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Home Flashcards Clod Poggers's Study Deck
  Flashcards by Clod Poggers

Question 1 

For typical inputs other than land or superstars, input prices are
A) determined by supply only.
B) determined by demand only.
C) determined by output prices.
D) not based on productivity.
E) determined by supply and demand.
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Question 2 

If the capture view of regulation is correct, we would expect to see
A) profits decrease when an industry is deregulated.
B) profits increase when an industry is deregulated.
C) costs decrease when an industry is regulated.
D) prices fall when an industry is regulated.
E) costs increase when an industry is deregulated.
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Question 3 

Lance cashes a bond paying 5% per year and invests this $1,000,000 in his courier business. He quit a $40,000-a-year job as a letter carrier to open the business. After one year he earned an accounting profit of $150,000. Depreciation costs were $10,000. His economic profits are
A) $110,000.
B) $100,000.
C) $140,000.
D) $60,000.
E) $150,000.
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Question 4 

Sue quit her high-pressure accounting job in order to open a store that sells sea shells by the sea shore. She earned $75,000 a year as an accountant. Now she pays herself only $15,000 a year. The explicit cost of Sue's time selling sea shells this year is
A) $60,000.
B) $90,000.
C) $15,000.
D) $75,000.
E) $50,000.
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Question 5 

Economic thinking can be helpful in answering which question?
A) What is the value of public safety?
B) How much is it worth to know that your toothpaste won't poison you?
C) Are higher prices from regulation worth the improvement in public safety?
D) Should the buyer beware?
E) When will government action fail and produce an outcome worse than market failure?
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