Please answer these questions

Question 47

0.2pts

Markets that exhibit economies of scale over the entire range of market output:

Group of answer choices

Have upward-sloping long-run average total cost curves.

Have downward-sloping short-run average total cost curves.

Are perfectly competitive.

Are natural monopolies.

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Question 48

0.2pts

The GDP is equal to the sum of consumption, investment, government purchases, and:

Group of answer choices

Net exports.

Saving.

The factors of production.

Capital stock.

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Question 49

0.2pts

Which of the following countries (or regions) produces the most output annually?

Group of answer choices

China.

Mexico

United States.

Japan.

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Question 50

0.2pts

Productivity is a measure of:

Group of answer choices

Input per unit of output.

Input per dollar of output.

Output per unit of input.

Output per dollar of input.

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Question 51

0.2pts

The term income transfer refers to:

Group of answer choices

A payment to an individual in return for current labor provided.

A payment to an individual in exchange for newly produced goods or services.

A payment to an individual for which no current goods or services are exchanged.

Federal income taxes because money is taken from individuals and paid to the government.

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Question 52

0.2pts

The GDP is:

Group of answer choices

Measured in physical units.

A measure of the economic growth rate.

A per capita measure.

The total value of all final goods and services produced within a nation's borders in a given year.

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Question 53

0.2pts

The reason pollution occurs is because people tend to:

Group of answer choices

Maximize their personal welfare, balancing private benefits against private costs.

Consider the impact of their activities on society first.

Maximize society's welfare, balancing private benefits against private costs.

Maximize their personal welfare, balancing social benefits social costs.

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Question 54

0.2pts

Assigning values to environmental damage is relatively:

Group of answer choices

Easy because the government has the legislative authority to assign prices .

Easy because of current scientific techniques.

Easy because all items have a market value.

Difficult because many items have intangible benefits and therefore do not have a market price.

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Question 55

0.2pts

Which of the following is assumed to be the most important motivation for producers?

Group of answer choices

The desire to minimize external costs.

The desire to minimize social costs above private costs.

The desire to maximize social benefits and private revenues at the same time.

The desire to maximize economic profits.

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Question 56

0.2pts

The optimal rate of pollution:

Group of answer choices

Is the rate that reduces production costs but does not result in externalities.

Is zero.

Occurs at the point where the opportunity cost of further pollution control equals the financial benefits to the producer in terms of increased sales.

Occurs where the social marginal benefit of pollution control equals its social marginal cost.

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Question 57

0.2pts

In the process of growing corn, Farmer Lee uses chemicals that pollute the river and damage drinking water downstream. This is an example of:

Group of answer choices

An externality.

Market.

A public good.

Inequity.

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Question 58

0.2pts

A completely successful emission fee charge would:

Group of answer choices

Shift the private MC curve until the curve intersects with price at zero output and pollution is completely eliminated.

Shift the private MC curve to the same position as the social MC curve.

Shift the social MC curve to the same position as the private MC curve.

Not shift either the private or social MC curve.

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Question 59

0.2pts

The Clean Air Acts of 1970 and 1990 reduced pollution through:

Group of answer choices

Privatization.

Command-and-control regulatory standards.

Emission charges.

Market incentives.

Question 28

0.2pts

Ceteris paribus, if Russia decreases the size of its military, then its:

Group of answer choices

Production-possibilities curve will shift inward.

Production of non-military goods will decrease.

Production-possibilities curve will shift outward.

Production of non-military goods will increase.

Question 14

0.2pts

Resistance to exchange rate fluctuations exists because changes in the value of a currency:

Group of answer choices

Alters the price of exports.

All of the above.

Causes uncertainty for people who invest in world markets.

Alters the price of imports.

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Question 15

0.2pts

A change in the exchange rate for a country's currency alters the prices of:

Group of answer choices

Both exports and imports.

Exports only.

Only domestic goods and services.

Imports only.

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Question 16

0.2pts

Absolute advantage refers to:

Group of answer choices

The ability of a country to produce a specific good with fewer resources than other countries.

Total market domination by one country of the production and sales of a certain good.

The ability of a country to produce a specific good at a lower opportunity cost than its trading partners.

The ability of a country to guarantee itself very favorable terms of trade at the expense of its trading partners.

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Question 17

0.2pts

A beggar-thy-neighbor policy is:

Group of answer choices

The imposition of import barriers for the purpose of curbing inflation.

An attempt by a poor country to get more foreign aid and assistance.

The imposition of trade barriers to increase domestic employment.

The imposition of trade barriers for the purpose of expanding exports.

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Question 18

0.2pts

When the overall trade balance is zero:

Group of answer choices

Merchandise exports equal merchandise imports.

All of the above.

The service trade balance must be zero.

Exports equal imports.

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Question 19

0.2pts

A voluntary restraint agreement is:

Group of answer choices

A prohibition on exports or imports.

An agreement to reduce the volume of trade in a specific good.

A trade bloc which permits free trade among member countries.

A tax imposed on imported goods.

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Question 20

0.2pts

If a country is completely self-reliant in producing goods for its own consumption needs, then:

Group of answer choices

It achieves a higher standard of living by exporting.

It consumes more than it can with trade.

It promotes specialization.

Its consumption possibilities equal its production possibilities.

Question 1

0.2pts

Marginal cost:

Group of answer choices

Is the change in total output from hiring one more factor of production.

Is the change in total cost from producing one additional unit of output.

Falls when there are diminishing returns.

Is the change in the total cost when hiring one more factor of production.

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Question 2

0.2pts

Which of the following is true as output increases?

Group of answer choices

Fixed costs decline because the costs are spread over greater production.

Variable costs rise.

Average total costs decline because of diminishing returns.

Marginal costs remain fixed.

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Question 3

0.2pts

In the short run, when a firm produces zero output, variable cost equals:

Group of answer choices

Total cost.

Fixed cost.

Marginal cost.

Zero.

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Question 4

0.2pts

Which of the following costs do not change when output changes in the short run?

Group of answer choices

Average variable costs.

Variable costs.

Average fixed costs.

Fixed costs.

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Question 5

0.2pts

Economic cost:

Group of answer choices

Includes both implicit and explicit costs.

Is the sum of actual monetary payments made for resources used to produce a good.

Includes only implicit costs.

Decreases as the level of production increases.

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Question 6

0.2pts

Implicit costs:

Group of answer choices

Are the sum of actual monetary payments made for resources used to produce a good.

Include the value of all resources used to produce a good.

Include only payments to labor.

Are the value of resources used to produce a good but for which no monetary payment is actually made.

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Question 7

0.2pts

In the short run, when a firm produces zero output, total cost equals:

Group of answer choices

Fixed costs.

Zero.

Marginal costs.

Variable costs.

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Question 8

0.2pts

The law of diminishing returns states that beyond some point, ceteris paribus:

Group of answer choices

The addition to total utility diminishes as more units of a good are consumed.

The marginal physical product of a factor of production diminishes as more of that factor is used.

The output of any good increases as more of a variable input is used.

The returns on stocks and bonds diminish with higher security prices.

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Question 9

0.2pts

Marginal cost is equal to:

Group of answer choices

Total cost output.

Total cost input cost.

Change in total cost change in total output.

Change in total cost change in input.

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Question 10

0.2pts

Greater labor productivity means:

Group of answer choices

Lower output per worker.

Higher output per worker.

Lower output per labor hour.

Higher labor cost per unit of output.

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Question 11

0.2pts

If speculators with Swiss francs believed the Japanese yen was going to depreciate against the U.S. dollar, they would most likely:

Group of answer choices

Not participate in the foreign-exchange markets because of the volatility.

Purchase francs.

Purchase yen.

Purchase dollars.

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Question 12

0.2pts

A depreciation of the Korean won against the U.S. dollar will:

Group of answer choices

Raise the dollar price of Korean goods.

Raise the won price of U.S. goods.

Lower the dollar price of U.S. goods.

Lower the won price of Korean goods.