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1. If you earn $0.00 in economic prot, which of the following is true? a. There is incentive for you to leave close your business. b. Because you make no money, you will not be able to support yourself. c. Your next best alternative is just as protable as the business you currently run. d. Your opportunity costs are negligible. 2. Which of the following would shift the supply curve for iPhones? a. The release of a new Android device that is totally cooler than the iPhone. b. New rules that limit how much manufacturing can be done abroad. c. A new wave of interest in Henry David Thoreau that causes many people to abandon technology in an attempt to live deliberately and authentically. d. A study showing that 5G really does allow the government to control your mind. 3. If the cross-price elasticity of a good is .5, then that good is a: a. normal good. b. inelastic good. (3. substitute good. (1. inferior good. 4. If the income elasticity of a good is 1.5, then that good is a: a. luxury good. b. inelastic good. c. substitute good. d. necessity good. 5. The price elasticity of demand for Hulu is 1.4. What is the correct interpretation of this number? a. a 1.4% increase in price results in a 1% decrease in the demand for Hulu. b. a $1 increase in income increases the demand for Hulu by $1.4. c. Hulu is a normal good. d. a 1% increase in the price of Hulu results in a 1.4% decrease in the demand for Hulu. 6. There are two regions in a small country. One region has an absolute advantage in produc- tion of all goods. In this instance, the larger region would not benet from trade with the smaller region. a. True. b. False. 7. Without any price control, the equilibrium price is $15. Then the government creates a price oor of $13. Which of the following is true? a. The price control is binding and consumer surplus rises. b. The price control is not binding and consumer surplus rises. c. The price control is binding and consumer surplus falls. d. The price control is not binding and consumer surplus does not change. 7. Without any price control, the equilibrium price is 315. Then the government creates a price ceiling of $13. Which of the following is true? a. The price control is binding and producer surplus rises. b. The price control is not binding and producer surplus rises. c. The price control is binding and producer surplus falls. d. The price control is not binding and producer surplus does not change. 9. T / F: price controls will always increase deadweight loss. a. T. b. F. 10. There is a price oor above the equilibrium price. The new equilibrium quantity sold in this market is a. calculated by plugging the price oor into the supply function. b. calculated by plugging the price oor into the demand function. c. calculated by setting supply and demand equal to each other. d. none of the above. 11. Which of the following is true about rent control? a. There will be a surplus of housing. b. The equilibrium number of apartments will remain unchanged. c. The price of rent controlled housing will rise. d. The price of housing that is not price controlled will rise. 12. In the case of a positive externality, the social marginal benet will: a. lay to the left of the market demand curve. b. lay to the right of the market demand curve. c. be the same as the market demand curve. d. None of the above. 13. In the case of a positive externality: 3.. prices will be higher than they should be and quantity will be lower than is socially optimal. b. prices will be higher than they should be and quantity will be higher than is socially optimal. c. prices will be lower than they should be and quantity will be lower than is socially optimal. d. prices will be lower than they should be and quantity will be higher than is socially optimal. 14. To reach an economically eicient output level, the size of a tax imposed on a rm gener- ating a negative externality should be: a. the rm's marginal cost. b. the social marginal cost. c. the sum of the social marginal cost and the rm's marginal cost. d. the size of the externality. 15. Marginal costs sometimes fall when production rst starts ramping up. Why? a. Hiring more people allows for specialization. b. Average xed costs fall dramatically once production rises. c. The Law of Diminishing Marginal product means productivity falls as more variable inputs are added. d. Variable costs are zero when production is zero. 1. If the wage is $250 and rent is $6.75, complete Table 1. Table 1 #Workers #Machines Output MP TFC TVC TC|AFC AVC ATC MC 0 30 0 30 20 2 30 44 3 30 72 30 96 CT H 30 116 30 132 30 144 30 152 30 156 2. Consider Table 1. What is efficiency scale? Explain what this means. 3. Explain why marginal cost looks the way it does? (ie if it increases, why? If it decreases, why?) 4. If the price of this good is $31.25, how much do they produce? Explain. 5. If the price of this good is $31.25, how much profit/loss does this company earn? Show work.6. If the price of this good is $31.25, would this company stay in business? Explain. If your answer is no, rnalce sure to clarify if they would leave immediately or in the long-run. 7. If the price of this good is $8.93, how much do they produce? Explain. 8. If the price of this good is $8.93, how much prot / loss does this company earn? Show work. 9. If the price of this good is $8.93, would this company stay in business? Explain. If your answer is no, make sure to clarify if they would leave immediately or in the long-run. 10. You live in rural West Virginia and a company decides to [rack for oil in the mountains around your town. This pollutes the water, creating a negative externality. a. Explain what this means and why it poses a problem. b. Graph this situation and discuss the market and social equilibriums. c. How might this problem be solved