help economics quiz

Question 48(Multiple Choice Worth 1 points) (01.02 LC) Which of the following is a basic question that must be answered in resource allocation? O How much education should workers have? O What goods and services should be produced? O What is a fair price for a particular good or service? O How much should a good or service cost the consumer? O What sort of technology should be used to produce goods?Question 43(Multiple Choice Worth 1 points) (01.03 MC) A production possibility curve would if the availability of an input decreased and would if a technology improvement increased production efficiency. O shift outward; shift inward O not move; shift outward O not move; not move O shift inward; shift outward O shift inward; shift inwardQuestion 54-[Multiple Choice Worth 1 points} (pens mo} Use the graph to answer the question that follows. l 8 Percentage of Income 3 20 4D 60' 31} 10C! Percentage of Households In 2010, what percentage of households in this economy earned 2t] percent of the income? I O 1t]l percent l 0 20 percent l O 40 percent l O St) percent l {3' 3t) percent Question 53(Multiple Choice Worth 1 points) (01.06 MC) Below is the total benefit Kenneth estimates he would get for jars of chocolate-flavored hazelnut butter. Jars Total Benefit (dollars) 1 5 9 12 4 14 5 15 14 10 What is Kenneth's marginal benefit for his 6th jar of chocolate flavored hazelnut butter? O-1 01 04 O 14Question 49(Multiple Choice Worth 1 points) (04.02 MC) Which of the following distinguishes a natural monopoly from all other market structures, including non-natural, or classic, monopolies? OA single firm with market power O Multiple suppliers having higher production costs than a single supplier An insurmountable barrier to entry protecting persistent positive economic profits O Productive and allocation inefficiency at the profit-maximizing quantity and price OA unique productQuestion 60(Multiple Choice Worth 1 points) (03.03 MC) Use the graph to answer the question. 10 9 8 Long Run Average Total Costs 61 A D Cost 5 B C 3 4 5 6 7 8 9 10 Output Where on the graph would firms be experiencing diseconomies of scale? Between A and B O Point B O Between B and C O Between C and D O Beyond DQuestion 58(Multiple Choice Worth 1 points) (06.02 MC) Use the graph to answer the question that follows. MSC Price ($) MPC pc DE PP MSB Quantity Without government intervention, this market will O overproduce by QE units O underproduce by QE units O overproduce by Q* units underproduce by Q* units O overproduce by QE - Q* unitsQuestion 52(Multiple Choice Worth 1 points) (02.06 HC) Use the graph to answer the question that follows. Price Supply A PI B P2 P3 D K Demand Q1 Q2 Q3 Quantity (units) When prices are set away from the market equilibrium there is a loss in total economic surplus. If the market was initially in equilibrium and then the price was set at P1, what is the loss in total economic surplus or the deadweight loss? OA OB + E OE + F OE + F + H +J OB + C +D + E +FQuestion 55(Multiple Choice Worth 1 points) (03.07 MC) Company Alpha produces its product in a perfectly competitive market that is in long-run equilibrium. What will happen if it lowers its price while increasing its output? O It will increase revenue but increase costs by the same amount. O It will incur economic losses. O It will take business from its competitors, increasing its revenue and profit. O It will begin to develop market power, making its market imperfectly competitive. O Its producer surplus will increase but consumer surplus will decrease by a greater amount.Question 47 (Multiple Choice Worth 1 points) (02.03 MC) Use the graph to answer the question that follows. Demand for Product Z 12 10 4, 10 8.8 8 16,6 Price (Dollars) 6 24.4 30. 2 2 5 10 15 20 25 30 35 Quantity (Pounds) What is the price elasticity of demand when price increases from $2 to $4? O0.2 O0.5 02 03 05Question 41(Multiple Choice Worth 1 points) (06.04 MC) Besides raising revenue, what is the most likely goal of a government that enacts a per-unit tax? O To increase market competition O To correct for a positive externality O To correct for a negative externality O To encourage production of private goods O To increase profit and encourage productionQuestion 51 (Multiple Choice Worth 1 points) (04.01 MC) Tan Limited sells its product in a market that is characterized by a few sellers, selling differentiated products. Each seller influences the behavior of the other sellers. What type of market does Tan operate in? O Perfectly competitive market O Monopoly market O Oligopoly market O Monopsony market O Monopolistic competitionQuestion 59(Multiple Choice Worth 1 points) (05.03 MC) If the wage in a perfectly competitive labor market is $16 and the firm can sell all the output it wants at $2 per unit, then the marginal product of the last worker employed must be 8 units O 14 units O 18 units O 32 units O indeterminateQuestion 56(Multiple Choice Worth 1 points) (02.07 MC) Use the graph to answer the question that follows. Price Supply A P1 = B - = P2 C P3 - D Demand - Q1 Q2 Q3 Quantity (units) A shortage will exist in this market whenever price is O above P3 O below P2 O above P2 O equal to P3 O indeterminateQueson 45-(Muipie Choice warm 1 points) (03.01 MC} A business hires workers 10 help detail car interiors a1 a car W35h. The following table SHOWS the marginal productivity of each worker in number of cars detailed. Number oi Workers Marginal Product 1 5 2 9 3 12 4 13 5 13 5 1D Which number of workers produces a total product of 26 cars detailed? : : : : : Question 44(Multiple Choice Worth 1 points) (01.05 LC) Every choice requires a sacrificed or foregone best alternative. Economists call this the O fixed cost O accounting cost O normative cost O positive cost O opportunity costQuestion 50(Multiple Choice Worth 1 points) (03.04 MC) Which model illustrates the relationships between price and quantities and the relative benefits of producers and consumers in a market over time? O Circular flow O Production possibility curve O Supply and demand O Marginal cost O Total utilityQuestion 57 (Multiple Choice Worth 1 points) (03.07 MC) Use the graph to answer the question below. The quantity is measured in thousands of units. $50 MC $40 ATC AVC $30 Price $20 $10 5 10 Quantity Assume the graph represents a perfectly competitive firm. What will this firm do in the short run and in the long run? O It will operate in the short run but will leave the market in the long run. It will shut down in the short run and leave the market in the long run. It will operate in the short run and stay in the market in the long run. O It will shut down in the short run and stay in the market in the long run. O Insufficient data to determineQuestion 45(Multiple Choice Worth 1 points) (04.05 HC) Company A and Company B are competing oligopolists. Both companies are considering increasing or maintaining their prices. The payoff matrix shows the profits of the companies in millions based on their possible actions. Company B Increase Price Maintain Price Company A |Increase Price | $50, $40 $35, $30 Maintain Price $55, $45 $60, $35 The government offers a $5 million subsidy to maintain current pricing. What is the expected outcome of the new payoff matrix, given the subsidy? The Nash equilibrium changes, and both companies will maintain their prices. The Nash equilibrium changes, and both companies will increase their prices. The Nash equilibrium remains the same, and both companies will increase their prices. O Company A will increase its price, while Company B maintains its price. O Company A will maintain its price, while Company B increases its price.Question 42(Multiple Choice Worth 1 points) (01.05 MC) The president of a small business is provided with the following options to improve his company by a consulting firm. Based on the data provided, which option should he choose? Cost (thousands of dollars) Benefit (thousands of dollars) Option A 10 50 Option B 50 100 Option C 120 150 Option D 5 15 Option E 125 200 O Option A O Option B O Option C O Option D O Option E