Quiz: Final Exam ECON 10 Spring X *Course Hero X + X -> C https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . OS MEDANO Spring 2022 COLLEGE D Question 11 2.25 pts Home Modules Which of the following situations is not an example of market failure? Syllabus Assignments O Ben's Place is the only restaurant in town and thus he has significant power to set menu prices Quizzes O Ben cannot afford to buy a high-end Mercedes Benz luxury car 898 Discussions O Ben's Department Store cannot charge passers-by for using the sidewalk outside of the store Grades O Ben's Industries is dumping its wastewater into the unregulated river behind the factory People Collaborations D Question 12 2.25 pts ? Chat LMC Library If MSB(X)> MSC(X) then resources are misallocated in the following way: Office 365 Starfish O Society would be better off if X production involved the use of less Labor and more Capital TechConnect Zoom O Too many resources are flowing to the production of too much X Student Support O Society would be better off if a different set of consumers received the amount of X currently produced Services O Too few resources are flowing to the production of too little X LMC Virtual Tutoring Microsoft Teams classes D Question 13 2.25 pts 3:47 PM Type here to search O 994 87'F Sunny 5/19/2022Quiz: Final Exam ECON 10 Spring X *Course Hero X + X -> C @ https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . OS MEDANO Spring 2022 D Question 13 2.25 pts COLLEGE Home From our class discussion, which of the following is not a legitimate reason why the government might intervene in Modules a market? Syllabus O ethical and moral reasons Assignments Quizzes O to make market outcomes more equitable 898 Discussions O to benefit beaurocrats and government officials Grades O to correct market failures and increase economic efficiency People Collaborations D Question 14 2.25 pts ? Chat LMC Library Which of the following is not a barrier to entry in an industry, potentially creating a monopoly? Office 365 Starfish TechConnect Zoom Student Support Government licensing or patents Services O Economies of scale in the production process resulting in a natural monopoly LMC Virtual Tutoring O Control of a unique resource Microsoft Teams O Profit maximization classes 3:47 PM Type here to search O 994 87'F Sunny 5/19/2022Quiz: Final Exam ECON 10 Spring X *Course Hero X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . O Profit maximization OS MEDANO Spring 2022 COLLEGE Home Modules D Question 15 2.25 pts Syllabus Assignments Which of the following is not a potential solution to adverse selection in the labor market? Quizzes O The employer can interview as many people as possible. 898 Discussions The job applicant can send a credible signal about their desirable qualities. Grades People O The employer can gather information on the job applicant. Collaborations O The employer can design the job such that job applicants self select when applying. ? Chat LMC Library D Question 16 2.25 pts Office 365 Starfish Which of the following best captures the idea of moral hazard in the health insurance market? TechConnect Zoom Student Support O None of these captures moral hazard in the health insurance market. Services O Individuals who most likely need expensive medical care are most likely to purchase insurance. LMC Virtual Tutoring O It is unethical for health insurance companies to make a profit. Microsoft Teams O Once an individual has insurance, they have less incentive to take good care of their health because they don't bear the full classes burden of paying for medical care. 3:47 PM Type here to search O 994 87F Sunny 5/19/2022.l I Quiz FinalExam ECONlOSpnng x l\" CourseHero x | + 7 D X e C Q] https://4cd.in5tructure.com/courses/733\"l1/quizzeS/369890/take Al {6 G l {'5 (FE : SpringZDZZ Home Modules Syllabus Assignments | Quizzes Discussions Grades People Collaborations Chat LMC Library Ofce 365 Starsh TechConnect Zoom Student Support Services LMC Virtual Tutoring Microsoft Teams classes 0 Once an individual has insurance. they have less incentive to We good care of their health because they don't hear the full burden of paying for medical care. Question 17 2.25 pts Which of the following is not a potential solution to moral hazard in the labor market? 0 Monitoring and supervision of employees' performance 0 an extensive vetting process when hiring employees 0 Commission pay and bonus systems based upon employee performance I O Prot-sharing Question 18 2.25 pts Which of the following IS the basis for the economist's theory of human decisionemakmg? 0 Individuals act rationally to make society as well offas possible. 0 Individuals choose the options that sparkle the must and have the brightest colors. 0 Individuals act rationally to make themselves as well off as possible. 0 Individuals compete to have the most stuff. ,0 Type here to search Quiz: Final Exam ECON 10 Spring X *Course Hero X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . Individuals act rationally to make themselves as well off as possible. OS MEDANO Spring 2022 COLLEGE O Individuals compete to have the most stuff. Home Modules Syllabus D Question 19 2.25 pts Assignments Quizzes Two individuals can be made better off by trading with each other if: 898 Discussions They cannot be made better off through trade if one of them has the absolute advantage in producing all goods. Grades O They specialize in producing the products in which they have comparative advantages. People O They are producing inefficiently. Collaborations O They specialize in producing the products in which they have absolute advantages. ? Chat LMC Library Office 365 D Question 20 2.25 pts Starfish TechConnect Zoom Economics is a social science that studies how individuals, institutions, and society: Student Support Services O Get rich or die trying. LMC Virtual O None of these is how we have defined economics. Tutoring O Allocate scarce resources to satisfy unlimited wants and needs. Microsoft Teams classes O Reduce the amount of goods and services they need. Type here to search O 3:48 PM 994 87'F Sunny 5/19/2022 E