Economics

Which is the best example of specialization?

Which is the best example of specialization?

Which is the best example of specialization?
 
  A) a high school math teacher who teaches only calculus
  B) a firm that produces both luggage and cooking oil
  C) a person whose job includes accounting, personnel, and maintenan

123kduncan   103   2 Replies

123kduncan

Which of the following must occur as a result of ceilings on apartment rents that are set below ...

Which of the following must occur as a result of ceilings on apartment rents that are set below ...

Which of the following must occur as a result of ceilings on apartment rents that are set below market clearing rental rates?
 
  A) Property owners respond to the ceilings by increasing maintenance and repairs.
  B) Property owners r

123kduncan   44   2 Replies

123kduncan

A relationship between two variables in which one variable increases at the same time that the other ...

A relationship between two variables in which one variable increases at the same time that the other ...

A relationship between two variables in which one variable increases at the same time that the other increases is called
 
  A) nonlinear.
  B) constant.
  C) inverse.
  D) direct.


Ques. 2

How do

123kduncan   36   3 Replies

Espresso

Which of the following federal agencies is engaged in economic regulation?

Which of the following federal agencies is engaged in economic regulation?

Which of the following federal agencies is engaged in economic regulation?
 
  A) Occupational Safety and Health Administration
  B) Federal Motor Carrier Safety Administration
  C) Food and Drug Administration
  D) Consumer

123kduncan   72   3 Replies

mayyyy

The assumption that people do not intentionally make decisions that would leave them worse off is ...

The assumption that people do not intentionally make decisions that would leave them worse off is ...

The assumption that people do not intentionally make decisions that would leave them worse off is known as
 
  A) the rationality assumption.
  B) the microeconomic assumption.
  C) the ceteris paribus assumption.
  D) the n

123kduncan   48   3 Replies

Khushhal Farooq

In the United States, income is more equally distributed than measured wealth. (True or false?)

In the United States, income is more equally distributed than measured wealth. (True or false?)

In the United States, income is more equally distributed than measured wealth.
 
  Indicate whether the statement is true or false


Ques. 2

Explain what the fallacy of composition is and give an example.
 

123kduncan   48   3 Replies

Annahindrance

In the above table, which tax plan is progressive?

In the above table, which tax plan is progressive?

In the above table, which tax plan is progressive?
 
  A) only plan A
  B) only plan B
  C) only plan C
  D) both plan B and plan C


Ques. 2

In the figure above, the deadweight loss when the marke

123kduncan   62   3 Replies

Kday

Globalization has ________ the price of many goods, which has caused the value marginal product of ...

Globalization has ________ the price of many goods, which has caused the value marginal product of ...

Globalization has ________ the price of many goods, which has caused the value marginal product of unskilled labor to ________ and the demand for unskilled labor to ________.
 
  A) decreased; decrease; decrease
  B) decreased; decrea

123kduncan   42   3 Replies

Troejen

Suppose the government has declared beer to be an illegal substance and has imposed penalties on any ...

Suppose the government has declared beer to be an illegal substance and has imposed penalties on any ...

Suppose the government has declared beer to be an illegal substance and has imposed penalties on any person caught buying a beer. Selling a beer, however, remains legal.
 
  Using the above figure, in which CBL is the cost of breaking the

123kduncan   45   2 Replies

123kduncan

In the above figure, while moving along the line showing the relationship between household income ...

In the above figure, while moving along the line showing the relationship between household income ...

In the above figure, while moving along the line showing the relationship between household income and expenditure
 
  A) household expenditures are held constant.
  B) household income is held constant.
  C) the interest rate is

123kduncan   58   2 Replies

123kduncan

If the supply for a good is elastic, that means that when price increases, the :

If the supply for a good is elastic, that means that when price increases, the :

If the supply for a good is elastic, that means that when price increases, the
 
  A) supply will increase.
  B) quantity supplied will decrease.
  C) quantity supplied will increase by a smaller percentage than the price increas

123kduncan   30   1 Reply

paige.S99

In the figure above, the poorest 40 percent of households receive ________ of total income.

In the figure above, the poorest 40 percent of households receive ________ of total income.

In the figure above, the poorest 40 percent of households receive ________ of total income.
 
  A) 20 percent
  B) 10 percent
  C) 30 percent
  D) 15 percent


Ques. 2

Tom and Jerry are the only me

123kduncan   75   3 Replies

lilydidi

Lizzie's budget line is shown in the figure above. The relative price of a cookie is ________ per ...

Lizzie's budget line is shown in the figure above. The relative price of a cookie is ________ per ...

Lizzie's budget line is shown in the figure above. The relative price of a cookie is ________ per cookie.
 
  A) 2 magazines
  B) 0.5 of a magazine
  C) 1
  D) 2


Ques. 2

The table above gives Jan

123kduncan   48   1 Reply

Zhengbo Yin

Which answer below CORRECTLY describes the relationship between the demand for labor curve and the ...

Which answer below CORRECTLY describes the relationship between the demand for labor curve and the ...

Which answer below CORRECTLY describes the relationship between the demand for labor curve and the value of marginal product curve?
 
  A) The curves intersect to determine the equilibrium quantity of labor.
  B) The value of marginal

123kduncan   48   1 Reply

impostine

If the wage rate is ________ the value of marginal product, a firm can increase its profit by ...

If the wage rate is ________ the value of marginal product, a firm can increase its profit by ...

If the wage rate is ________ the value of marginal product, a firm can increase its profit by ________.
 
  A) greater than; selling an extra unit of output
  B) less than; selling one less unit of output
  C) less than; hiring a

123kduncan   32   2 Replies

123kduncan

Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table ...

Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table ...

Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. What is Archibald's shut-down point?
 
  A) 10.00
  B) 16.67
  C) 15.00
  D) 12.50


Ques. 2

In t

123kduncan   65   1 Reply

karma_0723

Which statement best describes the "law of demand"? Other things being equal, the quantity of ...

Which statement best describes the "law of demand"? Other things being equal, the quantity of ...

[html]Which statement best describes the "law of demand"? Other things being equal, the quantity of tennis rackets demanded will be greater if the

▸ price of tennis rackets is lower.

▸ incomes of tennis players are higher.

▸ number of tennis playe

123lol456   25   1 Reply

rector

FIGURE 6-5Refer to Figure 6-5. The price of good X increases from P0to P1. The substitution effect ...

FIGURE 6-5Refer to Figure 6-5. The price of good X increases from P0to P1. The substitution effect ...

[html]

123lol456   24   1 Reply

sz

The figure presentsTotal Product(units of output per day) as a function ofLabour(workers per day) ...

The figure presentsTotal Product(units of output per day) as a function ofLabour(workers per day) ...

[html]The figure presents Total Product (units of output per day) as a function of Labour (workers per day) hired.

123lol456   21   1 Reply

kamarie3

The figure below shows the isocost lines and the isoquant map for a firm producing golf tees.FIGURE ...

The figure below shows the isocost lines and the isoquant map for a firm producing golf tees.FIGURE ...

[html]The figure below shows the isocost lines and the isoquant map for a firm producing golf tees.

123lol456   60   1 Reply

carducb

The long-run average cost (LRAC) curve for a firm shows

The long-run average cost (LRAC) curve for a firm shows

[html]The long-run average cost (LRAC) curve for a firm shows

▸ what happens to the fixed costs in the long run.

▸ the highest unit costs of producing a given output.

▸ the lowest unit cost at which the firm can produce a given output.

▸ the same

123lol456   35   1 Reply

JulzMarie

Consider a perfectly competitive firm in the following position: output = 4000 units, market price = ...

Consider a perfectly competitive firm in the following position: output = 4000 units, market price = ...

[html]Consider a perfectly competitive firm in the following position: output = 4000 units, market price = $1, total fixed costs = $2000, total variable costs = $1000, and marginal cost = $1.10. To maximize profits, the firm should

▸ produce zero ou

123lol456   29   1 Reply

dasneak

The Optimal Output RuleSunny sells soybeans in a perfectly competitive market. Her output per day ...

The Optimal Output RuleSunny sells soybeans in a perfectly competitive market. Her output per day ...

[html]The Optimal Output Rule

Sunny sells soybeans in a perfectly competitive market. Her output per day (in bushels of soybeans) and her total cost is displayed in the table.

123lol456   100   1 Reply

kuteeme

Profit of a MonopolyThe graph shows the demand curve (D), marginal revenue curve (MR), marginal cost ...

Profit of a MonopolyThe graph shows the demand curve (D), marginal revenue curve (MR), marginal cost ...

[html]Profit of a Monopoly

The graph shows the demand curve (D), marginal revenue curve (MR), marginal cost curve (MC) and average total cost curve (ATC) for a monopolist.

123lol456   61   1 Reply

CJWVail2

The relationship between the unemployment rate and inflation is studied under ________.

The relationship between the unemployment rate and inflation is studied under ________.

The relationship between the unemployment rate and inflation is studied under ________.

▸ behavioral economics

▸ macroeconomics

▸ microeconomics

▸ international economics

123lol456   29   1 Reply

aupadhay287

The concept of diminishing marginal benefit states that ________.

The concept of diminishing marginal benefit states that ________.

[html]The concept of diminishing marginal benefit states that ________.

▸ the willingness to pay for an additional unit declines as more of a good is consumed

▸ the demand for a commodity declines as its price increases

▸ lower levels of consumpti

123lol456   33   1 Reply

doquangnhat

Which of the following statements identifies a correct reason for demographic transition?

Which of the following statements identifies a correct reason for demographic transition?

[html]Which of the following statements identifies a correct reason for demographic transition?

▸ The dependence on child labor is negligible in urban families compared to rural families.

▸ The increase in the migration of labor from urban to rural

123lol456   21   1 Reply

chevy87

Geographical conditions, such as good climate, availability of natural resources, and fertile soil, ...

Geographical conditions, such as good climate, availability of natural resources, and fertile soil, ...

[html]Geographical conditions, such as good climate, availability of natural resources, and fertile soil, are examples of ________.

▸ explicit causes of prosperity

▸ fundamental causes of prosperity

▸ proximate causes of prosperity

▸ implicit cau

123lol456   32   1 Reply

kpot15

If institutions in an economy change from being extractive to inclusive, then the ________ in the economy.

If institutions in an economy change from being extractive to inclusive, then the ________ in the economy.

[html]If institutions in an economy change from being extractive to inclusive, then the ________ in the economy.

▸ returns to entrepreneurship will increase

▸ geographical conditions will improve

▸ geographical conditions will deteriorate

▸ retur

123lol456   24   1 Reply

Mspractical

Scenario: An economy produces only cell phones. In 2015, the economy manufactured 275 cell phones, ...

Scenario: An economy produces only cell phones. In 2015, the economy manufactured 275 cell phones, ...

[html]Scenario: An economy produces only cell phones. In 2015, the economy manufactured 275 cell phones, and each cell phone sold for $200. In 2016, the economy manufactured 280 cell phones, but the price of each cell phone fell to $180.

123lol456   40   1 Reply

Hollywood1971

When the Fed buys or sells government bonds to private banks in exchange for reserves, it is ...

When the Fed buys or sells government bonds to private banks in exchange for reserves, it is ...

When the Fed buys or sells government bonds to private banks in exchange for reserves, it is referred to as ________.

▸ the Fed's dual mandate

▸ an open market operation

▸ seigniorage

▸ reserve targeting

123lol456   94   1 Reply

RobnHood

Exhibit 2-8MariaMayaGood XGood YGood XGood Y9006006030401030602020090030Refer to Exhibit 2-8.If ...

Exhibit 2-8MariaMayaGood XGood YGood XGood Y9006006030401030602020090030Refer to Exhibit 2-8.If ...

[html]Exhibit 2-8

123lol456   36   1 Reply

majudomminick

A public franchise is a right granted

A public franchise is a right granted

[html]A public franchise is a right granted

▸ to one firm by another firm; for ex

123lol456   27   1 Reply

aliwchamoun

The monopolist's marginal revenue curve is

The monopolist's marginal revenue curve is

[html]The monopolist's marginal revenue curve is

▸ downward sloping and lies belo

123lol456   32   1 Reply

scmhack

If a monopsonist is hiring factors, it will choose to hire that quantity of labor at which ...

If a monopsonist is hiring factors, it will choose to hire that quantity of labor at which ...

[html]If a monopsonist is hiring factors, it will choose to hire that quantity of labor at which __________ and pay a wage rate that is ______

123lol456   40   1 Reply

daniboi

Which of the following statements is false?

Which of the following statements is false?

[html]Which of the following statements is false?

▸

123lol456   46   1 Reply

anitasag

Exhibit 39-1Refer to Exhibit 39-1. Given the target price of PT, the deficiency payment per unit is

Exhibit 39-1Refer to Exhibit 39-1. Given the target price of PT, the deficiency payment per unit is

[html]Exhibit 39-1

123lol456   38   1 Reply

mbiij16

A firm bought a pizza oven for $13,500 and if it shut down now, could sell the oven for $9,500. ...

A firm bought a pizza oven for $13,500 and if it shut down now, could sell the oven for $9,500. ...

[html]A firm bought a pizza oven for $13,500 and if it shut down now, could sell the oven for $9,500. Which of the following statements is TRUE?

▸ The relevant cost of the oven when considering shutting down is $13,500.

▸ The relevant cost of the o

168356573   96   1 Reply

nauticalpal

Given a positively sloped supply curve, when market demand increases,

Given a positively sloped supply curve, when market demand increases,

[html]Given a positively sloped supply curve, when market demand increases,

▸ the new equilibrium will have a higher price and a smaller quantity.

▸ the new equilibrium will have the same price and larger quantity.

▸ the new equilibrium will have

18iq   26   1 Reply

manuella14

The figure shows demand and marginal revenue for a single price monopoly.FIGURE 10-5Refer to Figure ...

The figure shows demand and marginal revenue for a single price monopoly.FIGURE 10-5Refer to Figure ...

[html]The figure shows demand and marginal revenue for a single price monopoly.

18iq   40   1 Reply

mnnewman