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Submitted: Feb 04, 2017 08:57 PM

 

1 Which of the following is an example of a negative externality?

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Tom playing music loudly in his room, disturbing his roommate who has an exam the next day

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Phoebe refusing to contribute to the building of a children’s park in her neighborhood

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Christina accepting a payment in cash rather than in check for her laundry services

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Smith reducing the consumption of imported wine following an increase in the price of imported wine

 

2

Scarcity occurs because of:

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the excess of quantity supplied over quantity demanded.

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overutilization of labor.

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the limited supply of resources.

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limited human needs and wants.

3

Moonlife LLC. observed that its total revenue is proportional to the quantity of good sold. It is likely that Moonlife LLC. is a:

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monopoly.

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monopsony.

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monopolistic competitor.

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perfectly competitive firm.

4

Given an increase in the market demand for its product, a firm decides to hire an additional worker. The amount of output produced by 25 workers is 80 units. The marginal product of the 26th worker is 15 units. After the 26th worker is hired, the total output would increase to _____.

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95 units

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1,200 units

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6 units

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15 units

5

The state government of Dalmatia noticed that whenever its baseball team played a match in any of the local stadiums, the prices of tickets became too high. It decided to impose a price ceiling on the ticket prices. The exhibit given below shows the demand curve for and the supply curve of baseball game tickets in Dalmatia. If the government were to impose a binding price ceiling, it should set the price at:

 

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$80 per ticket, which would give rise to a shortage of 16,000 tickets.

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$80 per ticket, which would give rise to a surplus of 8,000 tickets.

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$120 per ticket, which would give rise to a shortage of 10,000 tickets.

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$120 per ticket, which would give rise to a surplus of 20,000 tickets.

6

Which of the following is an example of adverse selection?

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Thomas refuses to pay for the construction of a swimming pool in his neighborhood that will be open to the public free of cost.

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Harry refuses to buy health insurance at high premiums because he feels that he is in good health.

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Patrick uses the service of a mechanic to inspect the condition of a second-hand Dodge he is interested in buying.

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When the National Museum increased its entry fee, there was a reduction in its sale of tickets.

7

Which of the following is a difference between liberalism and libertarianism?

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Libertarians believe that the government should redistribute income from the rich to the poor, while the liberals believe that the government should not redistribute income.

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Libertarians argue that the government should maximize total utility, while liberals argue that the average utility of members of society should be maximized.

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Libertarians emphasize the importance of the maximin criterion, while liberals emphasize the importance of an egalitarian society.

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Libertarians believe that equality of opportunities is more important than the equality of incomes, while liberals believe in policies that equalize the distribution of income.

8

Mike sells navel oranges in a market where there are a lot of other sellers and faces a perfectly elastic demand curve for oranges. He hires 10 workers in a perfectly competitive market to help him with picking oranges. Given this information, it can be said that:

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Mike cannot bargain with the workers over their wage rates.

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the demand for workers is a positive function of the prevailing market wage rate.

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the demand curve for orange pickers is vertical.

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Mike can employ only 10 workers as the supply of workers is fixed in a perfectly competitive labor market.

9

Color Mate Inc., a company that produces interior and wall paints, dumps its chemical waste in a river. Which of the following is likely to be true in this case?

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The social cost of the company is lower than the private cost, and the equilibrium quantity of paints produced is larger than the social optimum.

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The social cost of the company is higher than the private cost, and the equilibrium quantity of paints produced is less than the social optimum.

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The social cost of the company is lower than the private cost, and the equilibrium quantity of paints produced is less than the social optimum.

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The social cost of the company is higher than the private cost, and the equilibrium quantity of paints produced is larger than the social optimum.

10

A sudden increase in the demand for air conditioners increased the earnings of the workers employed in air conditioner-manufacturing firms and attracted workers from other sectors. Which of the following will be true in the market for workers employed in air conditioner-manufacturing firms?

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There will be a leftward shift of the labor supply curve, leading to an increase in the equilibrium wage and a decrease in employment.

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