |
| Refer to the accompanying table below. The marginal cost of the 3rd unit of this activity is(($20 )) |
| Refer to the accompanying table below. The average benefit of 2 units of activity is(($80 )) |
| Refer to the accompanying table below. The marginal benefit of the 5th unit of activity is(($10 )) |
| Refer to the accompanying table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out(($3 )) |
| Refer to the accompanying table below. The average cost of 5 units of activity is(($6 )) |
| Refer to the accompanying table below. The marginal cost of the 4th unit of activity is(($8 )) |
| Refer to the accompanying table below. The average benefit of 4 units of activity is(($9 )) |
| Refer to the accompanying table below. The marginal benefit of the 6th unit of activity is(($2 )) |
| Refer to the accompanying table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out(($3 )) |
| The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities(($51,963 )) |
| The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities(($38,000 )) |
| The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities((5; $17,080)) |
| The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities(($12,426 )) |
| The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities(($11,000 )) |
| The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities((2; $25,426)) |
| The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities(($2 )) |
| Ginger bought a phone that came with a $10 rebate. Ginger should fill out and mail in the rebate form if((the opportunity cost of the time and trouble of sending in the rebate form is less than $10)) |
| Tony notes that an electronics store is offering a flat $20 off all prices in the store. Tony reasons that if he wants to buy something with a price of $50, then it is a good offer, but if he wants to buy something with a price of $500, then it is not a good offer. This is an example of((inconsistent reasoning; saving $20 is saving $20)) |
| Suppose a retail store was offering 10 percent off list prices on all goods. The benefit of the 10 percent savings is((positively related to the list price of the good)) |
| A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. What is the marginal cost of producing the computers that Pam can assemble during her 3rd hour of work(($1,240 )) |
| A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. What is the marginal cost of producing the computers that Pam can assemble during her 2nd hour of work(($1,840 )) |
| A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $625, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment((3 hours)) |
| A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $650, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment((4 hours)) |
| If Jane works for 6 hours she can rent out 9 apartments, and if she works for 7 hours she can rent out 12 apartments. The marginal benefit of Jane's 7th hour of work equals((3 apartments)) |
| The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase(($400 )) |
| The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase(($1,700 )) |
| The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase(($1,000 )) |
| The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase(($200 )) |
| The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase((3.0GHz)) |
| The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase((its marginal benefit is less than its marginal cost)) |
| Jack has a ticket to see the Foo Fighters for which he paid $30 yesterday. He takes an unpaid day off from work to get ready for the concert. When he arrives at the concert, five different people offer him $70 for his ticket. Jack decides to keep his ticket. At the time he makes this decision, his opportunity cost of seeing the Foo Fighters is(($70 )) |
| Jody has purchased a non-refundable $75 ticket to attend a Miley Cyrus concert on Friday night. Subsequently, she is asked to go to out dinner at no expense to her. If she uses cost-benefit analysis to choose between going to the concert and going out to dinner, the opportunity cost of going out to dinner should include((only the entertainment value of the concert)) |
| You won a free ticket to see the latest Star Wars movie this Friday night (which you can costlessly resell for its face value of $15). Your favorite band is also performing on Friday and is your only alternative activity. Friday is your last chance to see either the movie or the band. Tickets to see your favorite band cost $30, and on any given day, you would be willing to pay as much as $50 for a ticket. Based on this information, what is your opportunity cost of going to see the Star Wars movie on Friday(($35 )) |
| You want to buy a TV that regularly costs $250. You can either buy the TV from a nearby store or from a store that's downtown. Relative to going to the nearby store, driving downtown involves additional time and gas. The downtown store, however, has a 10 percent off sale this week. Last week you drove downtown to save $20 on some concert tickets, a 15 percent savings. Should you drive downtown to buy the TV((Yes, because you will save more than $20)) |
| The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15(($14 )) |
| The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15(($15 )) |
| The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15(($12 )) |
| The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15(($2 )) |
| Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below(($84 )) |
| Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below((10 apples)) |
| Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below((24 apples)) |
| Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below((He should spend 3 hours in the east orchard and 1 hour in the west orchard)) |
| Positive economic principles are those that((predict how people will behave)) |
| One thing that distinguishes normative economic principles from positive economic principles is that((normative principles tell us how people should behave, and positive principles tell us how people will behave)) |
| Normative economic principles are concerned with how people ________ make decisions while positive economic principles are concerned with how people ________ make decisions((should; do)) |
| An editorial in the paper argues that a person only should be allowed to attend school if the marginal cost of educating that person is less than the marginal benefit of educating that person. The writer's reasoning is an application of((normative economics)) |
| The Incentive Principle states that a person((is more likely to take an action if its benefit increases)) |
| The Incentive Principle is an example of((a positive economic principle)) |
| According to the Incentive Principle, people will be less likely to smoke if the government((increases taxes on cigarettes, effectively raising the price)) |
| According to the Incentive Principle((people tend to do more of something when its benefits are greater)) |
| Microeconomics differs from macroeconomics in that microeconomics focuses on((the choices made by individuals and the implications of those choices)) |
| Macroeconomics differs from microeconomics in that macroeconomics focuses on((the performance of national economies and ways to improve that performance)) |
| The study of individual choice and its implications for the behavior of prices and quantities in individual markets is((microeconomics)) |
| Which branch of economics is most likely to study differences in countries' growth rates((macroeconomics)) |
| Which of the following would not be studied in microeconomics((Whether the federal budget should be balanced)) |
| Which of the following would not be studied in macroeconomics((How a sharp increase in gasoline prices is likely to affect SUV sales)) |
| By convention, there are two major divisions of economics, called((microeconomics and macroeconomics)) |
| A study that deals with the salaries of university professors would be considered((microeconomics)) |
| In deciding how many guitars to buy for his shop before the Christmas season, Mark is making a(n) ________ decision((microeconomic)) |
| A study of the impact of various government policies on economic growth would be considered((macroeconomics)) |
| The field of economics that would be most concerned with a recent fall in interest rates is((macroeconomics)) |
| An economic naturalist is someone who((applies economic insights to understand everyday life)) |
| With ATMs, it is possible to retrieve cash from the bank at any time. One hundred years ago, one could only get cash from the bank during business hours, say, 9 am to 3 pm. The present availability of 24-hour service has arisen because((the cost of providing 24-hour service is much lower today)) |
| The number of U.S. households with access to the Internet has grown is growing rapidly. Compared to 50 years ago, one would predict that when considering a major purchase, people today will gather((more information because the Internet has lowered the cost of gathering information)) |
| Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why((Other people are trying to choose the shortest line too)) |
| Suppose there are two parallel highways between two cities with approximately equal traffic. What would you expect to happen if the state began charging tolls to drive on one of those highways((More drivers would drive on the non-toll road, making the toll road less congested)) |
| During times of high unemployment, colleges often observe an increase in enrollment even if tuition remains unchanged. Why((The opportunity cost of attending college is lower when unemployment is high)) |
| The last time gas prices increased drastically, sales of large Sport Utility Vehicles (SUVs) fell. Why((Higher gas prices increased the cost of driving a SUV)) |
| Due to the fact that Curly used his frequent flyer miles to fly to visit Moe, Curly told Moe that it didn't cost him anything to visit. Is Curly correct((No, because Curly could have used his frequent flyer miles to go somewhere else instead)) |
| Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and costs $1.00. How should Pat get to work((Pat should drive if saving half an hour is worth $0.50 or more)) |
| You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your opportunity cost of seeing a movie this afternoon(($22 )) |
| You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your economic surplus from working as a math tutor instead of going to the movies(($2 )) |
| You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. Should you go see a movie or work as a math tutor((You should work as a math tutor)) |
| If a country's economic decisions are made by an individual or small number of individuals, then it has a((centralized economy)) |
| A good example of central planning at work in the U.S. is((New York City's rent control program)) |
| The entire group of buyers and sellers of a particular good or service makes up((a market)) |
| Suppose you bought three tickets to a concert in advance at the University ticket window. At the last minute one friend cancelled, so you could use only two of the tickets. You sold the third ticket just outside the entrance to the concert for more than the price you had originally paid. Which transaction occurred in a market((Both the purchase at the University ticket window and the sale at the concert entrance were market transactions)) |
| Suppose you camped out in front of an electronics store to be one of the 200 lucky people able to purchase the latest gaming system. You bought the system for $350. Two weeks later you see that the same system can be sold on e-Bay for $600, so you sell your system. Your market role was as a((consumer at the electronics store and a seller on e-Bay)) |
| To understand how the price of a good is determined in a free market, one must account for the desires of((buyers and sellers)) |
| Buyers and sellers of a particular good make up the((market for the good)) |
| All else constant, consumers will purchase more of a good as the price falls." This statement reflects the behavior underlying((the demand curve)) |
| The demand curve illustrates the fact that consumers tend to purchase((more of a good as its price falls)) |
| Which of the following is NOT true of a demand curve((It reflects sellers' reservations prices)) |
| A demand curve is ________ sloping because ________((downward; fewer people are willing to buy an item at higher prices)) |
| As coffee becomes more expensive, Joe starts drinking tea instead of coffee. This is called((the substitution effect of a price change)) |
| Suppose that as the price of apples rises, people switch from eating apples to eating oranges. This is known as((the substitution effect of a price change)) |
| You can spend $10 for lunch and you would like to purchase two cheeseburgers. When you get to the restaurant, you find out the price for cheeseburger has increased from $5 to $6, so you decide to purchase just one cheeseburger. This is best described as((the income effect of a price change)) |
| After the price of Revlon nail polish increased, Jen stopped buying Revlon nail polish and started buying a cheaper brand of nail polish instead. This is called((the substitution effect of a price change)) |
| When the price of a good changes, the amount of that good that buyers wish to buy changes((because of both the substitution and the income effects)) |
| The buyer's reservation price for a particular good or service is the((largest price the buyer would be willing to pay for it)) |
| Shelly purchases a leather purse for $400. One can infer that((her reservation price was at least $400)) |
| Gertie saw a pair of jeans that she was willing to buy for $35. The price tag, though, said they were $29.99. Therefore((Gertie should buy the jeans because the price is less than her reservation price)) |
| One reason the demand curve slopes ________ is that as prices fall ________((downward; more people find that the price is now less than their reservation price)) |
| When a slice of pizza at the student union sold for $2, Moe did not purchase any. When the price fell to $1.75, Moe purchased a slice each day for lunch. Thus, we can infer that Moe's reservation price for a slice of pizza is((at least $1.75 but less than $2)) |
| The quantity that sellers wish to sell tends to ________ as price increases, and so the supply curve is ________ sloping((increase; upward)) |
| The supply curve illustrates that firms((increase the quantity supplied of a good when its price rises)) |
| As the price of a good rises((more firms can cover their opportunity cost of producing the good)) |
| Jessica's marginal cost for producing a pitcher of lemonade is $0.25. Therefore, $0.25 is her((reservation price)) |
| Suppose that the market price for hot dogs sold by street vendors has just risen from $4.50 to $5.00, and that in response Curly has now begun operating a hot dog cart. We can assume that Curly's reservation price for hot dogs is((greater than $4.50 but no more than $5.00)) |
| A seller's reservation price is generally equal to((the seller's opportunity cost of producing an additional unit)) |
| A seller's reservation price is generally equal to((the seller's marginal cost)) |
| Which of the following is NOT a characteristic of a market in equilibrium((Neither buyers nor sellers want the price to change)) |
| When a market is in equilibrium((there is neither excess demand nor excess supply)) |
| Equilibrium price and quantity are determined by((both supply and demand)) |
| Excess demand occurs((when price is below the equilibrium price)) |
| If price is above the equilibrium price, then there will be((excess supply)) |
| The price of bananas will increase in response to((an excess demand for bananas)) |
| If there is an excess supply of sport utility vehicles, then((quantity supplied is greater than quantity demanded)) |
| Refer to the accompanying figure. The equilibrium price is ________, and the equilibrium quantity is ________(($6; 4)) |
| Refer to the accompanying figure. At a price of $9, there will be((an excess supply of 5 units)) |
| Refer to the accompanying figure. At a price of $3, there will be((an excess demand of 5 units)) |
| Refer to the accompanying figure. If the price is $4 today and there is no change in either supply or demand, one would expect the price in the future to be((greater than $4)) |
| When the current price of a good is below the equilibrium price((buyers have an incentive to offer to pay sellers more than the current price)) |
| In a free market, if the price of a good is below the equilibrium price, then((buyers, hoping to ensure they acquire the good, will bid the price higher)) |
| In a free market, if the price of a good is above the equilibrium price, then((sellers, dissatisfied with growing inventories, will lower their prices)) |
| Which of following is NOT true of the equilibrium price((It is fair in the sense that everyone can afford basic goods and services)) |
| When a market is not in equilibrium((the economic motives of sellers and buyers will move the market to its equilibrium)) |
| Suppose that when the price of oranges is $3 per pound, the quantity demanded is 4.7 tons per day and the quantity supplied is 3.9 tons. In this case((excess demand will lead the price of oranges to rise)) |
| Suppose that when the price of broccoli is $4 per pound, buyers wish to buy 500 pounds per day and sellers wish to sell 800 pounds per day. In this case((excess supply will lead the price of broccoli to fall)) |
| Suppose you bought a concert ticket from Ticketmaster for $50, but when you get to the concert, there are a large number of people waiting outside who offer to pay you more than $50 for your ticket. What is probably true((There is an excess demand for tickets at the Ticketmaster price)) |
| You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that((the wage for teachers in that district is lower than the equilibrium wage)) |
| Suppose the market demand curve is given by Qd = 80 - 10P, and the market supply curve is given by Qs = 10 + 15P. What is the equilibrium price and quantity((P* = $2.80 and Q* = 52)) |
| Suppose you drive a car that gets good gas mileage, and you notice that more and more people are driving gas-guzzling cars. Their increased demand for gas((is likely to cause the price you pay for gas to increase)) |
| Refer to the accompanying figure. The equilibrium price is ________, and the equilibrium quantity is ________(($35; 20)) |
| Refer to the accompanying figure. If the current market price were $20((there would be an excess demand of 25 units)) |
| Refer to the accompanying figure. Suppose all the sellers in this market started out charging a price of $45 per unit. What is the most likely result((They would lower their prices because at $45 there would be excess supply)) |
| Refer to the accompanying figure. If the government imposed a price ceiling of $40, what would happen in this market((The price ceiling would have no effect)) |
| Refer to the figure below. There would be an excess supply of 25 at a price of ________(($50 )) |
| The tendency of markets to automatically gravitate toward equilibrium is an application of the((Incentive Principle)) |
| Refer to the given table((the market price to rise)) |
| Which of the following is NOT a characteristic of rent controls((Greater availability of apartments)) |
| Suppose one knows two facts: first, the market for prescription drugs experiences chronic shortages and second, the government sets the price for prescription drugs. One can conclude that the government has((set the price below the equilibrium price)) |
| A price ceiling that is set above the equilibrium price((will have no effect on the market)) |
| In a market in which the government has set a price ceiling below the equilibrium price((a black market might develop)) |
| According to the textbook, government price controls fail because((legislation cannot alter basic economic incentives)) |
| A movement along a demand curve from one price-quantity combination to another is called a((change in quantity demanded)) |
| As the price of personal computers continues to fall, demand increases. This headline is inaccurate because((a falling price of personal computers increases the quantity demanded, not demand)) |
| An increase in the quantity of tea demanded occurs if((the price of the tea falls)) |
| If the demand for a good decreases as income decreases, then the good is a(n)((normal good)) |
| If the demand for gadgets increases as a result of a decrease in the price of widgets, the widgets and gadgets are((complementary goods)) |
| It is likely that for most people((coffee and tea are substitutes)) |
| Office workers and word processing programs are complements if((a decrease in the wage paid to office workers leads to an increase in the demand for word processing programs)) |
| What might cause a demand curve to shift to the right((An increase in the price of a substitute)) |
| If the demand for olives falls when the price of cheese falls, then we know that cheese and olives are((substitutes)) |
| If the demand for cucumbers falls when the price of tomatoes rises, then we know that tomatoes and cucumbers are((complements)) |
| If the demand for steak increases as income increases, then steak is a(n)((normal good)) |
| If an increase in the price of good X leads to a decrease in the demand for good Y, then((good X and good Y are complements)) |
| Two goods are complements if((an increase in the price of one good leads to a decrease in demand for the other)) |
| A decrease in the price of pizza will lead to a(n)((increase in the quantity of pizza demanded)) |
| If the demand for computers increases as consumers' incomes rise, then computers are((a normal good)) |
| If an increase in income leads to a decrease in the demand for ground beef, then ground beef is a(n)((inferior good)) |
| If the demand curve for bologna shifts to the right as income falls then bologna is a(n)((inferior good)) |
| Suppose sport utility vehicles get poor gas mileage compared to other available cars. If the price of gasoline increases, then one would expect((the demand for sport utility vehicles to decrease)) |
| Suppose the residents of Metropolis travel to work either by bus or train. If the price of train tickets increases, then((the demand for bus tickets will increase)) |
| If the price of doughnuts decreases, then one would expect the((quantity of doughnuts supplied to decrease)) |
| Suppose that the price of doughnuts decreases. Given that doughnut holes are a by-product of producing doughnuts, one would expect((the supply of doughnut holes to decrease)) |
| For two goods, X and Y, to be classified as substitutes, it must be the case that((when the price of X rises, the demand for Y increases)) |
| At the beginning of the fall semester, college towns experience large increases in their populations, causing a(n)((increase in the demand for apartments)) |
| Suppose one observes that when the price of peanut butter increases, the demand for jelly increases. One should conclude that((peanut butter and jelly are substitutes)) |
| Refer to the accompanying figure. Suppose the solid line shows the current demand curve for coffee. In response to an announcement that much of next year's coffee crop has been destroyed by a storm in Brazil, you should expect((the demand curve to shift to D(B) in anticipation of higher future prices)) |
| Refer to the accompanying figure. Suppose the solid line shows the current demand for coffee. In response to a news story explaining that coffee causes heart disease, you should expect((the demand curve to shift to D(A) because some people will stop drinking coffee)) |
| Refer to the accompanying figure. Suppose the solid line shows the current demand for coffee. In response to news that next year's coffee harvest will be extremely good due to favorable weather conditions, you should expect((the demand curve to shift to D(A) in anticipation of lower future prices)) |
| Refer to the accompanying figure. Suppose the solid line shows the demand for coffee. If coffee and tea are substitutes, and the price of tea falls, then you would expect((the demand curve to shift to D(A))) |
| Suppose that a disease that affects people who consume beef has been discovered in the United States. One likely result is((a decrease in demand for beef)) |
| Assume consumers eat either rice or pasta for dinner every night. If the price of rice increases, then one would expect to see((an increase in the demand for pasta)) |
| Suppose that recent studies conclude that high-fiber diets do not reduce the risk of developing colon cancer as was previously thought. The likely result will be that the((demand for high-fiber foods will decrease)) |
| Which of the following is likely to lead to a decrease in the demand for tennis balls((An increase in the price of tennis racquets)) |
| If fast food is an inferior good then((the demand for fast food will fall as income rises)) |
| Refer to the accompanying figure. Moving from demand curve D1 to demand curve D2 illustrates a(n)((increase in demand)) |
| Refer to the accompanying figure. Moving from demand curve D2 to demand curve D1 could be caused by a(n)((increase in the price of a complement)) |
| Refer to the accompanying figure. Moving from demand curve D1 to demand curve D2 could be caused by a(n)((increase in the price of a close substitute)) |
| All else equal, a decrease in the demand for oranges will lead to a(n) ________ in equilibrium price and a(n) ________ in equilibrium quantity((decrease; decrease)) |
| As the price of cookies increases, firms that produce cookies will((increase the quantity of cookies supplied)) |
| Which of the following would cause an increase in quantity of wheat supplied((The price farmers receive for their wheat rises)) |
| If the price of rubber (an input to the production of tires) increases((the supply of tires will decrease)) |
| As the price of flour (an input in the production of cookies) increases, firms that produce cookies will((decrease the supply of cookies)) |
| Suppose that the technology used to manufacture laptops has improved. The likely result would be((an increase in supply of laptops)) |
| Which of the following factors will lead to a decrease in the current supply of a good((A belief that the price of a good or service will go up in the future)) |
| What might cause a decrease in current supply of a product((New information that leads sellers to believe that the product's price will rise in the future)) |
| Refer to the accompanying figure. Suppose the solid line represents the current supply of Star Wars action figures. If retailers learn that a new Star Wars movie will be released in several months, this news is likely to cause((current supply to shift to S(A) in anticipation of higher future prices)) |
| Refer to the accompanying figure. Suppose the solid line represents the current supply of Star Wars action figures. If the price of the plastic used to make action figures rises, current supply will((shift to S(A))) |
| Refer to the accompanying figure, which shows the market for cups of coffee. At the original market equilibrium((40 cups are sold per hour at a price of $2.00 each)) |
| Refer to the accompanying figure, which shows the market for cups of coffee. What might cause a shift from the original demand curve to the new demand curve((An increase in consumers' tastes for coffee)) |
| Refer to the accompanying figure, which shows the market for cups of coffee. What might cause a shift from the original supply curve to the new supply curve((A new technology that reduces amount of coffee beans needed to make a good cup of coffee)) |
| Refer to the accompanying figure, which shows the market for cups of coffee. If all buyers' reservation prices increase by $1.00, then the equilibrium price of coffee would((increase by less than $1.00)) |
| Refer to the accompanying figure, which shows the market for cups of coffee. Consider the original supply and the original demand curve. If the government imposes a price ceiling of $1.00 on a cup of coffee, then there would be((an excess demand for coffee)) |
| Refer to the accompanying figure. An increase in demand is represented by a shift from((curve C to curve D)) |
| Refer to the accompanying figure. A decrease in demand is represented by a shift from((curve D to curve C)) |
| Refer to the accompanying figure. An increase in supply is represented by a shift from((curve A to curve B.)) |
| Refer to the accompanying figure. A decrease in supply is represented by a shift from((curve B to curve A)) |
| Refer to the given table. Relative to column A, column B represents((an increase in demand)) |
| Refer to the given table. Relative to column C, column D represents((a decrease in supply)) |
| Refer to the given table. Suppose the columns in this table reflect demand and supply. At a price of $30((there will be an excess demand of 45 units)) |
| Refer to the given table. Suppose the columns in this table reflect demand and supply. At a price of $50((there will be an excess supply of 5 units)) |
| Refer to the given table. The equilibrium price in this market is((between $40 and $50)) |
| An increase in the demand for GM automobiles results in((an increase in the quantity supplied of GM automobiles)) |
| Which of the following is NOT a determinant of the demand for gasoline((The supply of gasoline)) |
| When the supply of a good decreases, there will be a(n)((decrease in the quantity demanded)) |
| When the supply curve shifts to the left and there is no change in demand((the equilibrium price will rise)) |
| If the supply curve and the demand curve both shift to the left, then the new equilibrium((quantity will be lower, but the direction of the price change is uncertain)) |
| If supply increases, then((the quantity demanded will increase)) |
| Suppose demand decreases, but there is no change in supply. As the market reaches its new equilibrium((excess supply will lead the price to fall)) |
| Suppose supply decreases, but there is no change in demand. As the market reaches its new equilibrium((excess demand will lead the price to rise)) |
| When the demand curve shifts to the right and supply doesn't change((equilibrium quantity will rise)) |
| A decrease in both the equilibrium price and the equilibrium quantity of rice is best explained by((a decrease in the demand for rice)) |
| An increase in both the equilibrium price and the equilibrium quantity of DVD players is best explained by((an increase in the demand for DVD players)) |
| Suppose we observe an increase in both the equilibrium price and quantity of bread. This is best explained by((a decrease in the price of butter, a complement to bread)) |
| Suppose that the equilibrium price of T-shirts increases and the equilibrium quantity of T-shirts decreases. This is best explained by((a decrease in the supply of T-shirts)) |
| Suppose that the equilibrium price of apples decreases and the equilibrium quantity of apples increases. This is best explained by((an increase in the supply of apples)) |
| Suppose you observe a decrease in the equilibrium price and quantity of corn. Of the options listed below, this is best explained by((a fall in consumer income assuming corn is a normal good)) |
| Suppose we observe a decrease in the equilibrium price of tuna and an increase in the equilibrium quantity of tuna. This is best explained by((a decrease in the cost of fuel used by tuna fishing boats)) |
| Suppose you observe an increase in the equilibrium price of coffee and a decrease in the equilibrium quantity of coffee. Of the options listed below, this is most consistent with((an increase in the cost of producing coffee)) |
| If pencils and paper are complements for most consumers, then if the price of paper increases, you would expect((the equilibrium price and quantity of pencils to fall)) |
| Refer to the accompanying figure. Assume demand remains unchanged at D1. If supply shifts from S1 to S2, then the equilibrium price will ________ and the equilibrium quantity will ________((fall; rise)) |
| Refer to the accompanying figure. Assume demand remains unchanged at D1. If supply shifts from S2 to S1, then the equilibrium price will ________ and the equilibrium quantity will ________((rise; fall)) |
| Refer to the accompanying figure. If demand shifts from D1 to D2, and at the same time, supply shifts from S1 to S2, then according to the figure((the equilibrium quantity will increase and the equilibrium price will increase)) |
| If demand increases and supply decreases, the change in the equilibrium price will be ________, and the change in the equilibrium quantity will be ________((positive; uncertain)) |
| If supply and demand both increase, the new equilibrium price will be ________ and the new equilibrium quantity will be ________((uncertain; higher)) |
| If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________((uncertain; lower)) |
| If supply increases and demand decreases, the new equilibrium price will be ________ and the new equilibrium quantity will be ________((lower; uncertain)) |
| Suppose the equilibrium price and quantity of ketchup fall. The most likely explanation for these changes is((a decrease in the demand for ketchup)) |
| Suppose that the equilibrium price of pickles falls while the equilibrium quantity rises. The most likely explanation for these changes is((an increase in the supply of pickles)) |
| Suppose that the equilibrium price of french fries rises while the equilibrium quantity falls. The most likely explanation for these changes is((a decrease in the supply of french fries)) |
| Assume the demand for coffee increases and the supply of coffee decreases. Which of the following outcomes is certain to occur((The equilibrium price of coffee will rise)) |
| Assume the demand for sugar decreases and the supply of sugar increases. Which of the following outcomes is certain to occur((The equilibrium price of sugar will fall)) |
| Assume both the demand for beef and the supply of beef decrease. Which of the following outcomes is certain to occur((The equilibrium quantity of beef will fall)) |
| Assume both the demand for bagels and the supply of bagels increase. Which of the following outcomes is certain to occur((The equilibrium quantity of bagels will rise)) |
| Suppose a new study highlights the health benefits of eating bacon. At the same time, suppose the cost of producing bacon falls. Given these changes, you should expect to see((an increase in the equilibrium quantity of bacon, but it's hard to say what will happen to the equilibrium price)) |
| Refer to the accompanying figure. Assume the market is originally at point W. Movement to point X is the result of((an increase in demand and an increase in quantity supplied)) |
| Refer to the accompanying figure. Assume the market is originally at point W. Movement to point Y is the result of((an increase in supply and an increase in quantity demanded)) |
| Refer to the accompanying figure. Assume the market is originally at point W. Movement to point Z is a combination of((an increase in supply and an increase in demand)) |
| Suppose that both the supply of iPads and the demand for iPads decrease. One can predict that the((equilibrium quantity will fall, but the change in equilibrium price is uncertain)) |
| Suppose rice is a normal good. If consumers' incomes fall, and a new technology is introduced that lowers the marginal cost of producing rice, then the equilibrium((price of rice will fall, but we cannot say for sure what will happen to the equilibrium quantity)) |
| Suppose Bianca buys a used a textbook from Sebastian for $55. If Bianca's surplus from this transaction was $10, we can infer that((Bianca's reservation price was $65)) |
| Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the seller's surplus from this transaction was(($10 )) |
| Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the buyer's surplus from this transaction was(($20 )) |
| Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the total economic surplus from this transaction was(($30 )) |
| An outcome is socially optimal if it((maximizes total economic surplus)) |
| Efficiency occurs if the((socially optimal quantity of goods and services is being produced)) |
| Efficiency is an important social goal because((movements toward economic efficiency make the total economic pie larger)) |
| Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true((Joe and Mary can make a mutually beneficial exchange)) |
| When two people agree to a price in a negotiation, we can assume that((both parties will benefit)) |
| If there are no unexploited opportunities for individuals in a particular market, then one can conclude that((the market is in equilibrium)) |
| The situation described in the book as "smart for one, dumb for all" occurs when((individuals act rationally, but there are still unexploited opportunities for society as a whole)) |
| If the local slaughterhouse gives off an unpleasant stench, then the equilibrium quantity of meat will be ________ the quantity that maximizes total economic surplus((higher than)) |
| If the equilibrium quantity of a good is also the socially optimal quantity, then((total economic surplus has been maximized)) |
| If the production of oranges reduces global warming, then the equilibrium quantity of oranges will be ________ the socially optimal quantity((lower than)) |
| A market equilibrium might not maximize total economic surplus because((sometimes goods entail costs and benefits that do not fall on buyers and sellers)) |
| Everyone in the neighborhood has been complaining about the deteriorating condition of the park, but nobody has cleaned it up. Why not((No single person's benefit from cleaning the park exceeds that person's cost of cleaning it)) |
| The Equilibrium Principle asserts that in a market equilibrium((no unexploited opportunities exist for individuals)) |
| A market equilibrium((might not maximize total economic surplus)) |
| A market equilibrium((leaves no unexploited opportunities for individuals)) |
| The market equilibrium quantity((is sometimes the socially optimal quantity)) |
| Suppose quantity demanded is given by Qd = 100 - P, and quantity supplied is given by Qs = 20 + 3P. In this case, equilibrium price, P*, and equilibrium quantity, Q*, are as follows((P*= 20, Q*= 80)) |
| A rational seller will sell another unit of output((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Your neighbors have offered to pay you to look after their dog while they are on vacation. It will take you one hour per day to feed, walk, and care for the dog, which you can do either before or after you go to work. Your regular job pays $10 per hour, and you can work up to eight hours per day. The smallest amount of money you would accept to look after your neighbor's dog each day is equal to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following best explains why you are more likely to see a poor person than a wealthy person picking up aluminum cans to sell((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| For a given seller, the accompanying figure shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. What is this seller's reservation price for the 250th unit((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| For a given seller, the accompanying figure shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. If the market price of this good is $6, how many units would this seller produce((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| For a given seller, the accompanying figure shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. As the market price of this good increases, the quantity produced by this seller will ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| For a given seller, the accompanying figure shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. If the market consists of 50 identical sellers, each with the same opportunity cost as the seller depicted in the figure, then how many units would be supplied in the market at a price of $14 per unit((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A seller's supply curve shows the seller's((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Individual supply curves generally slope ________ because ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| As the market price of a service increases, more potential sellers will decide to perform that service because((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The primary objective of most private firms is to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The most important challenge facing a firm in a perfectly competitive market is deciding((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Total revenue minus both explicit and implicit costs defines a firm's((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A firm's profit equals((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following statements is true for both Microsoft and a locally owned restaurant((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is a defining characteristic of all perfectly competitive markets((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is NOT true of a perfectly competitive firm((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is NOT a characteristic of a perfectly competitive market((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If the market for butter is perfectly competitive, then the demand curve facing a firm that produces butter will be((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In which of the following markets do firms sell the same standardized product((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Last year, Casey grew fresh vegetables, which she sold at her local farmers market, but this year, Casey did not plant any vegetables and went to work at a bank instead. If Casey's decision to change careers did not affect the price of vegetables at the farmers market, then this suggests that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Last year, Casey grew fresh vegetables, which she sold at her local farmers market, but this year, Casey did not plant any vegetables and went to work at a bank instead. Which of the following best explains Casey's career change((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A price-taker faces a demand curve that is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| One implication of the shape of the demand curve facing a perfectly competitive firm is that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| An imperfectly competitive firm is one that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A profit-maximizing perfectly competitive firm must decide((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. The lemonade market in Jenny's neighborhood is more likely to be perfectly competitive if((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. If the lemonade market is perfectly competitive, and Jenny is charging the equilibrium price, then Jenny can increase her revenue if she((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. Suppose that the first week of summer, Jenny charged 25 cents for an 8-ounce cup of lemonade, her next-door neighbor Sam charged 50 cents for an 8-ounce cup of lemonade, and Alex across the street charged 15 cents for an 8-ounce cup of lemonade. Assuming the market for lemonade is perfectly competitive, what is most likely to happen((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following would be considered a factor of production in the provision of bus service((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The short run is best defined as((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A fixed factor of production((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A variable factor of production((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The long run is best defined as((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| According to the law of diminishing returns, when some factors of production are fixed, in order to increase production by a given amount, a firm will eventually need to add successively((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is the most likely to be a fixed factor of production at a farm((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is the most likely to be a fixed factor of production at a pizza restaurant((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is the most likely to be a variable factor of production at a university((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| One reason that variable factors of production tend to show diminishing returns in the short run is that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| To produce 150 units of output, a firm must use 3 employees per day. To produce 300 units of output, the firm must use 8 employees per day. Apparently, the firm is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose 30 employees per day can produce 50 units of output. Assuming the law of diminishing marginal returns is present, to produce 100 units of output would require((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying table. As the firm increases the number of employees per day each day from 1 to 2, output increases by((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying table. To increase output from 33 to 66 units requires ________ extra employee(s) per day; to increase output from 66 to 99 units requires ________ extra employee(s) per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying table. To increase output from 99 to 132 units requires ________ extra employees per day; to increase output from 132 to 165 units requires ________ extra employees per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying table. The law of diminishing marginal returns becomes evident after ________ units of output are produced((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If a firm spends $400 to produce 20 units of output and spends $880 to produce 40 units, then between 20 and 40 units of output, the marginal cost of production is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Marginal cost is calculated as((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If a production process exhibits diminishing returns, then as output rises((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that each day a firm uses 13 employee-hours per day and an office to produce 100 units of output. The price of each unit output is $5, the hourly wage rate is $10, and rent on the office is $200 per day. Each day the firm earns a ________ of ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In general, when the price of a variable factor of production increases((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In general, when the price of a fixed factor of production increases((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a profit-maximizing firm in a perfectly competitive market is earning an economic profit of $1,345. If the firm's fixed cost increases from $200 to $300, the firm will((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a profit-maximizing firm in a perfectly competitive market is collecting $1,999 in total revenues. If the total cost of its fixed factors of production falls from $500 to $400, the firm will((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying table. It is clear that diminishing returns sets in after ________ workers per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. At quantities less than 50 doughnuts per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, then assuming this firm can earn enough revenue to cover its variable cost, it should produce((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 10 cents, then this firm((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 25 cents, then this firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 25 cents, then at this firm's profit maximizing level of output, the firm will earn an economic ________ of ________ per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The price equals marginal cost rule for profit maximization is a specific example of which core principle((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a firm produces the level of output at which the marginal cost of the last unit produced equals the price of the good. Which of the following statements is always true((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Even when a firm produces the level of output at which price equals marginal cost, it should shut down if its total revenue is less than its((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose that when a firm produces the level of output at which price equals marginal cost, the firm's total revenue is less than its variable cost. In this case, the firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose that when a perfectly competitive firm produces 500 units of output a day, it earns an economic loss. If the price of each unit of output is $1.50, then, in the short run, it's clear that this firm((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose that at a firm's profit-maximizing level of output, its total revenue is $1,250, the total cost of its variable factors of production is $1,000, and its total fixed cost is $500. This firm will ________ in the short run, and will ________ in the long run((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If a firm shuts down in the short run, then its((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose that when a perfectly competitive firm produces 1,000 units of output, its total variable cost is $1,900. If the marginal cost of producing the 1,000th unit is $1.70, and if the market price of each unit of output is $1.70, then the firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Fred runs a fishing lodge and has a very profitable business during the summer. In the fall, the number of guests at the lodge starts to decline. Fred should keep the lodge open((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Average variable cost is defined as((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Average total cost is defined as((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Ben owns a small company that makes kites. The market for kites is perfectly competitive, and kites sell for $25 each. Ben's total production costs vary depending on the number of kites he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Ben owns a small company that makes kites. The market for kites is perfectly competitive, and kites sell for $25 each. Ben's total production costs vary depending on the number of kites he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Ben owns a small company that makes kites. The market for kites is perfectly competitive, and kites sell for $25 each. Ben's total production costs vary depending on the number of kites he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Ben owns a small company that makes kites. The market for kites is perfectly competitive, and kites sell for $25 each. Ben's total production costs vary depending on the number of kites he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Ben owns a small company that makes kites. The market for kites is perfectly competitive, and kites sell for $25 each. Ben's total production costs vary depending on the number of kites he makes each day, as shown in the accompanying table((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Sarah owns a small company that makes wedding cakes. The accompanying table shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| When Acme Dynamite produces 250 units of output, its variable cost is $2,000, and its fixed cost is $500. It sells each unit of output for $25.When Acme Dynamite produces 250 units of output, its average variable cost is ________ and its average total cost is ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| When Acme Dynamite produces 250 units of output, its variable cost is $2,000, and its fixed cost is $500. It sells each unit of output for $25. When Acme Dynamite produces 250 units of output, its profit is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| When Acme Dynamite produces 250 units of output, its variable cost is $2,000, and its fixed cost is $500. It sells each unit of output for $25. If the price of dynamite drops to $10, should Acme Dynamite continue to operate in the short run((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In general, perfectly competitive firms maximize their profit by producing the level of output at which((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If a perfectly competitive firm produces an output level at which price is greater than marginal cost, then the firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If a perfectly competitive firm produces an output level at which price is less than marginal costs, then the firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| An increase in the price a firm receives for its output will lead the firm to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A decrease in the price a firm receives for its output will lead the firm to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a perfectly competitive firm is producing 37 units output, and the marginal cost of the 37th unit is $3. If the firm can sell each unit of output for $5 and the firm's revenue is sufficient to cover its variable cost, the firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a perfectly competitive firm is producing 77 units of output, and the marginal cost of the 77th unit is 11. If the firm can sell each unit of output for $8 and the firm's revenue is sufficient to cover its variable cost, the firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a perfectly competitive firm is producing 1,000 units of output and the marginal cost of the 1,000th unit is $7. If the firm can sell each unit of output for $7 and the firm's revenue is sufficient to cover its variable cost, the firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A profit-maximizing firm will only produce a positive amount of output if((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| When plotting marginal and average cost curves, the ________ cost curve always crosses the ________ cost curve at its ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker, then when the price of each unit of output is $30, this firm's profit-maximizing level of output is ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker, then when the price of each unit of output is $30, this firm's total revenue at its profit-maximizing level of output is ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker, then when the price of each unit of output is $30, this firm's total cost at its profit-maximizing level of output is ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker, then when the price of each unit of output is $30, how much profit does this firm earn at its profit-maximizing level of output((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker, then when the price of each unit if output is $15, what is this firm's profit-maximizing level of output((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker and the price of each unit of output is $15, then at this firm's profit-maximizing level of output, it will earn a ________ of ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker and the price of each unit of output is $15, then this firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker and the price of each unit of output is $9, then this firm should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying graph. If this firm is a price taker and the price of each unit of output is $9, then at its profit-maximizing level of output, this firm will earn a ________ of ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| When the price of a perfectly competitive firm's output rises((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A perfectly competitive firm's supply curve is the portion of its ________ cost curve that lies above its ________ cost curve((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A technological innovation that reduces a firm's cost of producing additional units of output will lead to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If crude oil is a variable factor of production for a firm, then an increase in the price of crude oil will lead to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| When more firms enter an industry((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that the production technology required to produce goods X and Y is very similar. If a firm that is producing good X notices that the market price of good Y is rising, it will((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following will cause an increase market supply((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following will cause a decrease in the supply of jeans((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| An increase in consumers' demand for espresso will lead to an increase in ________, while an increase in the number of firms producing espresso will lead to a(n) ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| As price increases, firms in a perfectly competitive market find that it is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If a perfectly competitive firm can sell each unit of output for $9, and the marginal cost of the last unit produced is $8.50, then the((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The difference between the price a seller actually receives for a good and the seller's reservation price is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. The equilibrium price in this market is ________ and the equilibrium quantity is ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. When this market is in equilibrium, total producer surplus in the market is ________ per day((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. Suppose a law is passed requiring restaurants to charge no more than $25 per meal. This law would((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. In this market, equilibrium price is ________ and equilibrium quantity is ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the accompanying figure. Total producer surplus in this market is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Economic theory assumes that a firm's goal is to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Explicit costs((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is NOT an example of an explicit cost((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following statements about explicit costs is true((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following statements about implicit costs is true((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Accounting profit is equal to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| An example of an implicit cost is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If you were to start your own business, your implicit costs would include the((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose you own a small business. Last month, your total revenue was $6,000. In addition, you paid((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Curly told Larry about his new business venture: Curly pays Acme International $1,000 per month for supplies, works out of his apartment on his own computer and earns a monthly revenue of $1,500. Should Larry quit his job and do what Curly is doing((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If a firm is earning zero economic profit, then((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following would not be included in the calculation of accounting profit((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Economic profit is equal to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Accounting profit minus implicit costs equals((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following statements is true((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A firm earns a normal profit when its((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If a firm is earning zero economic profit, then its accounting profit will((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If the owners of a business are receiving total revenues just sufficient to cover all of their explicit and implicit costs, then they are((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Juliana owns a small business making handbags. Each month she makes 18 handbags, which she sells for $100 each. The materials used to make each handbag cost $50. In addition, Juliana uses a spare room in her house to make the handbags and store her supplies. If she were not using the spare room for her business, she would use it as a guest room, an option that Juliana would value at $250 per month. If Juliana weren't making handbags, she would work at Trader Joe's earning $800 per month. What is Juliana's accounting profit each month((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Juliana owns a small business making handbags. Each month she makes 18 handbags, which she sells for $100 each. The materials used to make each handbag cost $50. In addition, Juliana uses a spare room in her house to make the handbags and store her supplies. If she were not using the spare room for her business, she would use it as a guest room, an option that Juliana would value at $250 per month. If Juliana weren't making handbags, she would work at Trader Joe's earning $800 per month. What is Juliana's economic profit each month((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the table below. An output level of 25 units, this firm's accounting profit is ________, and its economic profit is ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the table below. An output level of 15 units, this firm's accounting profit is ________, and its economic profit is ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Lando Calrissian owns a smuggling business whose total revenue is $30,000 per month. The accompanying table shows Lando's monthly expenses. If Lando weren't a smuggler, he would earn $6,000 per month working for the Rebel Alliance. Apart from pay, Lando is indifferent between working as a smuggler and working for the Rebel Alliance((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose Lando Calrissian owns a smuggling business whose total revenue is $30,000 per month. The accompanying table shows Lando's monthly expenses. If Lando weren't a smuggler, he would earn $6,000 per month working for the Rebel Alliance. Apart from pay, Lando is indifferent between working as a smuggler and working for the Rebel Alliance((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the table below. At what output level or levels are this firm's owners doing as well as or better than they could do with the next best use of their resources((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Adam Smith coined the term "invisible hand" to describe the process by which the actions of independent, self-interested buyers and sellers will((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Adam Smith's theory of the invisible hand posits the actions of independent, self-interested buyers and sellers will ________ lead to the most efficient allocation of resources((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Adam Smith's theory of the invisible hand posits that the most efficient allocation of resources is often achieved by((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the table below. Suppose all firms in this industry have identical costs to this firm and are producing 15 units of output. One can predict that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The role that prices play in distributing scarce goods and services to those consumers who value them the most highly is known as the ________ function of price((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The role that prices play in directing resources away from overcrowded markets and towards markets that are underserved is known as the ________ function of price((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is an example of the rationing function of price((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The allocative function of price is to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Generally, ________ motivates firms to enter an industry, while ________ motivates firms to exit an industry((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. In the long run, this increase in the demand for corn is likely to ________ the price of soy beans((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. As a result of the increase in the price of corn, farmers who were already growing corn will earn an((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If the firms in a market are earning an economic profit, then, in the long run, the market ________ curve will shift to the ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose all firms in a perfectly competitive industry are earning an economic profit. One would expect that, over time, the number of firms in the industry will ________ and the market price will ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If all firms in a perfectly competitive industry are earning a normal profit, then((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If all firms in a perfectly competitive industry are experiencing economic losses, then((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Entry into a perfectly competitive industry occurs whenever((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In an industry with free entry and exit, positive economic profit((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In the long run, in a perfectly competitive industry((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In perfectly competitive markets, an implication of entry and exit in response to economic profit and loss is that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| One difference between the long run and the short run in a perfectly competitive industry is that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below depicts the short-run market equilibrium in a perfectly competitive market and the cost curves for a representative firm in that market. Assume that all firms in this market have identical cost curves((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below depicts the short-run market equilibrium in a perfectly competitive market and the cost curves for a representative firm in that market. Assume that all firms in this market have identical cost curves((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below depicts the short-run market equilibrium in a perfectly competitive market and the cost curves for a representative firm in that market. Assume that all firms in this market have identical cost curves((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below depicts the short-run market equilibrium in a perfectly competitive market and the cost curves for a representative firm in that market. Assume that all firms in this market have identical cost curves((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following best describes how a perfectly competitive industry would respond to a sudden increase in popularity of the product? The market demand curve would shift to the right, leading to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| One assumption of the perfectly competitive model is free entry and exit. This assumption most directly leads to the implication that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Free entry and exit of firms is a characteristic of((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The allocative function of price cannot operate unless there is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In a market with barriers to entry((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| According to the theory of the invisible hand, if buyers and sellers are free to pursue their own self-interest, the result often will be((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| E-commerce and an internet presence are important to many firms, requiring employees with specialized skills that are in short supply. The invisible hand solves the employment problem by((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In a free market economy, the decisions of buyers and sellers are((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Some people have argued that the government should provide free medical care to everyone. Under this system((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If resources are misallocated in a perfectly competitive market, then, in the long run, profit opportunities will((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Barriers to entry are forces that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Economic rent is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Mary Jane is willing to babysit for $6 an hour. Her neighbor has asked her to babysit for $8 an hour. Assuming Mary Jane accepts the offer((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is a characteristic of economic rent((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Angelina Jolie's economic rent from starring in a movie is equal to the difference between((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Superstar professional athletes can sustain their economic rents because((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Professor Plum, who earns $100,000 per year, read in the paper today that the university pays its basketball coach one million dollars per year in exchange for his agreement to remain at the university for at least three more years. The coach earns more than Professor Plum because((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Unlike economic profit, economic rent((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Duke is a highly skilled negotiator who could work for many law firms. The law firm that hires Duke is able to collect twice as much revenue per hour of Duke's time than it can for any other negotiator in town. The increased revenue will((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Factors of production are the most likely to earn economic rent when they((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The supplier of a factor of production has a reservation price of $100. The purchaser of the factor of production has a reservation price of $200. If the factor of production is unique, then((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Consider a perfectly competitive industry in a long-run equilibrium. If a single firm in that industry discovers a significant cost-saving production technology, then((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose several United States software design companies compete with each other in a perfectly competitive environment. If one company decides to move some of its offices to a low-wage country in order to reduce operating costs, then((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A cost-saving innovation in a perfectly competitive industry will lead to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The statement, "If a deal is too good to be true, then it probably is not true," is most closely related to which core economic principle((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The No-Cash-on-the-Table Principle states that there are((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If the market supply curve does not capture all of the costs to society of producing an additional unit of good, then((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If the market demand curve does not capture all of the benefits to society of buying an additional unit of good, then((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The phrase "smart for one, but dumb for all" refers to the idea that the individual pursuit of self-interest((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Adam Smith believed that the individual pursuit of self-interest((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If it is possible to make a change that will help some people without harming others, then the situation is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A situation is efficient if it is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If there is excess demand in a market, then this suggests that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following describes a surplus-enhancing transaction((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose your economics professor has an extra copy of textbook that he or she would like to give to a student in the class. Which of the following schemes is the most likely to result in an efficient outcome((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Ingrid has been waiting for the show "Mamma Mia!" to come to town. When it finally does come, tickets cost $60. Ingrid's reservation price is $75. But when Ingrid tries to buy a ticket, they are sold out. Ingrid decides to try to buy a ticket from a scalper (a person who purchased extra tickets at the box office with the intent to resell them at a higher price). If Ingrid finds someone who is willing to sell her a ticket for $70, she should((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Ingrid has been waiting for the show "Mamma Mia!" to come to town. When it finally does come, tickets cost $60. Ingrid's reservation price is $75. But when Ingrid tries to buy a ticket, they are sold out. Suppose Steven was able to purchase a ticket at the box office for $60. Steven's reservation price for the ticket is $65. If Steven attends "Mamma Mia!" and Ingrid does not, then this situation is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose the market for coffee is in equilibrium at a price of $5 per pound. This means that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for oranges in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for oranges in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for oranges in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for oranges in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for oranges in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for jeans in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for jeans in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for jeans in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The figure below shows the supply and demand curves for jeans in Smallville((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A market equilibrium is only efficient if((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose the production of cotton causes substantial environmental damage because the pesticides used by cotton farmers often make their way into nearby rivers and streams, and are very harmful to fish and other wildlife. Economists would consider the environmental damage that results from the production of cotton to be a(n)((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose the production of cotton causes substantial environmental damage because the pesticides used by cotton farmers often make their way into nearby rivers and streams, and are very harmful to fish and other wildlife. If cotton farmers do not have to pay for the environmental damage caused by the pesticides used to grow cotton, then the market equilibrium price will be ________ and the market equilibrium quantity will be ________((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following statements best expresses why economic efficiency should be society's first goal((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If the demand curve fails to capture all of the benefits of consumption, then the((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Which of the following is NOT necessarily true in a market equilibrium((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Efficiency is an important goal because when markets are efficient((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A price ceiling that is set below the equilibrium price will result in((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A price ceiling that is set below the equilibrium price will cause((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| A price ceiling that is set above the equilibrium price will result in((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If an individual consumer is willing to pay $11 for one unit of a good but is able to purchase it for $7, then his or her consumer surplus from the purchase of that unit would be((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| If an individual producer is willing to produce one unit of a good for $2.50 but is able to sell it for $7.50, then his or her producer surplus from the sale of that unit would be((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The cumulative difference between the price producers actually receive for a good and the lowest price for which they would have been willing to sell it is called((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The sum of producer surplus and consumer surplus is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a market is in equilibrium. The area below the demand curve and above the market price is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a market is in equilibrium. The area below the market price and above the supply curve is((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Consumer surplus is the cumulative difference between((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| In a perfectly competitive market, if supply and demand fully reflect all of the costs and benefits associated with production and consumption, then total economic surplus is maximized when((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Refer to the figure below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Subsidies are most likely to((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose that in an effort to help single parents, the government decides to pay part of the cost of childcare. This measure would increase ________ in the market for childcare((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The main problem with price subsidies is that they((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |
| The fact that price subsidies reduce economic surplus implies that((حل أسئلة كويز2 تتوفر للمشتركين فقط)) |