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economics 14th global

Questions and Answers of Economics 14th Global

Under what circumstances would a large size provide an advantage to a firm? How could it serve as a barrier to entry?
a market structure characterized by a large number of firms, easy entry, and differentiated products Match each term with its correct definition by placing the appropriate letter next to the
a good, service, or firm that consumers believe because to be somewhat unique Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
a market structure characterized by such a large number of firms that no one firm has an effect on the market Match each term with its correct definition by placing the appropriate letter next to the
4. the loss of surplus when entry is restricted Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. commodity G. sunk cost B. perfect
old, inefficient activities driven out of business by competition Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. commodity G. sunk
6. cost that cannot be recouped Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. commodity G. sunk cost B. perfect competition H.
a market structure in which there is just one firm, and entry by other firms is not possible.Match each term with its correct definition by placing the appropriate letter next to the corresponding
the decreases in per-unit costs when all resources are increased Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. commodity G. sunk
the difference between what consumers are willing to pay and what they have to pay to purchase some item Match each term with its correct definition by placing the appropriate letter next to the
the increases in per-unit costs when all resources are increased Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. commodity G. sunk
firms selling in commodity market Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. commodity G. sunk cost B. perfect competition H.
goods perceived to be identical matter who supplies them Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. commodity G. sunk cost B.
Which of the following market characteristics are not used to define market structures?■a. the number of firms in the market ■b. the ease of entry into the market by new competitors ■c. the
Regardless of market structure, a firm maximizes its profits by producing the quantity of output at which ■a. P = MR.■b. P = MC.■c. MR = MC.■d. MC = D.■e. D = MR.
When the owner of a firm is getting zero economic profit, ■a. the owner should exit that market in the short run.■b. the owner should exit that market in the long run.■c. the owner cannot make
In which market structures do firms receive just a normal profit in the long run?■a. monopoly and perfect competition ■b. monopolistic competition and perfect competition ■c. monopoly and
What is the most important determinant of whether or not firms receive economic profits in the long run?■a. how easy it is for new firms to enter the market ■b. the size of the firms in a market
The benefits that come from an exchange in a market are ■a. deadweight loss minus consumer surplus.■b. producer surplus plus consumer surplus.■c. consumer surplus minus deadweight loss.■d.
Creative destruction is less likely to occur when ■a. entry is free than when entry is restricted.■b. entry is not allowed.■c. entry can occur easily.d. government does not protect
8 Entry by new firms drives ■a. profits to their maximum.■b. normal profits to zero.■c. profits to their minimum.■d. economic profits to their maximum.■e. economic profits to zero.
If there are economies of scale, then ■a. a larger firm can produce a product at a lower cost than a small firm can.■b. a larger firm can produce a product at a higher cost than a small firm
1 competition is the market structure in which (many, few, one) firms are producing a(n)(identical, differentiated) product, and entry is (easy, difficult, impossible).
2 competition is the market structure in which (many, few, one) firms are producing a(n)(identical, differentiated) product, and entry is (easy, difficult, impossible).
Which type of market is also called a commodity market?
In the short run, new firms (do, do not) have time to enter a market. In the long run, new firms (do, do not)have time to enter a market.
The existing firms in a perfectly competitive market are currently receiving economic profits. In the long run, firms will (enter, exit) the market, driving the market price (up, down) and economic
The existing firms in a perfectly competitive market are currently receiving economic losses. In the long run, firms will (enter, exit)the market, driving the market price (up, down) and economic
In monopolistic competition, firms that earn (economic profits, economic losses, normal profits) in the long run will not remain in business.
If entry into a market is restricted, consumer surplus will become (larger, smaller)than if entry is not restricted.
The following graph shows a market with free entry, with price and quantity determined by the point where demand and supply cross. Mark the area of consumer surplus with horizontal lines. Price
A firm will have a (lower, higher) price elasticity of demand if customers believe its product is better than its competitors’ products than it would if customers believe its product is the same as
List two ways that a firm can create barriers to entry.
Aluminum is extracted from a mineral called bauxite.Before World War II, the Aluminum Company of America owned many bauxite deposits and tried to buy new deposits as they were discovered. Use the
Economies of scale exist when average costs (increase, decrease, remain the same) as the size of the firm increases.
Explain why economies of scale can be a barrier to entry.
Is Advertising Profitable? Joe’s Gourmet Hamburgers is thinking about using advertising to differentiate its burgers from all the other burgers in town. An advertising agency has developed a
The following table shows the agency’s estimates of Joe’s demand and costs after the advertising campaign.Joe’s Gourmet Hamburgers:With Advertising Campaign Quantity Sold/Hour ATC MC P MR 1
In a market system, who determines what is produced?
Why do different people earn different incomes, and why do different jobs pay different wages?
Why is illegal immigration an issue?
When the government intervenes in the market by setting a price floor or price ceiling, what is the result?
When the government intervenes in the market with a tariff, what is the result?
When the government restricts the quantity that can be sold, what occurs?
What is the effect of a ban on a good, service, or resource?
Using the schedule below define the equilibrium price and quantity. Describe the situation at a price of $10.What will occur? Describe the situation at a price of$2. What will occur?
Suppose the government imposed a minimum price of$7 in the schedule of exercise 1. What would occur?Illustrate.Quantity Quantity Price Demanded Supplied$ 0 500 100 2 400 120 3 350 150 4 320 200 5 300
Using the data of exercise 1, indicate what the price would have to be to represent an effective price ceiling.Point out the surplus or shortage that results. Illustrate a price floor and provide an
Give an example of a compensating wage differential in your community. What does it mean?
The federal government is trying to change Medicare because it is too expensive. Yet many senior citizens are upset because the government is trying to change matters. Why would the senior citizens
Using demand and supply, illustrate the effects of a tariff imposed on foreign automobiles by the U.S.government.
Using demand and supply, illustrate the effects of a quota imposed by the Canadian government on U.S.wheat. Show the U.S. wheat market and the Canadian wheat market.
Using demand and supply, illustrate the effects of a ban on the use of steroids on the market for steroids. If people go to baseball games to see home runs, what will the ban do to the baseball
1 A change in tastes away from a good or service causes a(n) in .■a. increase; demand■b. decrease; demand■c. increase; supply■d. decrease; supply■e. increase; quantity supplied
2 A decrease in demand results in a causing the equilibrium price to and the equilibrium quantity to .■a. shortage; increase; increase■b. surplus; decrease; increase■c. shortage; increase;
3 The change in tastes away from low-fat meals initially resulted in a(n)■a. decrease in the demand for low-fat meals.■b. increase in the supply of low-fat meals.■c. increase in the quantity
4 Which of the following statements is false?■a. The demand for labor slopes down.■b. The supply of labor slopes up.■c. Younger workers earn higher wages than older workers.■d. Riskier jobs
5 Which statement is true?■a. The supply of workers in a less risky occupation is less than the supply of workers in a risky occupation.■b. The supply of workers in a less risky occupation is
6 Which of the following caused the demand for health care to increase in recent years?■a. The percentage of elderly in the population is greater than before.■b. The cost of medical care has
7 A price ceiling■a. is a minimum price.■b. will cause a shortage if the ceiling is set above the equilibrium price.■c. will cause a shortage if the ceiling is set below the equilibrium
8 A price floor■a. is a maximum price.■b. will cause a shortage if the floor is set above the equilibrium price.■c. will cause a shortage if the floor is set below the equilibrium price.■d.
9 If a price ceiling is set above the equilibrium price,■a. a shortage will occur.■b. a surplus will occur.■c. the demand for the good or service will increase.■d. the supply for the good or
1 In the market system, the ultimately determines what is to be produced.
2 The authority of consumers to determine what is produced through their purchases of goods and services is called .
3 Business firms respond to changes in consumers’ tastes because they want to make .
4 When the demand for a good or service changes, resources move from an activity in which their value is relatively to an activity in which their value is relatively .
5 In any labor market, the wage rate and number of jobs depend on the and curves for labor.
6 (Business firms, Households)demand labor.
7 (Business firms, Households)supply labor.
8 The demand for labor slopes , showing that the higher the price of labor, the(more, less) labor the firm will demand.
9 The supply of labor slopes , showing that the higher the hourly wage, the hours people are willing to work.
10 Health care expenditures have increased so much because the for health care services has increased relative to the . 10.11 and are government programs that pay for medical services.
12 The emergence of Medicare and Medicaid in 1966 caused the (demand, supply)for health care services to(increase, decrease).
13 Because Medicare and Medicaid reduce the cost of purchasing health care, they are examples of.
14 A price ceiling will cause a shortage only if it is set(above, equal to, below) the equilibrium price.
15 A price floor will cause a surplus only if it is set(above, equal to, below) the equilibrium price.
16 A price ceiling will have no effect if it is set(above, equal to, below) the equilibrium price.
17 If the U.S. government imposed a quota on Toyota automobiles, it would (limit, expand) the(quantity, price) of Toyota automobiles that could be sold in the United States. The quota would have the
18 If the U.S. government decided to impose a tariff on foreign-made televisions sold in the United States, you could predict that the tariff would(increase, decrease) the price of foreign-made
19 A ban on the use of copper in housing construction would have the effect of(increasing, decreasing) the price of copper. If nothing works as well as copper or can be used at the same cost as
I Price Controls and Medical Care As the price of health care rises, politicians may consider price controls on certain medical procedures to keep costs down.1. Would the price controls take the form
II Wooden Bats Versus Metal Bats The supply of wooden bats is shown as Sw on the following graph. It has a steeper slope than the supply of metal bats, Sm, reflecting the fact that it is easier to
1. a situation in which the price is not allowed to rise above a certain level Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
2. wage differences that make up for the higher risk or poorer working conditions of one job over another Match each term with its correct definition by placing the appropriate letter next to the
3. a tax on exports or imports Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. compensating wage differential E. tariff B. subsidy F.
4. payments made by government to encourage the production or purchase of a good Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
5. a situation in which the price is not allowed to decrease below a certain level Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A.
6. a restriction of supply Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. compensating wage differential E. tariff B. subsidy F.
7. a situation where buying or selling something is illegal Match each term with its correct definition by placing the appropriate letter next to the corresponding number.A. compensating wage
Why study economics?
How are specialization and opportunity costs related?
Why does specialization occur?
What are the benefits of trade?
Exchange occurs because all parties involved believe the exchange can be beneficial.
Opportunity cost is the amount of one good or service that must be given up to obtain one additional unit of another good or service.
The rule of specialization is that the individual (firm, region, or nation) will specialize in the activity in which it has the lowest opportunity cost.
Specialization and trade enable individuals, firms, and nations to get more than they could without specialization and trade.
By specializing in an activity that one does relatively better than other activities, one can trade with others and gain more than if one carried out all activities oneself.This additional amount is
Explain why each of the following is or is not an economic good.a. Steaksd. Garbageb. Housese. T-shirtsc. Cars
Use economics to explain why diamonds are more expensive than water when water is necessary for survival and diamonds are not.

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