Economics

When economists assume perfect markets for labour they are NOT assuming

When economists assume perfect markets for labour they are NOT assuming

When economists assume perfect markets for labour they are NOT assuming

▸ freedom of entry into all labour markets.

▸ workers and employers are price-takers.

▸ a minimum wage.

▸ workers are all alike.

anthonydel117   31   1 Reply

vvnluu

When economists assume that people are rational and respond to incentives, they mean

When economists assume that people are rational and respond to incentives, they mean

When economists assume that people are rational and respond to incentives, they mean
A) people are altruistic.
B) people are selfish.
C) people act in their own self-interest.
D) people act with kindness.

nguyenduong67   90   1 Reply

tristion

When economists describe a market for a specific product as being economically "efficient," what ...

When economists describe a market for a specific product as being economically "efficient," what ...

[html]When economists describe a market for a specific product as being economically "efficient," what do they mean?

▸ Consumption of the product is such that economic surplus is maximized.

▸ Production techniques are such that resources are used i

jake82   40   1 Reply

hamusa4

When economists describe how the economy works, they are engaging in normative analysis. ( T / F )?

When economists describe how the economy works, they are engaging in normative analysis. ( T / F )?

When economists describe how the economy works, they are engaging in normative analysis.
 ( T / F )?

Retnec   44   2 Replies

Retnec

When economists discuss oligopoly what do they mean by 'interdependence'?

When economists discuss oligopoly what do they mean by 'interdependence'?

When economists discuss oligopoly what do they mean by 'interdependence'?

mbowdish   24   1 Reply

Btllllll

When economists model a game with three players instead of two, what is different about the payoff m

When economists model a game with three players instead of two, what is different about the payoff m

When economists model a game with three players instead of two, what is different about the payoff matrix and the payoffs listed in each cell of the matrix?

Cuba   117   3 Replies

IloveChi

When economists model product, they assume the firm only uses two inputs. What are the two inputs a

When economists model product, they assume the firm only uses two inputs. What are the two inputs a

When economists model product, they assume the firm only uses two inputs.  What are the two inputs and what do they represent?

stars_and_moon   96   3 Replies

kingby

When economists refer to 'tight' monetary policy, they mean that the central bank is taking ...

When economists refer to 'tight' monetary policy, they mean that the central bank is taking ...

[html]When economists refer to 'tight' monetary policy, they mean that the central bank is taking actions that will

▸ decrease the demand for money by taxing bank accounts.

▸ contract the money supply by increasing interest rates.

▸ increase the d

elbthwtkns01   34   1 Reply

sadeen

When economists refer to capital, they might mean

When economists refer to capital, they might mean

When economists refer to capital, they might mean
 a. money
  b. human skills used in production
  c. stocks
  d. bonds
  e. bank loans

QUESTION 2

Economists classify all of the following as capital, exc

Duhitzlitzy   52   3 Replies

hhenderson96

When economists refer to people making decisions at the margin, they mean that we compare ________ ...

When economists refer to people making decisions at the margin, they mean that we compare ________ ...

When economists refer to people making decisions at the margin, they mean that we compare ________ benefits with ________ costs.
A) total; total
B) total; incremental
C) additional; additional
D) additional; marginal

geftermif   52   2 Replies

geftermif

When economists refer to the "short run" they are referring to

When economists refer to the "short run" they are referring to

When economists refer to the "short run" they are referring to
A) one month.
B) the time frame where managers must consider at least one input in production as fixed in quantity.
C) the time frame where managers must consider

stars_and_moon   71   3 Replies

kingby

When economists refer to ________ monetary policy, they mean that the Federal Reserve is taking acti

When economists refer to ________ monetary policy, they mean that the Federal Reserve is taking acti

When economists refer to ________ monetary policy, they mean that the Federal Reserve is taking actions that will expand the money supply.
A) Classical
B) tight
C) Keynesian
D) easy

NYC   132   2 Replies

NYC

When economists say a market has "barriers to entry" they refer to

When economists say a market has "barriers to entry" they refer to

When economists say a market has "barriers to entry" they refer to
A) monopolists being prohibited from selling their products to certain customers.
B) factors that prevent other firms from challenging a firm with market power.

nguyenduong67   37   1 Reply

trumpetsoflife

When economists say entrepreneurs have a comparative advantage in arbitrage activity, they are sayin

When economists say entrepreneurs have a comparative advantage in arbitrage activity, they are sayin

When economists say entrepreneurs have a comparative advantage in arbitrage activity, they are saying
A) entrepreneurs are efficient at selling their products below cost.
B) entrepreneurs are efficient at selling their products at cost.

Sublight2097   775   3 Replies

Smoooth

When economists say goods are scarce, they mean:

When economists say goods are scarce, they mean:

When economists say goods are scarce, they mean:
 a. consumers are too poor to afford the goods and services available.
  b. consumers are unwilling to buy goods unless they have very low prices.
  c. goods are generally freely availa

Kelsierae11   44   2 Replies

Kelsierae11

When economists say that "there is no free lunch," they mean that

When economists say that "there is no free lunch," they mean that

When economists say that "there is no free lunch," they mean that
A) poor decisions always have costs.
B) everything we buy costs us money.
C) the costs of a decision sometimes outweigh the benefits.
D) all of our choice

sgy_89   56   1 Reply

Vila

When economists say that a firm is a "price taker" they mean that

When economists say that a firm is a "price taker" they mean that

[html]When economists say that a firm is a "price taker" they mean that

▸ the firm can alter the market price as it changes its rate of production.

▸ the demand curve that the firm faces is perfectly inelastic.

▸ the firm can alter its rate of pro

maryanne.jones3   30   1 Reply

olsondi

When economists say that a good is nonexcludable, they mean that

When economists say that a good is nonexcludable, they mean that

When economists say that a good is nonexcludable, they mean that
A) everybody is willing to pay for it.
B) more than one person can consume the good.
C) there is no practical way to stop a person from enjoying the good.
D) everybo

sinerus   44   1 Reply

Quinn1981

When economists say that a good is nonrival in consumption, they mean that

When economists say that a good is nonrival in consumption, they mean that

When economists say that a good is nonrival in consumption, they mean that
A) the good is widely available.
B) more than one person can enjoy the good at the same time.
C) no one wants the good.
D) everyone wants the good.

nguyenduong67   62   1 Reply

tristion

When economists say that a perfectly competitive firm is a "quantity adjuster," they mean that

When economists say that a perfectly competitive firm is a "quantity adjuster," they mean that

[html]When economists say that a perfectly competitive firm is a "quantity adjuster," they mean that

▸ it adjusts its output in response to changes in prices.

▸ changing the output level does not affect the costs of production.

▸ it is not concern

badd99   24   1 Reply

linakhalaf

When economists say that firms have multiple targets, they mean that firms

When economists say that firms have multiple targets, they mean that firms

When economists say that firms have multiple targets, they mean that firms

▸ allow a satisficing approach to decision making.

▸ create conglomerate mergers.

▸ maximise sales revenue.

▸ maximise profits.

BenAff   21   1 Reply

kiyomika

When economists say that money promotes ________, they mean that money encourages specialization and

When economists say that money promotes ________, they mean that money encourages specialization and

When economists say that money promotes ________, they mean that money encourages specialization and the division of labor.
A) contracting
B) greed
C) efficiency
D) bargaining

valputin   180   3 Replies

Meela

When economists say that private investment is autonomous, they mean that it:

When economists say that private investment is autonomous, they mean that it:

When economists say that private investment is autonomous, they mean that it:
 a. will never change.
  b. is not dependent on the current level of disposable income.
  c. is determined by the animal spirits of business decision makers

emilytren   45   1 Reply

Alekberli

When economists speak of scarcity, they are referring to the

When economists speak of scarcity, they are referring to the

[html]When economists speak of scarcity, they are referring to the

▸ condition in

wallyboy   50   1 Reply

voltayre

When economists speak of the "motivating" function of price changes, they are referring ...

When economists speak of the "motivating" function of price changes, they are referring ...

When economists speak of the "motivating" function of price changes, they are referring to the ability of price changes to
A) divide up the amount of a product available among those desiring to receive it.
B) provide information t

Retnec   53   2 Replies

Retnec

When economists speak of the 'demand for money', which of the following questions are they asking?

When economists speak of the 'demand for money', which of the following questions are they asking?

[html]When economists speak of the 'demand for money', which of the following questions are they asking?

▸ How much wealth would you like?

▸ What proportion of your financial assets do you want to hold in the form of money?

▸ How much cash do you

msouthern   20   1 Reply

MikaelDevost

When economists speak of the CPI bias, they are referring to

When economists speak of the CPI bias, they are referring to

When economists speak of the CPI bias, they are referring to
A) the tendency for the CPI to overstate price changes.
B) the tendency for the CPI to understate price changes.
C) the tendency for the CPI to understate inflation.
D) errors in measur

emanuell19   116   2 Replies

emanuell19

When economists speak of the short run, they are referring to _____.

When economists speak of the short run, they are referring to _____.

When economists speak of the short run, they are referring to _____.
 a. a specific period of time, usually less than one year
  b. a specific period of time, more than one year, but less than two years
  c. a specific period of time

grodriguezz   36   1 Reply

loco123

When economists study the interactions of different people, the focus of their studies is on

When economists study the interactions of different people, the focus of their studies is on

When economists study the interactions of different people, the focus of their studies is on
A) inequality of wealth.
B) many different individual plans that must be coordinated.
C) not enough jobs for everyone who wants one.
D) p

Sublight2097   291   3 Replies

IloveChi

When economists talk about the gains from trade they mean that :

When economists talk about the gains from trade they mean that :

When economists talk about the gains from trade they mean that
 
  A) no one ever gets hurt by trade.
  B) the benefits of trade outweigh the losses.
  C) business firms benefit from trade but not necessarily individuals.
 

jlam10   26   2 Replies

jlam10

When economists talk of 'spreading overheads' they mean

When economists talk of 'spreading overheads' they mean

[html]When economists talk of 'spreading overheads' they mean

▸ having several sources for each input.

▸ increasing output to reduce average fixed costs.

▸ having factories in different countries.

▸ increasing output to reduce average variable co

snowicefox17   36   1 Reply

gdchavis1

When economists use the term "big tradeoff" when discussing efficiency they are referring to the tra

When economists use the term "big tradeoff" when discussing efficiency they are referring to the tra

When economists use the term "big tradeoff" when discussing efficiency they are referring to the tradeoff between
A) external costs and external benefits.
B) marginal cost and marginal benefits.
C) producer surplus and consum

Loraine   271   1 Reply

Sydnie

When economists use the terms "supply" and "demand," they are referring to

When economists use the terms "supply" and "demand," they are referring to

When economists use the terms "supply" and "demand," they are referring to
A) the roles economists must take to improve the economy.
B) the plans and ongoing negotiations among individual traders in the market process.

Sublight2097   267   3 Replies

Dropx

When economists value rewards that will be experienced in the future, they multiply the reward by a: ...

When economists value rewards that will be experienced in the future, they multiply the reward by a: ...

When economists value rewards that will be experienced in the future, they multiply the reward by a:
A) positive factor more than 1.
B) positive factor less than 1.
C) negative factor more than -1.
D) negative factor less than

whipped   139   1 Reply

Sudzbury

When economists want to obtain a measure of the responsiveness of quantity demanded to changes in ...

When economists want to obtain a measure of the responsiveness of quantity demanded to changes in ...

[html]Question 1.If a new unit excise tax is levied on bottles of soda, the

• demand for soda shifts to the left.

• supply of soda shifts to the right.

• demand for soda shifts to the right.

• supply of soda shifts to the

Migo7s   61   2 Replies

Migo7s

When efficiency is attained, the consumer surplus

When efficiency is attained, the consumer surplus

When efficiency is attained, the consumer surplus
A) must be larger than the producer surplus.
B) must be smaller than the producer surplus.
C) must equal the producer surplus.
D) can be either smaller than or larger than but can

Loraine   2234   2 Replies

Sydnie

When efficiency is attained, the sum of the total amount of consumer surplus and producer surplus is

When efficiency is attained, the sum of the total amount of consumer surplus and producer surplus is

When efficiency is attained, the sum of the total amount of consumer surplus and producer surplus is
A) minimized.
B) maximized.
C) equal to the deadweight loss.
D) undefined.
E) equal to zero.

Loraine   1018   1 Reply

Sydnie

When Electronic Arts, the company behind the games Zuma and Plants vs. Zombies, sold stock to the ...

When Electronic Arts, the company behind the games Zuma and Plants vs. Zombies, sold stock to the ...

When Electronic Arts, the company behind the games Zuma and Plants vs. Zombies, sold stock to the public for the first time in September 1989, funds were being raised in a ________ market, and when those newly issued shares are resold to other buyers

jay3istheman   42   1 Reply

s0073123

When emissions are measured on the horizontal axis, the marginal cost of abating emissions is:

When emissions are measured on the horizontal axis, the marginal cost of abating emissions is:

When emissions are measured on the horizontal axis, the marginal cost of abating emissions is
A) downward-sloping because emissions become more and more easy to eliminate once the firm makes the initial commitment to do so.
B) downward-sl

corie   62   1 Reply

oracledarren

When employees are paid more than their worth when they are hired and less than their worth near ...

When employees are paid more than their worth when they are hired and less than their worth near ...

When employees are paid more than their worth when they are hired and less than their worth near retirement
 A) compensation is forward loaded.
  B) compensation is backloaded.
  C) compensation is fair.
  D) compensation is in

miaocitian   45   2 Replies

miaocitian