Question:Pls help to solve following A multiple-choice question with one possible answer.(Required)...

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Pls help to solve following

A multiple-choice question with one possible answer.(Required)

You are going to Fukuoka this weekend. It costs $150 for transportation, $50 for lodging, $100 for food and you could have earned $100 as a waiter at a job you love so much you would do it as a volunteer. What is the total cost of the trip?

1. $200
2. $300
3. $400
4. None of the above
5. $100

A multiple-choice question with one possible answer.(Required)

The average cost is equal to the marginal cost. This statement is

1. Sometimes true and sometimes false depending on the circumstances
2. Always false
3. Absurd because marginal costs do not apply to average costs
4. Always true
5. None of the above

A multiple-choice question with one possible answer.(Required)

You are a rational decision maker. You have three choices to go to the shop, driving your car, taking a bus, or walking. Driving costs you $2/mile in gas and maintenance, the bus costs $2 for unlimited distance, and walking is free but involves a disutility equivalent to $2/mile. If you live 2 miles from the shop, and, what is your reservation price for a bus ticket?

1. $6
2. $0
3. $2
4. $4
5. None of the above

Which of the following is likely to decrease the elasticity of demand for a good?

1. None of the above
2. A longer period of time.
3. A decrease in the price
4. A smaller share of income designated for the good in question
5. A decrease in the availability of close substitutes

The price elasticity of demand of a Giffin good

1. Is negative
2. Is zero
3. Cannot be specified without more information
4. Is positive

The vertical intercept of the intertemporal budget constraint is referred to as

1. The present value of lifetime income
2. None of the above
3. The current value of future income
4. The future value of present income

Your bank account pays 3% interest per year. You loan a friend $100 for one year at 2%. Assuming the loan is paid on time the opportunity cost of the loan is

1. $100
2. None of the above
3. $1
4. $103
5. $3

Let demand be given by P = 10 - 4 Q; let supply be given by P = Q. What is the equilibrium quantity?

1. None of the above
2. 5
3. 10
4. 4
5. 2

If the consumer's budget constraint is given by 5F + 10S = 100 where F is food and S is shelter, what is the opportunity cost of food in terms of shelter?

1. 10
2. 1/2
3. 2
4. 5

A monopoly is able to continue to generate economic profits in the long run because

1. potential competitors sometimes don't notice the profits.
2. there is some barrier to entry to that market.
3. of all of the things described in these answers.
4. the monopolist is financially powerful.

A multiple-choice question with one possible answer.(Required)

If marginal revenue is lower than marginal cost, a monopolist should

1. keep output the same because profits are maximized when marginal revenue exceeds marginal cost.
2. decrease output.
3. keep the price unchanged.
4. increase output.

A multiple-choice question with one possible answer.(Required)

The inefficiency associated with monopoly is due to

1. the monopoly's profits.
2. None of the above.
3. overproduction of the good.
4. the monopoly's losses.
5. underproduction of the good.

A multiple-choice question with one possible answer.(Required)

When someone optimally chooses a consumption bundle, the MRS equals

1. None of the above
2. 1
3. The slope of the budget line
4. The opportunity cost of both goods
5. The slope of the indifference curve

At $5 Joe buys 1 pen; at $1 he buys 3 pens. What is the arc elasticity over this range?

1. 1
2. None of the above
3. -0.75
4. -1.5
5. -.66

A multiple-choice question with one possible answer.(Required)

A grocery store should close at night if the

1. None of the above
2. variable costs of staying open are less than the total revenue due to staying open.
3. total costs of staying open are greater than the total revenue due to staying open.
4. variable costs of staying open are greater than the total revenue due to staying open.
5. total costs of staying open are less than the total revenue due to staying open.

A multiple-choice question with one possible answer.(Required)

Which of the following is not a characteristic of a competitive market?

1. The goods offered for sale are largely the same.
2. None of the above
3. There are many buyers and sellers in the market.
4. All of these answers are characteristics of a competitive market.
5. Firms generate small but positive economic profits in the long run.

A multiple-choice question with one possible answer.(Required)

Which of the following statements is true?

1. All costs are variable in the long run.
2. All costs are fixed in the long run.
3. All costs are fixed in the short run.
4. All costs are variable in the short run.

A multiple-choice question with one possible answer.(Required)

In the long run, if a very small factory were to expand its scale of operations, it is likely that it would initially experience

1. diseconomies of scale.
2. constant returns to scale.
3. an increase in average total costs.
4. economies of scale.\

Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay 25 for one, buyer 2 is willing to pay 23 for one, and buyer 3 is willing to pay 20 for one. If the price is 20, how many vases will be sold and what is the value of consumer surplus in this market?

1. One vase will be sold and consumer surplus is 5.
2. One vase will be sold and consumer surplus is 30.
3. Three vases will be sold and consumer surplus is 8.
4. Two vases will be sold and consumer surplus is 5.

Consider the following game, two players A and B, have two strategy choices, 1 and 2.

If both players choose strategy 1, then both receive a payout of $25. If both choose strategy 2 then both receive a payout of $80.

If one player chooses strategy 1, and the other player chooses strategy 2, then the player choosing strategy 2 receives a payout of $30 while the player choosing strategy 1 receives a payout of $70.

Are there any dominant strategies in this game?

1. Strategy 2 is a dominant strategy for both players.
2. There are no dominant strategies in this game.
3. Strategy 1 is dominant for player A and strategy 2 is dominant for player B.
4. Strategy 1 is a dominant strategy for both players.

The hiring rule in the labor market is to choose that amount of labor for which the wage rate is exactly equal to

1. The value of the marginal product of labor, VMPL
2. we can't say with the information given.
3. MC
4. Marginal revenue from the sale of one more unit of output
5. The cost of capital

A multiple-choice question with one possible answer.(Required)

The indifference curves for two goods are negatively sloped because of the principle that

1. more is preferred to less.
2. indifference curves cannot intersect.
3. preferences are transitive.
4. marginal utility of a good diminishes as more of that good is consumed.

A multiple-choice question with one possible answer.(Required)

Say you own a Mexican place that produces, among other things, Mexican burritos.The marginal product of your last worker was 3.If the marginal rate of technical substitution between capital and labor is 0.5, then marginal product of capital is:

1. 5
2. we can't say with the information given.
3. 10
4. 1
5. 3

A multiple-choice question with one possible answer.(Required)

A firm employs two inputs, labor and capital. In the long run, if the wage rate remains unchanged while the rental rate on capital rises,

1. The process will become more capital intensive
2. Market forces will come into play to bring the prices back to their earlier relationship
3. The marginal product of capital will rise and the marginal product of labor will fall
4. The process will become more labor intensive
5. The process will become less labor intensive

A multiple-choice question with one possible answer.(Required)

Output for a simple production process is given by Q = 2KL, where K denotes capital, and L denotes labor. The price of capital is $25 per unit and capital is fixed at 5 units in the short run. The price of labor is $5 per unit. What is the total fixed cost of producing 80 units of output?

1. $200
2. $85
3. $33
4. $125

A multiple-choice question with one possible answer.(Required)

Which of the following statements is FALSE?

1. Auctions are an example of game theory.
2. Oligopoly is an example of game theory.
3. Perfect competition is not an example of game theory.
4. Common card games are not an example of game theory.