37. The existence of economic profits in a competitive market A. Is usually agai

Question

37. The existence of economic profits in a competitive market A. Is usually against the law B. Allows firms to create monopolies C. Results in normality D. Will attract competitors E. Increases negative economic net worth
45. A typical convention is A. The person who called originally calls again B. The person waits another persons call C. Another person who called originally does not call again D. The person who called originally does not call again E. None of these choices
55. Several politicians have proposed a "guzzler" tax that would be added to the cost of few miles per gallon vehicles. If enacted, this tax would most likely A. Increase U.S dependency on foreign oil supplies B. Reduce the equilibrium price C. Increase the equilibrium output D. Shift the supply curve (for automobiles) inward. E. Do all of these
61. Suppose two types of students, those from rural areas and those from urban areas, apply to college. There are only two types of performances, excellent and poor. It has been found that a higher percentage of urban students perform poorly than do rural students. The colleges decide to admit only students applying from rural areas. This policy could be referred to as A. Statistical discrimination B. Employer discrimination C. Productivity bias D. Employee discrimination E. Consumer prejudice
64. Which of the following is NOT true for the market for illegal drugs? A. The market is complicated, large, and a good illustration of how markets function. B. The market constitutes 4% of world trade, as much as textiles and steel C. Americans spend nearly $6 billion a year on illegal drugs D. The market is dominated by the United States E. The market is a worldwide market F. In order, Americans buy cocaine, heroin, marijuana, and "other" drugs.
65. Health economics is important to study for all of the following reasons EXCEPT: A. Only 1% of the population account for almost 30% of total health care expenditures B. The elderly are the smallest users of health care, and the young are the major users C. Spending for health care in the U.S exceeds $2 trillion D. Health care expenditures have risen from 5.9% of GDP in 1965 to over 16% of GDP today. E. None-all of these are true 37. The existence of economic profits in a competitive market A. Is usually against the law B. Allows firms to create monopolies C. Results in normality D. Will attract competitors E. Increases negative economic net worth
45. A typical convention is A. The person who called originally calls again B. The person waits another persons call C. Another person who called originally does not call again D. The person who called originally does not call again E. None of these choices
55. Several politicians have proposed a "guzzler" tax that would be added to the cost of few miles per gallon vehicles. If enacted, this tax would most likely A. Increase U.S dependency on foreign oil supplies B. Reduce the equilibrium price C. Increase the equilibrium output D. Shift the supply curve (for automobiles) inward. E. Do all of these
61. Suppose two types of students, those from rural areas and those from urban areas, apply to college. There are only two types of performances, excellent and poor. It has been found that a higher percentage of urban students perform poorly than do rural students. The colleges decide to admit only students applying from rural areas. This policy could be referred to as A. Statistical discrimination B. Employer discrimination C. Productivity bias D. Employee discrimination E. Consumer prejudice
64. Which of the following is NOT true for the market for illegal drugs? A. The market is complicated, large, and a good illustration of how markets function. B. The market constitutes 4% of world trade, as much as textiles and steel C. Americans spend nearly $6 billion a year on illegal drugs D. The market is dominated by the United States E. The market is a worldwide market F. In order, Americans buy cocaine, heroin, marijuana, and "other" drugs.
65. Health economics is important to study for all of the following reasons EXCEPT: A. Only 1% of the population account for almost 30% of total health care expenditures B. The elderly are the smallest users of health care, and the young are the major users C. Spending for health care in the U.S exceeds $2 trillion D. Health care expenditures have risen from 5.9% of GDP in 1965 to over 16% of GDP today. E. None-all of these are true 37. The existence of economic profits in a competitive market A. Is usually against the law B. Allows firms to create monopolies C. Results in normality D. Will attract competitors E. Increases negative economic net worth
45. A typical convention is A. The person who called originally calls again B. The person waits another persons call C. Another person who called originally does not call again D. The person who called originally does not call again E. None of these choices
55. Several politicians have proposed a "guzzler" tax that would be added to the cost of few miles per gallon vehicles. If enacted, this tax would most likely A. Increase U.S dependency on foreign oil supplies B. Reduce the equilibrium price C. Increase the equilibrium output D. Shift the supply curve (for automobiles) inward. E. Do all of these
61. Suppose two types of students, those from rural areas and those from urban areas, apply to college. There are only two types of performances, excellent and poor. It has been found that a higher percentage of urban students perform poorly than do rural students. The colleges decide to admit only students applying from rural areas. This policy could be referred to as A. Statistical discrimination B. Employer discrimination C. Productivity bias D. Employee discrimination E. Consumer prejudice
64. Which of the following is NOT true for the market for illegal drugs? A. The market is complicated, large, and a good illustration of how markets function. B. The market constitutes 4% of world trade, as much as textiles and steel C. Americans spend nearly $6 billion a year on illegal drugs D. The market is dominated by the United States E. The market is a worldwide market F. In order, Americans buy cocaine, heroin, marijuana, and "other" drugs.
65. Health economics is important to study for all of the following reasons EXCEPT: A. Only 1% of the population account for almost 30% of total health care expenditures B. The elderly are the smallest users of health care, and the young are the major users C. Spending for health care in the U.S exceeds $2 trillion D. Health care expenditures have risen from 5.9% of GDP in 1965 to over 16% of GDP today. E. None-all of these are true

Explanation / Answer

Answers:

37. The existence of economic profits in a competitive market

B. Allows firms to create monopolies

     The firm can free entry and free exit in a competitive market of monopoly. Therefore, if the market getting a economic profits leads to create monopolies. However the market profits decreases after enter the new firms until the profits are zero.

45. A typical convention is

B. The person waits another persons call

61. Suppose two types of students, those from rural areas and those from urban areas, apply to college. There are only two types of performances, excellent and poor. It has been found that a higher percentage of urban students perform poorly than do rural students. The colleges decide to admit only students applying from rural areas. This policy could be referred to as

A. Statistical discrimination

       The above information analytically described between urban students performance and rural students performance. This type of situations we generally calls Statistical discrimination.

64. Which of the following is NOT true for the market for illegal drugs?

A. The market is complicated, large, and a good illustration of how markets function.

65. Health economics is important to study for all of the following reasons EXCEPT:

B. The elderly are the smallest users of health care, and the young are the major users

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