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business
economics 14th global

Questions and Answers of Economics 14th Global

Which of the following statements about these Lorenz curves is correct?■a. Line A shows the most unequally distributed income.■b. Line C shows a more equal income distribution than line B
Relative to developed nations, less-developed nations have■a. the same income distribution.■b. a more unequal income distribution.■c. a more equal income distribution.■d. an almost perfectly
When social costs are higher than private costs, the market produces (too much, not enough) of the product.
When private property rights are ill-defined,(too much, too little) of a resource is consumed.
When positive externalities exist,(too much, too little) of a good is consumed or produced.
The demand for illicit drugs by hard-core users is price (elastic,inelastic).
The lower the price elasticity of demand the(easier, tougher) is it to ban illegal drugs.
Legalizing drugs would(increase, decrease) the costs of production and(increase, decrease) the profits made by drug cartels.
The U.S. antidrug effort consists of trying to reduce the (supply of, demand for)illegal drugs.
When drug dealers’ costs rise, they pass these costs to consumers if demand is (elastic, inelastic).
Discrimination based on personal prejudice is usually(costly, profitable) for a firm.
When entry is (easy, difficult), having higher costs due to discrimination may drive a firm out of the market.
Which groups are likely to suffer unemployment as a result of increases in the minimum wage law?
An increase in the minimum wage is likely to(increase, decrease) teenage employment.
The minimum wage is a price(ceiling, floor).
The following table gives income distribution data for the United States and Mexico. On the following graph, draw the Lorenz curves for the two countries.The country with the more equal income
In terms of age, the highest incidence of poverty is for ________________.
Comparable Worth and High School Teachers Labor markets in the United States frequently have resulted in wage patterns that seem discriminatory; minorities and women, on average, are paid
Suppose U.S. high schools decide to improve the training of skilled workers by requiring students to take more math classes. The following graphs show the demand and supply (D1 and S1) for math
If the schools maintain equal salaries for all teachers, English teachers also will receive a salary of$35,000. Mark on graph (b) the quantity demanded and quantity supplied of English teachers when
One of the most useful characteristics of a market economy is that price changes signal changes in the relative scarcity of different products and resources and encourage people to respond to those
II Discrimination and Minimum Wage Laws Walter Williams, an economist and columnist, was quoted inthe Wall Street Journal as saying, “The brunt of the minimum wage law is borne by low-skilled
III Welfare, Workfare, and Incentives to Work In a story entitled “Problem of the Poor,” New York Newsday stated:Liberal critics and welfare-rights groups point to [New York’s] high poverty
Use what you have learned in this chapter and in previous chapters about the supply of labor to explain why generous welfare programs in New York City might increase the number of people living in
How would a workfare program change incentives?Do you think workfare is a good idea or a bad idea? Why?
Suppose you are able bodied and intelligent, but lazy.You would rather sit home and watch television than work, even though you know you could find an acceptable job if you looked.a. Are you
Many home mortgages in recent years have been made with variable interest rates. Typically, the interest rate is adjusted once a year based on the current rates on government bonds. How do variable
The word cycle suggests a regular, recurring pattern of activity. Is there a regular pattern in the business cycle?Support your answer by examining the duration (number of months) of each expansion
Consider the following price information:Year 1 Year 2 Cup of coffee $ .50 $1.00 Glass of milk $1.00 $2.00a. Based on the information given, what was the inflation rate between year 1 and year 2?b.
1 In correct sequence, the four stages of the business cycle are ■a. peak, boom, expansion, and contraction.■b. peak, contraction, trough, and expansion.■c. recession, expansion, peak, and
2 To arrive at the number of workers in the U.S. labor force, we subtract all of the following from the number of all U.S. residents except ■a. residents under 16 years old.■b. institutionalized
3 Which of the following cause(s) the unemployment rate to be overstated?■a. discouraged workers ■b. underground economic activities ■c. part-time employment ■d. underemployment ■e.
4 A person who finds that her skills are no longer needed because she has been replaced by a machine is an example of ■a. frictional unemployment.■b. seasonal unemployment.■c. cyclical
5 A steelworker who has been laid off during a recession is an example of ■a. frictional unemployment.■b. seasonal unemployment.■c. cyclical unemployment.■d. search unemployment.■e.
6 Which of the following statements is false?■a. The GDP gap widens during recessions and narrows during expansions.■b. The natural rate of unemployment varies over time and across
7 If a college professor’s income has increased by 3 percent at the same time that prices have risen by 5 percent, the professor’s real income has ■a. decreased by 2 percent.■b. increased by
8 Which of the following groups benefits from unexpectedly high inflation?■a. creditors ■b. retirees on fixed incomes ■c. debtors ■d. workers whose salaries are tied to the CPI ■e.
9 Which of the following statements is true?■a. The higher the price level, the higher the purchasing power of money.■b. Demand-pull inflation can be a result of increased production costs.■c.
10 A lender who does not expect any change in the price level is willing to make a mortgage loan at a 10 percent rate of interest. If that same lender anticipates a future inflation rate of 5
1 When real GDP is growing, the economy is in the phase, or boom period, of the business cycle.
2 The marks the end of a contraction and the start of a new business cycle.
3 The marks the end of the expansion phase of a business cycle.
4 Real GDP falls during the contraction, or , phase of the business cycle.
5 Which organization has the responsibility of officially dating recessions in the United States?
6 unemployment is a product of business-cycle fluctuations.
7 unemployment is a product of regular, recurring changes in the hiring needs of certain industries over the months or seasons of the year.
8 unemployment is a product of short-term movements of workers between jobs and of first-time job seekers.
9 unemployment is a product of technological change and other changes in the structure of the economy.
10 Potential real GDP minus actual real GDP equals the .
11 The existence of and causes the official unemployment rate in the United States to be understated.
12 Economists measure the cost of unemployment in terms of .
13 The higher the price level, the (higher, lower) the purchasing power of the dollar.
14 Unexpectedly high inflation hurts (creditors, debtors) and benefits (creditors, debtors) because it lowers real interest rates.
I In or Out of the Labor Force? The Department of Labor defines the labor force as all U.S. residents minus residents under 16 years old minus institutionalized adults minus adults who are not
The Commerce Department has just released its index of leading indicators, which rose only 0.1 percent in April after dropping 1 percent the previous month. What can you tell your readers about the
The Commerce Department reported that new plant and equipment orders were flat in April after a 3.7 percent decline in March. What does this news imply about the economy?
Stock prices rose in April, up 4.8 percent from March.
The Commerce Department originally reported that the economy grew at a 1.8 percent annual rate in the first quarter. What measure was released?The figures were revised after the U.S. trade deficit
What is the relationship between costs and output in the short run?
What is economic profit?
Why is profit maximized when MR = MC?
revenue larger than all costs Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. average total costs (ATC) G. zero economic profit B.
costs that have to be paid even when production is zero Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. average total costs (ATC) G.
per-unit cost; total cost divided by the total output Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. average total costs (ATC) G.
revenue less all costs Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. average total costs (ATC) G. zero economic profit B. marginal
a period of time short enough so that the quantities of at least one of the resources cannot be varied Match each term with its correct definition by placing the appropriate letter next to the
profit that occurs when total revenue is greater than total opportunity costs profit that occurs when total revenue equals total opportunity costs Match each term with its correct definition by
costs that change relative to output. Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. average total costs (ATC) G. zero economic
declining marginal increases in output attributed to combining equal additional amounts of a variable resource with a fixed amount of another resource Match each term with its correct definition by
a period of time in which everything can be changed
According to the law of diminishing marginal returns, as successive units of a variable resource are added to some fixed resources, the additional output will■a. initially rise but will eventually
The primary objective of business firms is to■a. sell as much as possible.■b. keep their total costs to the minimum.■c. keep their marginal costs to the minimum.■d. maximize profit.■e. pay
A firm is getting normal profit when■a. revenue just pays all opportunity costs.■b. it has a zero economic profit.■c. revenue just pays the cost of all resources except capital.■d. all of the
A firm can increase its profit by producing another unit of output when■a. total revenue is more than total cost.■b. total revenue is less than total cost.■c. total revenue is equal to total
The profit-maximizing rule for a firm is to set the price and sell the quantity at which■a. MC = ATC.■b. MR = MC.■c. AR = ATC.■d. TR = TC.■e. MR = ATC.
You calculate average total costs (ATC) by using this equation: ____________________--.
You calculate marginal costs (MC) by using this equation: ____________________--.
The short run is a period of time just short enough so that of the resources is ____________________--.
Diminishing marginal returns happen in any type of business firm because the efficiency of variable resources depends on the of the ____________________-- .
Use the following total cost table for Joe’s Gourmet Hamburgers to calculate Joe’s ATC and MC. Then plot the TC curve on graph (a) below, and the ATC and MC curves on graph (b).Burgers TC ATC MC
The ATC and MC curves are shaped like the letter.
Business firms try to maximize ____________________--.
a. If Joe’s Gourmet Hamburgers and other similar restaurants are currently receiving a(negative, positive, zero)economic profit, other people are likely to open similar restaurants.b. If Joe’s
Last year, the accountant for Joe’s Gourmet Hamburgers gave Joe the following information:Revenues $200,000 Labor costs 140,000 Land costs 10,000 Debt costs 20,000 Equity costs 50,000a. Joe’s
If the marginal revenue from selling another unit of output is (more, less) than the marginal cost, the firm should produce another unit.
You have opened a coffee shop near the campus. You have a speical attribute in that your coffee tastes better than that offered by other shops. You have costs that come to $.80 per cup you sell and
When a firm earns more than enough revenue to pay all of the costs, including the opportunity costs of owners and/or investors, then we can expect others to . If it is relatively easy for others to
Profit Maximization and Pollution Reduction The ideas of profit maximization and of comparing marginal revenue and marginal cost to find the profit-maximizing output level can be useful even for
What does free entry and competition mean?
What are the benefits of competition?
What is creative destruction?
Using a single industry, contrast and compare perfect competition and monopoly. For instance, using the coffee shop, explain how its behavior might differ if it had many rivals who would and could
Which would you think best characterizes the following businesses—a commodity market, a market with differentiation, or a monopoly?a. airlinesb. fast foodc. computer chipsd. corne. diamonds
A monopolist has no rivals. Yet, it cannot simply set an exorbitantly high price. Do you agree with this statement? Explain.Total Revenue Output Price Total Costs (P Q)1 $5 $10 2 5 12 3 5 15 4 5 19
Explain why firms advertise.
5. Give ten examples of differentiated goods or services.Explain what differentiates them.
Why will a firm choose to produce where MR = MC?Why not choose a quantity where MR > MC?
Use the information in the table to calculate total revenue, marginal revenue, and marginal costs. Indicate the profit-maximizing level of output. What market structure is this firm operating in?
Using demand curves, illustrate the effect of product differentiation on haircutters.
Why might society prefer a situation in which entry can occur to a situation in which entry is restricted?

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