Final Review - Review - TTT
25 important questions on Final Review - Review - TTT
To hire an input, a business owner must pay a price that Select one:
- A. gives the input owner enough money to buy the assets of the business.
- B. reflects the business owner's lowest-cost alternative activity.
- C. matches the best opportunity cost of the input owner.
- D. covers the transportation cost of the input owner.
- E. reflects the business owner's best alternative activity.
The Winnipeg Blue Bombers Football Club offers discounted tickets through Shopper's Drug Mart. An economist says this is price discrimination because Select one:
- A. people who shop at Shopper's Drug Mart are more price-sensitive than typical Blue Bombers fans.
- B. people who shop at Shopper's Drug Mart are less price-sensitive than typical Blue Bombers fans.
- C. this decreases the number of people who go to the game.
- D. this increases the cost of operating the new stadium where the Blue Bombers play their games.
- E. this is efficient.
Which will cause an increase in quantity demanded? Select one:
- A. a rise in the price of the product
- B. a rise in the price of a substitute product
- C. an increase in income
- D. a fall in the price of a complement product
- E. a fall in the price of the product
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When a new business enters an industry, Select one:
- A. the market-clearing price falls.
- B. economic losses decrease.
- C. economic profits increase.
- D. the market-clearing price rises.
- E. other businesses in the industry exit.
Turnips are an inferior good. A rise in the price of turnips, all other factors remaining the same, Select one:
- A. increases the quantity supplied of turnips.
- B. increases the supply of turnips.
- C. decreases the quantity supplied of turnips.
- D. increases the quantity demanded of turnips.
- E. decreases the demand for turnips.
Consumer surplus is the Select one:
- A. the difference between the maximum price consumers are willing and able to pay and the minimum price producers are willing to accept.
- B. the area under the marginal benefit curve.
- C. the difference between the maximum price consumers are willing and able to pay and the price actually paid to producers.
- D. the total amount consumers paid for a product.
- E. the difference between the amount a producer is willing to accept and the price actually received.
Market-driven health care generally Select one:
- A. is more efficient than equitable health care.
- B. provides good care to those who can afford it.
- C. provides little care to those who cannot afford it.
- D. has few waiting lists.
- E. does all of the above.
If a new government regulator successfully gets competitive behaviour from a natural monopolist, we would not expect to see Select one:
- A. higher output.
- B. normal profits.
- C. lower costs.
- D. lower prices.
- E. higher prices.
It takes Mom 30 minutes to cook dinner. In the same time, she can iron 6 shirts. Dad takes an hour to cook dinner and 30 minutes to iron a single shirt. Select one:
- A. Dad has an absolute advantage in cooking.
- B. Dad should cook dinner; the opportunity cost is only 1 shirt.
- C. Dad should cook dinner; the opportunity cost is only 2 shirts.
- D. Dad has an absolute advantage in ironing shirts.
- E. Mom should cook dinner and iron; trade is impossible.
If buyers expect the price of gasoline will be lower in the future, the price of gasoline today ________ and the quantity supplied today ________. Select one:
- A. falls; decreases
- B. rises; increases
- C. falls; increases
- D. falls; is unaffected
- E. rises; decreases
Products and services that are plentiful and essential will typically have Select one:
- A. a low total benefit.
- B. a high marginal benefit.
- C. few alternatives.
- D. a high price.
- E. a low marginal benefit.
Which is not the main characteristic of market structure? Select one:
- A. extent of product differentiation
- B. number of customers
- C. barriers preventing new entry
- D. number of competitors
- E. availability of substitutes
When the interest rate is 20 percent, $60 paid at the end of the year has a present value of Select one:
- A. $5.
- B. $3.
- C. $12.
- D. $50.
- E. $72.
For inputs such as land or superstar talent, Select one:
- A. input and output prices are not related.
- B. input and output prices are inversely related.
- C. output prices are determined by input prices.
- D. input prices are determined by output prices.
- E. input prices are usually close to zero.
The tragedy of the commons shows Select one:
- A. how individual self-interest leads to a smart social outcome.
- B. a sharing socialist economy is better than a market economy.
- C. a market economy is better than a sharing socialist economy.
- D. the underuse of a free resource.
- E. how individual self-interest does not lead to a smart social outcome.
Market income consists of Select one:
- A. wages, interest, and rent earned in input markets before paying income taxes.
- B. wages, interest, rent, and profits earned in input markets after paying taxes.
- C. wages, interest, rent, and profits earned in input markets before paying income taxes.
- D. wages, interest, and profits earned in input markets before paying taxes.
- E. wages, rent, and profits earned in input markets before paying taxes.
C. wages, interest, rent, and profits earned in input markets before paying income taxes.
Tina wants to be a rock 'n' roll singer. She cashes in all of her bank accounts that were paying her 5% interest. She takes this $2,000 and spends it to produce a CD. Tina did not quit her day job at Roots. After one year her CD sales had earned $800 in accounting profits. Tina's economic profits are Select one:
- A. $100.
- B. $700.
- C. $900.
- D. - $1,200.
- E. $800.
Which statement is true? Select one:
- A. Oligopoly demand is more elastic than perfect competition.
- B. Monopolistic competition pricing power is closer to monopoly than to perfect competition.
- C. Oligopoly demand is more inelastic than monopoly.
- D. Monopolistic competition elasticity of demand is closer to perfect competition than to monopoly.
- E. Monopolistic competition usually has economies of scale.
A good economic model Select one:
- A. includes as much information as possible.
- B. helps you understand or predict the economic world around you.
- C. changes many factors at the same time.
- D. is easier to test than experiments in a laboratory.
- E. does all of the above
Sophia works at a strawberry farm that pays her $10 an hour. Her marginal product is 20 cases of strawberries per hour. The farm is selling a case of strawberries for at least Select one:
- A. $1.
- B. $20.
- C. 50 cents.
- D. $2.
- E. $10.
If a 5 percent increase in income causes a 10 percent increase in quantity demanded, what is the income elasticity of demand? Select one:
- A. 0.5
- B. -0.5
- C. 2.0
- D. -2.0
- E. 1.5
In order to increase sales from 7 units to 8 units, a one-price oligopolist must lower the price from $7 per unit to $6. What is the marginal revenue in this range? Select one:
- A. $48
- B. $6
- C. $1
- D. - $1
- E. none of the above
A Nash equilibrium occurs when
Select one:
- A. player one has decided to cooperate and player two has decided to cheat.
- B. both players have no reason to change their choices once they see their opponent's choice.
- C. each player has a strategy.
- D. player two has decided to cooperate and player one has decided to cheat.
- E. both players are too confused to choose.
Laryssa buys 40 litres of gasoline a week at $1.00 per litre. When the price rose to $1.50 last summer, she bought only 30 litres a week. Because this 50% increase in price caused a 25% reduction in quantity demanded, Laryssa's demand is ________ and her total expenditure (P × Q) last summer ________. Select one:
- A. elastic; was lower
- B. inelastic; was lower
- C. elastic; was higher
- D. inelastic; was higher
- E. elastic; stayed the same
Sue's Sea Shells sold 200 cases of shells last season. Her total costs were $1,000. She sells 300 cases this season. Sue's Sea Shells have economies of scale if her Select one:
- A. total costs are less than $1,000.
- B. average total costs are less than $200.
- C. average total costs are more than $300.
- D. total costs are less than $1,500.
- E. average total costs are more than $5.
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