1) According to the text, the introduction of e-commerce is likely to do all of
ID: 1179268 • Letter: 1
Question
1) According to the text, the introduction of e-commerce is likely to do all of the following except:
a) decrease competition
b) reduce overhead by creating virtual office space
c) reduce the importance of conventional retailing
d) increase the amount of information available to buyers and sellers
2) Ownership of the debt refers to:
a) How the current administration portrays the actual significance of the government debt
b) the proportion of U.S. citizens that agree that the U.S. should run a budget deficit year after year to enable continuous overspending
c) the breakdown of who the government owes to for its debt
d) how the government has financed its debt
3) Vietnam recently entered the coffee market with large exports of the crop. The Coffee Growers Association was fearful that this would lead to lower coffee prices, and consequently launched a very successful advertising campaign, aimed at the youth, to turn their preferences toward drinking more coffee. What occurred?
a) supply increased and demand increased
b) supply decreased and demand increased
c) supply increased and demand decreased
d) supply decreased and demand decreased
4) Bond holders:
a) lose when actual inflation is less than was expected
b) lose when actual inflation is more than was expected
c) lose when the expected inflation built into the nominal interest rate is correct
d) do not lose when the expected inflation built into the nominal interest rate is lower than actual inflation
5) The social security system is:
a) sound and faces no significant problems in the future
b) threatened by large budget surpluses
c) threatened by the recent collapse of the Social Security Trust Fund
d) threatened by the retirement of the Baby Boomers
6) Over the past few years oil prices have been rising dramatically, thereby increasing the cost of transportation. Oil is an input in transportation and shipping services (FedEx and UPS) are in the business of transportation. What happens to the market for shipping services?
a) equilibrium price is indeterminate but equilibrium quantity decreases
b) equilibrium price increases but equilibrium quantity decreases
c) equilibrium price decreases and equilibrium quantity decreases
d) equilibrium price increases and equilibrium quantity increases
7) Over the past few years oil prices have been rising dramatically, thereby increasing the cost of transportation. Oil is an input in transportation and shipping services (FedEx and UPS) are in the business of transportation. What happens to the supply of shipping services given higher oil prices?
a) a decrease in the quantity demanded shipping services
b) a decrease in the demand for shipping services
c) and increase in the quantity supplied of shipping services
d) a decrease in the supply of shipping services
8) The marginal benefit from consuming another unit of a good:
a) must equal the marginal cost or the unit will not be consumed
b) must exceed the sunk cost or the unit will not be consumed
c) is the additional benefit above what you have already derived
d) equals the total benefit obtained from the consumption of all prior units
9) If production is efficient, then:
a) it is not possible to produce a given quantity of output at a lower cost
b) quantity demanded equals quantity supplied
c) firms are earning profits
d) income is fairly distributed
10) The reason we distinguish between a structural and passive deficit is because:
a) we want to know what part of the budget can be eliminated through growth in income and which will remain
b) we want to know the effect of policy actions to grow or restrict growth on the deficit
c) we want to know the effect of a recession on the deficit
d) all of the above
Explanation / Answer
a
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