Each of the following would cause an increase in the supply of baseballs EXCEPT
A) an improvement in technology.
B) a decrease in the cost of labor used to produce baseballs.
C) an expectation that the price of baseballs will rise in the future.
D) an increase in the number of baseball producers.
Ques. 2The above figure shows the situations of a monopolistic competitor in the short run. To maximize profits, the firm should produce
A) 10,000 units.
B) 12,000 units.
C) 13,000 unit.
D) somewhere between 10,000 and 12,000 units.
Ques. 3Rent controls are
A) when rents are set above the market clearing level to aid landlords.
B) used to provide incentives to contractors to build new apartments.
C) used to generate revenue for the local government.
D) when rents are set below the market clearing level.
Ques. 4Why does the trade-off between consumption goods and capital goods represent a trade-off between the present and the future?
What will be an ideal response?
Ques. 5The acquisition of more than 10 percent of the outstanding shares in a company in another country is
A) foreign direct investment.
B) foreign direct acquisition.
C) portfolio investment.
D) portfolio acquisition.
Ques. 6Any asset that sellers will accept as payment is a(n)
A) medium of exchange.
B) unit of accounting.
C) store of value.
D) standard of deferred payment.
Ques. 7Suppose that on average there are five more car accidents for every extra inch of snowfall in a certain region. If snowfall is graphed on the y axis and car accidents on the x axis, then if we graph this relationship, the slope of the line will be
A) 25.
B) 5.
C) 1/5.
D) 1.
Ques. 8Within a game theory model, if a change in decision-making raises corporation A's profits by 50 and lowers corporation B's profits by 60, the game is a
A) negative-sum game.
B) zero-sum game.
C) positive-sum game.
D) cooperative game.
Quick Reply
