Economics

1. \"Subsidizing the price of milk or other agricultural products is not very ex

1.  "Subsidizing the price of milk or other agricultural products is not very expensive considering how many consumers there are in the United States. Therefore, there is little h…

1. \"The big corporations in this country, like ExxonMobil and GM, have deep poc

1. "The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people." This is a positive statement about economic policy. True Fa…

1. \"f price rises, then demand decreases. But if demand decreases, then equilib

1. "f price rises, then demand decreases. But if demand decreases, then equilibrium price will fall. Therefore one cannot say with certainty what the net effect of an initial incr…

1. __________ Can also cause an upward shift in the budget line a. Higher prices

1. __________ Can also cause an upward shift in the budget line a. Higher prices b. Higher indifference curve e. Higher utility d. Lower price 2. The rate of substitution along th…

1. __________ Can also cause an upward shift in the budget line a. Higher prices

1. __________ Can also cause an upward shift in the budget line a. Higher prices b. Higher indifference curve e. Higher utility d. Lower price 2. The rate of substitution along th…

1. __________ Can also cause an upward shift in the budget line a. Higher prices

1. __________ Can also cause an upward shift in the budget line a. Higher prices b. Higher indifference curve e. Higher utility d. Lower price 2. The rate of substitution along th…

1. __________ is typically regarded as the father of the Austrian school. a. Men

1.         __________ is typically regarded as the father of the Austrian school. a.   Menger b.   von Mises c.   Hayek d.   Schumpeter 2.   A sharp distinction between the Austri…

1. _________________________ is a tool used to analyze oligopolistic markets. 2.

1. _________________________ is a tool used to analyze oligopolistic markets. 2. New firms will enter a monopolistically competitive market if (marginal revenue, price) is greater…

1. a Refer to the diagram, where S d and D d are the domestic supply and demand

1. a Refer to the diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a PcPt per-unit tariff, the quantities …

1. a basic function of the national income accounting system is to a) identify e

1. a basic function of the national income accounting system is to a) identify economic problems b) evaluate economic policy c) provide a framework for policy d) all of the above …

1. a) A loaf of bread costs $2.00. Based solely on this information, what is the

1. a) A loaf of bread costs $2.00. Based solely on this information, what is the value of the dollar (in terms of loaves of bread)? ________________ If the price of a loaf of brea…

1. a) Assume the long run elasticity of demand for gasoline is -0.25 and start w

1. a) Assume the long run elasticity of demand for gasoline is -0.25 and start with the current California price of gasoline of $3.10 per gallon. How much would we need to increas…

1. a) Assume the long run elasticity of demand for gasoline is -0.25 and start w

1. a) Assume the long run elasticity of demand for gasoline is -0.25 and start with the current California price of gasoline of $3.10 per gallon. How much would we need to increas…

1. a) Explain what happens to observed prices in posted offer and double auction

1. a) Explain what happens to observed prices in posted offer and double auction markets when there at least two sellers. b) Explain what happens in these two markets as the numbe…

1. a) Sterios b) Karen 2. a) Heads b) Tails 3. a) Heads b) Tails 4. a) Heads b)

1. a) Sterios b) Karen 2. a) Heads b) Tails 3. a) Heads b) Tails 4. a) Heads b) Tails Suppose Stellos and Karen are playing a game in which both must simultaneously choose the str…

1. a) Suppose two world leaders \"Nikita\" and \"Margaret\" are engaged in an ar

1. a) Suppose two world leaders "Nikita" and "Margaret" are engaged in an arms race and face the decision whether or not to build a missile. The payoffs of Nikita and Margaret are…

1. a) The growth rate of the money supply is 7%, the inflation rate is 3%, and v

1. a) The growth rate of the money supply is 7%, the inflation rate is 3%, and velocity is constant. What is the growth rate of real GDP? ________________ b) Suppose the real rate…

1. a) does not clean b) cleans 2. a) does not clean b) cleans 3. a) does not cle

1. a) does not clean b) cleans 2. a) does not clean b) cleans 3. a) does not clean b) cleans 4.a) does not clean b) cleans 11. Collusive versus noncollusive outcomes Aa Aa Conside…

1. a) please explain the difference between the collusive and competitive oligop

1. a) please explain the difference between the collusive and competitive oligopoly models and explain the role that the number of firms and barriers to entry play in determining …

1. a. A small country imports industrial goods and exports agricultural goods. B

1. a. A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in ind…

1. a. Briefly state the basic characteristics of i).pure competition, ii). pure

1. a. Briefly state the basic characteristics of  i).pure competition, ii). pure monopoly, iii). monopolistic competition, and iv).oligopoly. (Make a list for each market structur…

1. a. President Bush commissioned a study whose objective was to determine what

1. a. President Bush commissioned a study whose objective was to determine what the maximum tax rate on individuals and corporations should be. To what branch of economics does th…

1. a. Under a strict command-and-control framework, suppose abatement standards

1. a. Under a strict command-and-control framework, suppose abatement standards are set equally across polluters. Assume the total abatement target is set at 30 units. Show the co…

1. a. What is fiscal policy? What kind of fiscal policy is needed to reduce unem

1.     a. What is fiscal policy? What kind of fiscal policy is needed to reduce unemployment problem?         b. What is monetary policy? What kind of monetary policy is needed to…

1. a. both the upward trend in real GDP and the upward trend in the price level

1. a. both the upward trend in real GDP and the upward trend in the price level b. the upward trend in real GDP but not the upward trend in the price level c. the upward trend in …

1. a. is able to participate in the labor market. b. has ever been employed. c.

1. a. is able to participate in the labor market. b. has ever been employed. c. has chosen to participate in the labor market. d. has chosen not to participate in the labor market…

1. a. large p value b. small p value 2. a. can be rejected b. cannot be rejected

1. a. large p value b. small p value 2. a. can be rejected b. cannot be rejected 3. a. there is no b. there is Data on fifth-grade test scores (reading and mathematics) for 404 sc…

1. ability to identify consumer types. inability to resell the good. differences

1. ability to identify consumer types. inability to resell the good. differences in demand elasticities. all of the statements associated with this question are correct. 2. Suppos…

1. advise the owners of a declining business to: Pick the one key reason the bus

1. advise the owners of a declining business to: Pick the one key reason the business is declining and focus on fixing it. Identify all the problems and hire a consultant to devel…

1. aggregate supply/aggregate demand 2. left/right 3. fall below/rise above 4. f

1. aggregate supply/aggregate demand 2. left/right 3. fall below/rise above 4. fall below/rise above 5. increase/decrease 6.adjust upward/adjust downward/remain the same 7. aggreg…

1. all of the following are disadvantages of cost-plus pricing except: a) if the

1. all of the following are disadvantages of cost-plus pricing except: a) if the industry comprises identical firms (with identical costs), markups could be consistent among firms…

1. apple feels it is a price leader in the mobile phone market with all the othe

1. apple feels it is a price leader in the mobile phone market with all the other producers acting as followers. the total demand for mobile phones is given as, P= 22,500-5Q(T) Ap…

1. asymmetric infomation Define asymmetric information. Distinquish between hidd

1. asymmetric infomation Define asymmetric information. Distinquish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the prin…

1. banks are reluctant to lend to borrowers with weak creadit histories because

1. banks are reluctant to lend to borrowers with weak creadit histories because of ____; they rely on _______ to reduce this problem A. high default risk; high interest rate B. ad…

1. compare the interest rate earned on $15000 for 25 years at 7% simple interest

1. compare the interest rate earned on $15000 for 25 years at 7% simple interest with the amount of interest earned if interest were compounded annually? SIMPLE INTEREST: I=iPN=(0…

1. decline 10% Increase 10% decline less than 10% remain unchanged 2. increase 1

1. decline 10% Increase 10% decline less than 10% remain unchanged 2. increase 10% decline 10% decline less than 10% remain unchanged 3. 1786 ,1885, 2182,1607 4. 2182,1885,1786,16…

1. deductible A) the costs to individuals of making a deal 2. environmental cens

1. deductible A) the costs to individuals of making a deal 2. environmental censes to emit limited quantities of pollutants that can be bought and sold by polluters standards 3. r…

1. does monetary neutrality mean that changes in the money supply can never affe

1. does monetary neutrality mean that changes in the money supply can never affect ral GDP? A. no.monetary neutrality only means that changes in the money supply will not affect r…

1. economists believe that a. people who choose to promote the interests of othe

1. economists believe that a. people who choose to promote the interests of others cannot be acting rationally in their own self-interest. b. people show concern only for those wh…

1. economists believe that scarcity forces everyone to : a. satisfy all their wa

1. economists believe that scarcity forces everyone to : a. satisfy all their wants b. abandon consumer sovereignty c. lie about their wants d. create unlimited resource e. make c…

1. effort cannot be expended engaging in quality control. effort should not be e

1. effort cannot be expended engaging  in quality control. effort should not be expended  engaging in quality control. workers will attempt to produce  quality at the expense of q…

1. experts predict that mergers in the parts of the 21st century will be the res

1. experts predict that mergers in the parts of the 21st century will be the result of cash-rich companies looking to acquire businesses to enhance the marketplace? True or false …

1. explain the infant industry argument. 2. explain the role of economic freedom

1. explain the infant industry argument. 2. explain the role of economic freedom in economic development. 3. What does it mean when the dollar appreciates? what does it mean when …

1. for an economy to function, which best describes the appropriate sequence of

1. for an economy to function, which best describes the appropriate sequence of activities? a) Spending, wants and needs, production, income b) wants and needs, production, income…

1. for an economy to function, which best describes the appropriate sequence of

1. for an economy to function, which best describes the appropriate sequence of activities? a) Spending, wants and needs, production, income b) wants and needs, production, income…

1. from a position of longterm equilibrium (P.O), the business sector decides th

1. from a position of longterm equilibrium (P.O), the business sector decides that times have been so good that they will invest more. Assume that the change in investment is $80B…

1. how can international trade theory explain intra-industry trade? 2. why might

1. how can international trade theory explain intra-industry trade? 2. why might we except intra-industry trade based on scale economies to be less politically controversial than …

1. how can international trade theory explain intra-industry trade? 2. why might

1. how can international trade theory explain intra-industry trade? 2. why might we except intra-industry trade based on scale economies to be less politically controversial than …

1. how can international trade theory explain intra-industry trade? 2. why might

1. how can international trade theory explain intra-industry trade? 2. why might we except intra-industry trade based on scale economies to be less politically controversial than …

1. how much is the tariff? 2. how much are government revenues after the tariff?

1. how much is the tariff? 2. how much are government revenues after the tariff? 3. what's the quantity of imports before the tariff? 4. what's the quantity of imports after the t…