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Perguntas do quiz (90)
11. Government policies designed to promote efficiency:
- Ausually do so at the expense of equity.
- Btend to cause the economy to grow more slowly.
- Calways fail.
- Drequire very high taxes.
21. All of the following can be considered a student's costs of going to college, EXCEPT:
- Atextbooks.
- Btuition and fees.
- Croom and board (that costs her about the same as she was paying before entering college).
- Dthe student's time, which can no longer be devoted to earning a salary.
31. An airline's plane from Los Angeles to New York is about to take off, but it still has a few seats empty. If the average cost per seat is $500, what price should the airline charge passengers in standby to fill in those remaining seats? (Consider that quantitative decisions are made at the margin)
- AAt least $500.
- BExactly $500.
- CAny price above zero that will entice standby passengers to take the flight.
- DSlightly less than $500.
41. The government enacted regulation requiring people to wear seatbelts in their cars. All of the following resulted from this regulation, EXCEPT:
- Aoverall deaths due to car accidents changed very little in the United States.
- Bfewer deaths occurred per accident.
- Cless pedestrians were killed in car accidents.
- Dthe frequency of accidents increased.
51. When two individuals trade voluntarily:
- Aone person always gains at the expense of the other.
- Bboth persons usually gain from the exchange.
- Cone person usually gains at the expense of the other.
- Dthe overall well being of the two persons remains unchanged.
61. In a market economy, the decisions of what and how much to produce are made by:
- Avoters in elections.
- Ball producers and consumers.
- Cthe government only.
- Dnon governmental agencies.
71. Even though markets do a great job in organizing economic activity, governments are needed to do all of the following EXCEPT:
- Aestablish and enforce property rights.
- Bintervene when markets fail due to externalities.
- Cintervene when markets fail due to market power.
- Ddecide what and how much should be produced.
81. Living standards in the United States have risen tremendously over the years, mainly due to:
- Arelentless increases in the productivity of labor over the years.
- Bthe forceful efforts of labor unions.
- Csuccessive increases in the minimum wage.
- Dtrade protection from competition from countries with low wages, such as China.
91. Rapid and persistent inflation occurs mainly due to:
- Ahigh wage increases demanded by labor unions.
- Bgreedy firms that abuse consumers with higher-than-necessary prices.
- Crapid increases in the quantity of money in the economy.
- Dtrade with other countries.
101. A government that implements a policy designed to reduce inflation can expect unemployment to:
- Aincrease in the short-run.
- Bdecrease in the short-run.
- Cincrease in the long-run.
- Ddecrease in the long-run.
112. Which of the following is FALSE, regarding economics as a science?
- AEconomic knowledge is obtained through the scientific method, just as in any other science.
- BIt is difficult to conduct experiments in economic matters.
- CEconomists pay close attention to natural experiments resulting from historical events.
- DEconomic theories represent irrefutable facts.
122. Economists use assumptions in order to:
- Arecreate real situations accurately, with all their complexity.
- Bavoid dealing with issues they would rather not talk about.
- Csimplify economic theories, so as to make it possible to answer economic questions.
- Dmake their theories more realistic.
132. Economic models are:
- Asimplified versions of economic theories.
- BAll of the other options are true.
- Ccreated by making assumptions.
- Dusually composed of diagrams and equations.
142. All of the following are characteristics of the circular-flow model of the economy, EXCEPT:
- Athe model has two markets: one for goods and services and one for factors of production.
- Bthe model includes two sectors: firms and households.
- Cthe model describes two circular flows: one for inputs and one for outputs.
- Dthe two flows described by the model move in opposite directions.
152. In the circular-flow model of the economy:
- Athe economy has only two sectors: firms and households.
- Bdollars in the economy are used over and over in an endless cycle.
- Cfirms produce and provide factors of production.
- Dthe government is the source of revenue for households to purchase goods and services from firms.
162. Which of the following is true regarding the production possibilities frontier (PPF) for the economy?
- AAny point on the PPF represents an efficient level of production.
- BAny point inside the PPF represents a combination of production that is not feasible.
- CThe opportunity cost of producing one more unit of one of the goods remains the same at any point along the PPF.
- DIncreases in the resources available for production will cause the PPF to shift toward the origin.
172. Economic growth in the economy can be portrayed in the model of the production possibilities frontier as a:
- Amovement up and left along the PPF.
- Bshift of the PPF away from the origin.
- Cmovement down and right along the PPF.
- Dshift of the PPF toward the origin.
182. Microeconomics is the study of:
- Ahow governments can get the economy out of a recession.
- Beconomy-wide phenomena, including inflation, unemployment, and economic growth.
- Chow households and firms make decisions and how they interact in markets.
- Dhow governments can reduce inflation.
192. Which of the following is an example of a normative statement?
- AHigher interest rates will cause people to borrow and invest less.
- BThe government should increase spending during recessions, so that the economy recovers quickly.
- CWhen the price of a good increases, consumers respond by reducing the quantity of that good they want to purchase.
- DOver the past 50 years, the number of women who participate in the labor force has increased dramatically.
202. Economists tend to disagree with each other because:
- Adifferent economists espouse different theories, so they believe different things are going on in the economy.
- Bdifferent economists make different assumptions to theories, leading them to different conclusions in economic matters.
- Cdifferent economists have different values and priorities in economic matters.
- DAll the other options are true.
214. Which of the following is NOT a characteristic of a perfectly competitive market?
- AThe goods being offered for sale are all the same.
- BBuyers and sellers are very numerous.
- CBuyers and sellers are price takers.
- DIt is difficult for new firms to enter the market.
224. A market with only one firm is known as a:
- Acomplementary market.
- Bmonopoly.
- Cperfectly competitive market.
- Dnormal market.
234. An increase in demand means that:
- Awhen the price drops consumers are willing to purchase greater quantities of the good.
- Bconsumers are willing to purchase greater quantities of the good at any given price.
- Cwhen the price rises, consumers are willing to purchase greater quantities of the good.
- Dconsumers make the price drop by buying greater quantities of the good.
244. If good B is a substitute for good A, and the price of good B increases:
- Athe quantity demanded of good A will decrease.
- Bthe demand for good A will increase.
- Cthe price of good A will tend to decrease.
- Dthe quantity demanded of good B will increase.
254. When the price of a good increases:
- Athe quantity supplied of the good will increase.
- Bthe quantity supplied of the good will decrease.
- Cthe supply curve of the good will shift to the right.
- Dthe supply curve of the good will shift to the left.
264. A new technology that helps firms reduce production costs will cause a:
- Amovement down and to the left along the supply curve.
- Bmovement up and to the right along the supply curve.
- Cshift to the right of the supply curve.
- Dshift to the left of the supply curve.
274. If the price in a market happens to be below equilibrium, there will be a ________ in the market, and the price will tend to ________.
- Asurplus, drop
- Bsurplus, rise
- Cshortage, drop
- Dshortage, rise
284. If the price in a market happens to be above equilibrium, there will be a ________ in the market, and the price will tend to ________.
- Asurplus, drop
- Bsurplus, rise
- Cshortage, drop
- Dshortage, rise
294. Suppose that a scientific study just published demonstrates that eating apples makes people much healthier. How will this affect the equilibrium price and quantity in the market?
- AThe equilibrium price will increase and the equilibrium quantity will decrease.
- BThe equilibrium price will decrease and the equilibrium quantity will increase.
- CBoth the equilibrium quantity and price will increase.
- DBoth the equilibrium quantity and price will decrease.
304. Suppose the price of corn syrup increases. Given that corn syrup is a major ingredient in the production of soft drinks, how will this affect the equilibrium price and quantity in the soda market?
- AThe equilibrium price will increase and the equilibrium quantity will decrease.
- BThe equilibrium price will decrease and the equilibrium quantity will increase.
- CBoth the equilibrium quantity and price will increase.
- DBoth the equilibrium quantity and price will decrease.
315. A good will tend to have an inelastic demand if:
- Athe good has many close substitutes.
- Bthe good is a luxury.
- Cthe market is defined very broadly.
- Dthe time horizon is long.
325. A perfectly elastic demand is represented graphically by a:
- Arelatively steep demand curve.
- Brelatively flat demand curve.
- Cvertical demand curve.
- Dhorizontal demand curve.
335. What effect will an increase in the price have on Total Revenue, if demand is elastic?
- ATotal Revenue will increase.
- BTotal Revenue will decrease.
- CTotal Revenue will first decrease and then increase.
- DTotal Revenue will remain unchanged.
345. The price elasticity of demand tends to be more elastic:
- Aat points further up and to the left along the demand curve.
- Bat points further down and to the right along the demand curve.
- Cwhen the demand curve becomes steeper.
- Dwhen the demand curve is vertical.
355. Suppose that General Cars increases the price of its Cadiclap model from $13,500 to $16,500. As a result of this, the quantity demanded of the Cadiclap model decreases from 600,000 to 400,000 per year. Find the price elasticity of demand of the Cadiclap using the Mid-Point method.
- A-3.0
- B-0.5
- C-2.0
- D-0.3
365. If a firm needs to increase its Total Revenue, the firm should ________ the price, if the demand for its product is ________.
- Adrop, inelastic
- Braise, elastic
- Cdrop, elastic
- Ddrop, unit elastic
375. Suppose that consumers' incomes rise by 3%, and that this causes the quantity demanded for a good to increase by 4.5%. What is the income elasticity of demand?
- A1.50
- B0.67
- C-1.50
- D-0.67
385. Suppose that a good has an income elasticity of demand of -2.0. This means that the good is:
- Anormal.
- Binferior.
- Ca substitute.
- Da complement.
395. Suppose that two goods have a cross-price elasticity of demand of -0.8. This means that these goods are:
- Anormal.
- Binferior.
- Csubstitutes.
- Dcomplements.
405. The price of good A increases from $4.50 to $5.50. This causes the quantity demanded of good B to increase from 900 to 1100 units per month. Find the cross price elasticity of demand using the Mid-Point method.
- A-1.0
- B+2.0
- C+1.0
- D-2.0
416. Suppose that a regulation is in place that does not allow the price of a good to exceed $5. If this price is above the equilibrium price in the market, this would be an example of a:
- Abinding price ceiling.
- Bnot binding price ceiling.
- Cbinding price floor.
- Dnot binding price floor.
426. Suppose that a regulation is in place that does not allow the price of a good to fall below $10. If this price is above the equilibrium price in the market, this would be an example of a:
- Abinding price ceiling.
- Bnot binding price ceiling.
- Cbinding price floor.
- Dnot binding price floor.
436. Suppose that a regulation is in place that does not allow the price of a good to exceed $5. If this price is below the equilibrium price in the market, this would be an example of a:
- Abinding price ceiling.
- Bnot binding price ceiling.
- Cbinding price floor.
- Dnot binding price floor.
446. If a price floor is in place and it is binding, the market will:
- Aremain in equilibrium, unaffected by the price floor.
- Bexperience a shortage.
- Cexperience a surplus.
- Dadjust its equilibrium point toward the price floor.
456. If a price ceiling is in place and it is binding, the market will:
- Aremain in equilibrium, unaffected by the price floor.
- Bexperience a shortage.
- Cexperience a surplus.
- Dadjust its equilibrium point toward the price floor.
466. If a price floor is in place and it is not binding, the market will:
- Aremain in equilibrium, unaffected by the price floor.
- Bexperience a shortage.
- Cexperience a surplus.
- Dadjust its equilibrium point toward the price floor.
476. If a tax is imposed on buyers of a good, the ________ curve of the good will shift ________ by the amount of the tax.
- Ademand, up
- Bdemand, down
- Csupply, up
- Dsupply, down
486. If a tax is imposed on sellers of a good, the ________ curve of the good will shift ________ by the amount of the tax.
- Ademand, up
- Bdemand, down
- Csupply, up
- Dsupply, down
496. If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the sellers than on the buyers, this will be because:
- Ademand is more elastic than supply for that good.
- Bdemand is less elastic than supply for that good.
- Cthe tax was imposed on the buyers of the good.
- Dthe tax was imposed on the sellers of the good.
506. If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the buyers than on the sellers, this will be because:
- Ademand is more elastic than supply for that good.
- Bdemand is less elastic than supply for that good.
- Cthe tax was imposed on the buyers of the good.
- Dthe tax was imposed on the sellers of the good.
5113. Of all the costs shown below incurred by Superior Airways, which is an example of an implicit cost?
- AThe salaries paid to the pilots.
- BThe jet fuel bills.
- CThe purchases of parts needed for maintenance of the aircraft.
- DThe rent that could be earned on an aircraft that is owned and used by Superior.
5213. Everything that needs to be given up whenever a choice is made is called:
- Aan implicit cost.
- Ban explicit cost.
- Can opportunity cost.
- Da sunk cost.
5313. Accounting profit is generally ________ than economic profit, because accountants ________ implicit costs in their calculations.
- Agreater, consider
- Bgreater, do not consider
- Csmaller, consider
- Dsmaller, do not consider
5413. The law of diminishing marginal product of labor occurs when:
- Aevery additional worker hired reduces the quantity produced by the firm.
- Bevery additional worker hired reduces the total costs of the firm.
- Cevery additional worker hired contributes a smaller increase in production than previously hired workers.
- Devery additional worker hired contributes a smaller increase in total costs than previously hired workers.
- Eevery additional question contributes more to the destruction of your soul
5513. The cost of raw materials will fall under the category of:
- Afixed costs.
- Bvariable costs.
- Cimplicit costs.
- Daverage fixed costs.
5613. The factory rent payments made by a firm fall under the category of:
- Afixed costs.
- Bvariable costs.
- Cshort-run costs.
- Daverage variable costs.
5713. Based on the table above, what is the marginal cost of the tenth unit?
- A$250
- B$200
- C$50
- D$300
5813. Based on the table above, if the fixed cost is $500, what is the average total cost of the fifth unit?
- A$250
- B$140
- C$240
- D$100
5913. Based on the table above, what is the average variable cost of the fourth unit?
- A$250
- B$125
- C$240
- D$100
6013. Economies of scale occur when ________ as the quantity of output increases.
- Ashort-run average total cost falls
- Bshort-run average total cost rises
- Clong-run average total cost falls
- Dlong-run average total cost rises
6116. Which of the following is NOT a characteristic of monopolistic competition?
- AThere are many sellers.
- BThere are many buyers.
- CEverybody is perfectly informed.
- DThe goods are identical across sellers.
6216. The diagram depicting monopolistic competition in the short run:
- Ais very similar to the short-run monopoly diagram.
- Bis very similar to the short-run perfect competition diagram.
- Cis very similar to the short-run oligopoly diagram.
- Dis completely different from the diagrams of all the other types of markets.
6316. If the average-total-cost curve of a firm in monopolistic competition happens to be above the demand curve, it means:
- Athe firm will have to sell a lot in order to make a profit.
- Bthe firm will have to sell at a very high price in order to make a profit.
- Cother firms are performing better in the market than the firm depicted in the diagram.
- Dthe firm will be incurring losses in the short run.
6416. In the long run, firms in monopolistic competition will see their price:
- Abecome equal to their average variable cost.
- Bbecome equal to their average total cost.
- Cremain well above their average total cost.
- Dbecome equal to their marginal cost.
6516. If firms in monopolistic competition are enjoying positive economic profits, in the long run:
- Athey will continue enjoying such profits, since new firms will be unable to enter the industry.
- Bconsumers will cease wanting to buy the good and will switch to cheaper alternatives.
- Cthis will attract new firms into the industry, causing prices to drop and profits to disappear.
- Dthe government will have to step in and regulate the price.
6616. In long-run equilibrium, firms in monopolistic competition ________ than firms in perfect competition.
- Aproduce less
- Bcharge a lower price
- Chave bigger profits
- Dhave lower costs
6716. In long-run equilibrium in a monopolistically competitive market, the price will be equal to:
- Amarginal cost.
- Bmarginal revenue.
- Caverage variable cost.
- Daverage total cost.
6816. A major critique of advertising is that:
- Ait provides information to consumers that they would be better off without.
- Bit manipulates people's tastes and preferences.
- Cit promotes excessive competition among firms in the industry.
- Dit undermines the market price.
6916. A major argument in favor of advertising is that:
- Ait provides information to consumers that allows them to make better choices.
- Bit helps people reaffirm their tastes and preferences.
- Cit promotes competition among firms in the industry, leading to lower prices.
- Dit will lower the market price.
7016. According to the text, branding can be good for society because:
- Ait allows people to show off the branded goods they use or wear.
- Bit keeps generic goods from taking over the market.
- Cit provides useful information to consumers about the quality of branded goods.
- Dit helps firms enjoy higher prices and profits.
- ESuperbowl commercials are the best.
7118. All of the following will cause the value of the marginal product of labor to increase, EXCEPT:
- Aan increase in the price of the good sold by the firm.
- Ba new production technology is developed and implemented by the firm.
- Can increase in the quantity of other factors of production used by the firm.
- Dan increase in the number of workers employed by the firm.
7218. If the supply curve for labor is backward bending, and if the wage of a worker increases, she might choose to work:
- Afewer hours per week, since she can earn the same income working fewer hours.
- Bmore hours per week, since she can earn the same income working fewer hours.
- Cfewer hours per week, since every hour of leisure is cheaper than before.
- Dmore hours per week, since she needs to work more hours to earn the same income.
7318. All of the following are things that can make the labor supply curve shift, EXCEPT:
- Achanges in the number of customers buying a good.
- Bchanges in tastes of workers.
- Cchanges in alternative job opportunities.
- Dchanges in immigration laws.
7418. If many students choose to study to become pharmacists, when all of these students eventually graduate, we can expect pharmacist's wages to ________, and the equilibrium number of pharmacists will ________.
- Arise, increase
- Bdrop, increase
- Crise, decrease
- Ddrop, decrease
7518. If there is a permanent increase in the demand for cars, car manufacturers will want to hire ________ workers, which will cause wages in the industry to ________.
- Amore, rise
- Bmore, drop
- Cless, rise
- Dless, drop
7618. Which of the following statements is FALSE?
- AThe value of the marginal product of labor represents the benefit to the firm from hiring an additional worker.
- BThe value of the marginal product of labor curve represents the firm's demand for labor curve.
- CThe value of the marginal product of labor diminishes as more workers are hired.
- DThe value of the marginal product of labor is the same thing as the marginal product of labor.
7718. As firms gradually acquire ever more technology, machinery and equipment, workers' productivity gradually ________, and workers wages gradually ________.
- Arises, decrease
- Bdiminishes, decrease
- Cdiminishes, increase
- Drises, increase
7818. The price paid for any factor of production tends to be equal to:
- Athe wage rate.
- Bthe value of the marginal product of that input.
- Cthe price of the product sold by the firm that inputs.
- Dthe price of the product sold by the firm that buys the inputs.
7918. Factors of production are:
- Athe coefficients in a production function.
- Bthe characteristics of a market that determine how much is produced.
- Cthe inputs used to produce goods and services.
- Dthe outputs from a production function.
8018. The property of diminishing marginal product applies:
- Aonly to workers in the short run.
- Bapplies to workers and any other variable inputs in the short run.
- Conly to workers in the long run.
- Dapplies to workers and any other variable inputs in the long run.
8125. Over the last 100 years, which of the following countries has grown the fastest?
- AUnited States
- BUnited Kingdom
- CGermany
- DJapan
8225. Small changes in its growth rate make ________ changes in the GDP per person in the long term.
- Avery big
- Bsmall
- Cinsignificant
- Dinverse
8325. The key to increasing real average incomes in a nation lies in:
- Aactivist labor unions, that force businesses to increase wages throughout the nation.
- Braising significantly the minimum wage.
- Cincreasing productivity.
- Dlimiting imports, to protect our jobs and wages.
8425. Accumulating ever more physical capital, human capital, natural resources, and technological knowledge are strategies designed to increase our:
- Anet exports.
- Bpopulation.
- Ctaxes.
- Dproductivity.
8525. An economy that 'accumulates human capital' is:
- Ahiring ever more workers.
- Bincreasing its population.
- Cincreasing the skills of its workers.
- Dincreasing the labor force participation rate.
8625. In order to accumulate more technological knowledge, a nation must:
- Ateach more technological knowledge to its college students.
- Bspend more on training programs for displaced workers.
- Cfocus more on training newly hired workers on the technology they will be using.
- Dspend more money on research and development.
8725. In order for an economy to increase investment:
- Asociety must save more.
- Bbusinesses must spend less.
- Cthe government must raise taxes.
- Dexports must increase.
8825. The concept of diminishing returns to investment refers to the fact that:
- Afirms in rich countries invest less than firms in poorer countries.
- Bany given increase in investment yields less econonmic growth in a rich country than in a poor country.
- Cfirms in poor countries invest less than firms in rich countries.
- Dany given increase in investment yields less economic growth in a poor country than in a rich country.
8925. One key factor promoting investment is:
- Awillingness of households to spend their money.
- Ba substantial increase in government spending.
- Chigh taxes.
- Dclear and well enforced property rights.
9025. All of the following promote outward oriented growth policies, EXCEPT:
- Aavoiding tariffs and other trade restrictions.
- Breducing as much as possible the paperwork needed to export and import parts and finished goods.
- Callowing foreign money to be invested in our country with the least amount of restrictions.
- Drequiring foreign companies to produce their goods in home country, if they want to sell there.
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- Zumrat Akhmetova
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