Downward sloping perfectly vertical paper

1. Because you can only obtain more of one good by giving up some of another good, the shape of a production possibility curve is _______________.

downward-sloping

Don't use plagiarized sources. Get Your Custom Essay on
Downward sloping perfectly vertical paper
Just from $9/Page
Order Essay

perfectly vertical

perfectly horizontal

upward-sloping

2. Refer to the table shown. The average product when eight workers are employed is _____6____

Number of workers Total Output

1 4

2 10

3 18

4 28

5 35

6 41

7 45

8 48

9 50

10 49

3. A resource is said to have a comparative advantage if

it is equally suited to the production of all goods.

its suitability to the production of one good changes as it produces more of that good.

its suitability to the production of one good does not change as it produces more of that good.

it is better suited to the production of one good than to the production of an alternative good.

4. Refer to the graph shown. Initially, the market is in equilibrium with price equal to $3 and quantity equal to 100. Government imposes a tax on suppliers of $1 per unit. The effect of the tax is to ?

lower the price consumers pay from $3 to $2.

lower the price sellers keep after paying the tax.

raise the price consumers pay from $3 to $4.

raise the price sellers keep after paying the tax.

5. Refer to the table shown. Diminishing marginal productivity begins when the?

fourth worker is hired.

sixth worker is hired.

third worker is hired.

fifth worker is hired

6. Refer to the graph shown. If this monopolistically competitive firm maximizes profit, it will

charge $45 per dress.

charge $85 per dress.

charge $78 per dress.

shut down because it cannot cover its opportunity costs

7. The price of a ticket to a rock concert is set at $35. All the tickets for the concert sell out 1 hour after they go on sale and there are still 1,000 fans who want to buy tickets. It follows that

the quantity of tickets demanded is equal to the quantity supplied at the $35 price.

the equilibrium price of tickets to the concert is less than $35.

the equilibrium price of tickets to the concert is more than $35.

the equilibrium price of tickets to the concert is $35.

8. Which of the following statements is true?

Many different production processes can be economically efficient, but only the method that involves the lowest possible cost is technically efficient.

Many different production processes can be technically efficient, but only the method that involves the lowest possible cost is economically efficient.

There are many production processes that are both technically and economically efficient, but only one of these involves the lowest possible cost.

There is only one production process that is technically efficient, and this process is also economically efficient.

9. State what type of business combination is occurring in the following scenario: Samsung and Sony become partners in a flat screen manufacturing company.

Joint venture

Conglomerate

Vertical merger

Horizontal merger

10. Suppose a firm finds that an additional dollar spent on labor increases output more than does an additional dollar spent on machines. Under these conditions, the firm

should substitute machines for labor if it wants to increase economic efficiency

is economically efficient

is technically efficient

should substitute labor for machines if it wants to increase economic efficiency

11. Economists and laypeople see the pros and cons of international trade in different ways. Which of the following is one of those ways?

Laypeople enjoy the benefits of trade in terms of lower consumer prices.

Laypeople recognize that the United States has a comparative advantage in services.

Laypeople tend to think of foreign trade only in terms of manufactured goods.

Laypeople believe in the law of one price and economists do not.

12. The morel is a prized mushroom that is often abundant in the Western United States in years after forest fires. Suppose two companies are buying morels from workers willing to find them. One company offers to pay workers $5.00 per pound, and the other company will pay workers only $4.00 per pound. Economists would say that

the lower-paying company will attract the more creative and innovative pickers and the higher-paying company will attract the others.

this situation violates the law of one price and is not likely to persist.

the higher-paying company will attract the more creative and innovative pickers and the lower-paying company will attract the others.

the company willing to pay only $4.00 has a comparative advantage in selling morels.

13. Which of the following is the best example of a macroeconomic externality?

One person saving less without considering the effect on their retirement needs

One person starting a business without knowing whether the goods will sell

Many people saving more without considering the effect on unemployment

One person spending more in order to help stimulate the economy

14. If MR < MC, a monopolist should:

maintain the same level of production.

stop producing.

decrease production.

increase production.

15. Opponents of government intervention in the economy argue that externalities

may not be effectively corrected by the government.

are themselves the inevitable result of government policies.

do not create problems for the model.

should be corrected with regulations rather than subsidies.

16. State what type of business combination is occurring in the following scenario: IBP meat processing firm buys American Cattle, a very large cattle ranch.

Joint venture

Vertical merger

Horizontal merger

Conglomerate

17.  Refer to the graph shown. At which point is elasticity zero?

B

D

C

A

18. A Wall Street Journal headline reads: “Cigar Shortage Draws New Brands into Market.” The shortage resulted from a renewed interest in smoking cigars. What best describes the facts behind the headline?

Price is too low, quantity demanded exceeds quantity supplied.

The cigar market is in equilibrium.

Price is too low, demand exceeds supply.

A shift in supply has equilibrated supply and demand.

19. Refer to the graph shown. If hamburger dinners are produced by a perfectly competitive industry with a market demand D:

price will equal marginal cost.

output will be the same as it would be under monopoly.

price will equal $6.

price will be greater than marginal revenue.

20. State what type of business combination is occurring in the following scenario: Golf Smith, a golf supply retailer buys its competitor, Vango golf.

Horizontal merger

Conglomerate

Joint venture

Vertical merger

21. According to the text, Microeconomics, Colander (2013), economics is the study of how

government policies can be used to meet individuals’ wants and desires.

human beings coordinate their wants and desires.

scarce resources are allocated to their most productive uses.

governments allocate resources while facing constraints.

22. Oligopoly is characterized by

low market concentration.

inability to set price.

no barriers to entry.

few sellers.

23 When Ross Perot ran for president as a third party candidate in 1992, he argued that free trade with Mexico would result in massive job losses in the United States because Mexican wages were so low. Which of the following is the best explanation for why few economists agreed with Perot?

Although economists agreed that in some areas the United States would lose jobs, they expected that the United States would gain jobs in other areas.

Economists believed that the U.S. unemployment rate would rise.

Although economists predicted that unemployment would rise, the increased profits of corporations would raise stock prices enough to compensate for the lost jobs.

Economists did not believe that any jobs would be lost in the United States

24.  Refer to the graph shown. The figure shows the demand and supply curves for eggs and shows two equilibrium points, E1 and E2. An increase in demand from D1 to D2 would cause

price to decline from $1.25 to $1.00 a dozen and a shortage of 2,000 dozen eggs per week.

price to rise from $1.00 to $1.25 a dozen and a surplus of 2,000 dozen eggs per week.

price to rise from $1.00 to $1.25 a dozen and equilibrium quantity to be 3,000 dozen eggs per week.

price to remain at $1.00 a dozen and a shortage of 2,000 dozen eggs per week

25 Germany restricts the use of nonrefillable bottles and cans. The European Union argues that the rules aren’t just protecting the environment; they also are protecting German beverage makers from competition. The EU sees Germany’s environmentalism as _____________________.?

a quota

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Open chat
1
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code STARS