Week 8 Connect: Application Assessment 0 Saved 3 The demand for a product is inelastic with respect to price if Multiple Choice (2 orsan) 02:58:1 ho: e O consumers are largely unresponsive to a per unit price change. the elasticity coefficient is greater than 1. O a drop in price is accompanied by a decrease in the quantity demanded. a drop in price is accompanied by an increase in the quantity demanded. s 3 of 40 Graw Help Save & Exit Submit Week 8 Connect: Application Assessment 0 Saved What are the primary effects of cost-push inflation? Multiple Choice o Y [ oasrss) N o O It raises real output, increases employment, and redistributes income. It reduces real output, reduces employment, and redistributes income. Help Save & Exit Q It raises real output but redistributes a decreased level of real income. It reduces real output but redistributes an increased level of real income. Graw Submit Week 8 Connect: Application Assessment o Saved Help Save & Exit Submit 5 Other things equal, which of the following would increase the rate of economic growth, as measured by changes in real GDP? Multiple Choice ( e 2 ozs7a3) - J O a decline in the average length of the workweek a decrease in the labor-force participation rate O an increase in the size of the working-age population a decline in the amount of capital per worker 4 Week 8 Connect: Application Assessment 0 6 A person should consume more of something when its marginal Multiple Choice a [ 2 oasrn . / benefit exceeds its marginal cost. cost exceeds its marginal benefit. cost equals its marginal benefit. benefit is still better. OO O O % Help Save & Exit Submit Week 8 Connect: Application Assessment o - e (3 02:51;20\\ \\ g When the percentage change in price is greater than the resulting percentage change in quantity demanded, Multiple Choice L O & O a decrease in price will increase total revenue. demand may be either elastic or inelastic. an increase in price will increase total revenue. demand Is elastic. Help Save & Exit Submit Week 8 Connect: Application Assessment o Saved Help Save & Exit Submit 8 Which of the following is a final good or service? Multiple Choice (2 casnos) 02:57:08 . & O a haircut purchased by a father for his 12-year-old son fertilizer purchased by a farm supplier Chevrolet windows purchased by a General Motors assembly plant O diesel fuel bought for a delivery truck L agw Week 8 Connect: Application Assessment Saved Help Save & Exit Submit 1 O According to the concept of the "invisible hand," if Susie opens and operates a profitable childcare center, then Multiple Choice & o ( ozsear) . / O government should regulate the business to ensure quality. the profit Susie earns indicates that she is overcharging for her services. this demonstrates that consumer sovereignty is not present in this market. O she has served society's interests by providing a desired good or service. Next % HillG Gmai X Wom x | M Cany x | M One- x | M One-1 x My T X DeVr x Week X M McG X M Ques X TAC Patric x New X *Dash x C 20 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.co... G 810 Paused IMNisp - MyAccount SCHEDULE G michael kors - Go.. summitlogonew.jpg Facebook message. iCloud All Bookmarks Week 8 Connect: Application Assessment i Saved Help Save & Exit Submit According to the concept of the "invisible hand," if Susie opens and operates a profitable childcare center, then 10 Multiple Choice 02:56:09 O government should regulate the business to ensure quality. O the profit Susie earns indicates that she is overcharging for her services. O she has served society's interests by providing a desired good or service. O this demonstrates that consumer sovereignty is not present in this market. Mc Graw Week 8 Connect: Application Assessment 0 Saved Help Save & Exit Submit 11 Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. Number of Units of Workers Output (g 02:5! :ss\\ | The marginal product of the sixth worker is Multiple Choice O 215 units of output. O approximately 36 units of output. M E"Talw Week 8 Connect: Application Assessment o 1 2 Use the following data to answer the question. Inputs of Labor | Total Product e 0\\ (2 ozssaz) NSElanaiemy 4 [ a8 | I - Diminishing returns begin to occur with the hiring of the Multiple Choice O second O third % Help Save & Exit Submit Week 8 Connect: Application Assessment e Saved Help Save & Exit Submit 13 If the exchange rate changes so that more Mexican pesos are required to buy a dollar, then Multiple Choice (2 OZ:ES:ZQ - O the peso has appreciated in value. Americans will buy more Mexican goods and services. Q more U.S. goods and services will be demanded by the Mexicans. the dollar has depreciated in value. Graw Week 8 Connect: Application Assessment Saved Help Save & Exit Submit 14 Qutput Total Revenue Total Cost e e [ i (8 o) 150 The table gives data for a purely competitive, profit-maximizing firm. Based on this information, in the short run how much is this firm earning in economic profit (or losing, as reflected by negative numbers)? Multiple Choice () so O - () so % Help Save & Exit Submit Week 8 Connect: Application Assessment 0 Saved Help Save & Exit Submit 16 Countries engaged in international trade specialize in production based on Multiple Choice & ozsaas) relative levels of GDP. comparative advantage. relative exchange rates. relative inflation rates. Ol O O O Next > % Hill'Week 8 Connect: Application Assessment o Saved Help Save & Exit Submit If today, prospective car buyers expect a surge in the supply of cars on the market next week that will cause the price of cars to substantially decline, 18 they will Fa [ Z ozsz1a) Multiple Choice S O wait for the price of cars to go down before buying, shifting aggregate demand to the right. wait for the price of cars to go down before buying, shifting aggregate demand to the left. O go ahead and buy now, shifting aggregate demand to the left. O go ahead and buy now, which will not affect aggregate demand at all. ",'lf?w Prey 18 of 40 ; Week 8 Connect: Application Assessment 0 Saved Help Save & Exit Submit GDP is the 19 Multiple Choice (8 1) 02:52:01 b A O national income minus all private transfer payments. monetary value of all final goods and services produced within the borders of a nation in a particular year. O menetary value of all economic resources used in producing a year's output. O monetary value of all goods and services, final and intermediate, produced in a specific year. Next > % Help Save & Exit Submit Week 8 Connect: Application Assessment o Saved 21 The following are hypothetical exchange rates: 10 euros =1 pound; $1=10 pounds. We can conclude that Multiple Choice o [ 2 ozst2a) st O 1euro =$0.10. O $1=01euro. O 1euro =$10. O $1=20 euros. % Help Save & Exit Submit Week 8 Connect: Application Assessment o Saved 2 2 If a nation has a comparative advantage in the production of X, this means the nation Multiple Choice a0 kg oz51:12 | Y O cannot benefit by producing and trading this product. O must give up less of other goods than other nations in producing a unit of X. O has a production possibilities curve identical to those of other nations. O is not subject to increasing opportunity costs. L Graw Help Save & Exit Submit Week 8 Connect: Application Assessment Saved Help Save & Exit Submit 23 Which of the following is a fundamental characteristic of the market system? Multiple Choice {0 ~ kg 02:50:59 | ~ property rights central planning by government unselfish behavior government-set wages and prices OO O C) Next > % Week 8 Connect: Application Assessment Saved 2 5 Inflation is a rise in Multiple Choice (8 :) 02:50:36 N ~ the general level of prices over time. the standard of living over time. unemployment over time. real GDP over time. (O (O 25 of 40 Next > Help Save & Exit Submit 'Week 8 Connect: Application Assessment o Saved Help Save & Exit Submit The labor force includes 26 Multiple Choice (8 oasoas) 02:50:23 \\ = O employed workers and persons who are officially unemployed. employed workers but excludes persens whe are officially unemployed. permanent employees but excludes temporary employees. O full-time workers but excludes part-time workers. @ Week 8 Connect: Application Assessment 0 Saved 27 The monopolistically competitive seller maximizes profit by producing at the point where Multiple Choice OO OO total revenue is at a maximum. average costs are at a minimum. marginal revenue equals marginal cost. price equals marginal revenue. Help Save & Exit Submit Week 8 Connect: Application Assessment Saved 27 o [(Z o294 N / The monopolistically competitive seller maximizes profit by producing at the point where Multiple Choice (O (O total revenue is at a maximum. average costs are at a minimum. marginal revenue equals marginal cost. price equals marginal revenue. Help Save & Exit Submit Week 8 Connect: Application Assessment o Saved 2 8 If the Federal Reserve System buys government securities, ~ Multiple Choice (g 02:49:37 | N J Q bank reserves will decline. interest rates on the securities will rise. O the meney supply will increase. the money supply will not change. % Help Save & Exit Submit Week 8 Connect: Application Assessment o Saved Help Save & Exit Submit 29 Money functions as Multiple Choice (3 N 02:49:24 . 2. O a store of value. a unit of account. O a medium of exchange. a store of value, a unit of account, and a medium of exchange. % Week 8 Connect: Application Assessment o Saved Help 31 Kara was out jogging and, despite being tired, decided to run one more mile. Based on her actions, economists would conclude that Kara Multiple Choice o | 02:49:00 | \\g S must be an avid runner. decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile. decided that the marginal cost of running one more mile would outweigh the benefit of the additional mile. o O O O was not really very tired, so the marginal cost of the extra mile was very low. Next > % Help Save & Exit Submit Week 8 Connect: Application Assessment i Saved Help Save & Exit Submit 33 Supply $60 Price 40- 02:48:38 20- Demand 50 100 150 200 Quantity Refer to the diagram. A price of $60 in this market will result in Multiple Choice O equilibrium. O a shortage of 50 units. Mc Graw HillWeek 8 Connect: Application Assessment i Saved Help Save & Exit Submit 34 Answer the question on the basis of the accompanying production possibilities tables for two countries, Latalia and Trombonia. Latalia's production possibilities A B C D E Pork (Tons) 4 w 2 1 0 02:48:14 Beans (Tons) 5 10 15 20 Trombonia's production possibilities A B C D E Pork (Tons) 8 6 4 2 0 Beans (Tons) 6 12 18 24 If these two nations specialize on the basis of comparative advantage, Multiple Choice O Trombonia will produce beans and Latalia will produce pork. O Trombonia will produce both beans and pork. Mc Graw Hill Week 8 Connect: Application Assessment 0 Saved Help Save & Exit Submit 3 5 An increase in the money supply, ceteris paribus, usually Multiple Choice S | 02:48:05 | \\g S increases the interest rate and increases aggregate demand. increases the interest rate and decreases aggregate demand. decreases the interest rate and increases aggregate demand. decreases the interest rate and decreases aggregate demand. OO OO Next > % Help Save & Exit Submit Week 8 Connect: Application Assessment Saved Help Save & Exit Suppose that Angelica sells corn in a purely competitive market. The market price of corn is $6 per bushel. Angelica's total revenue from selling 20 3 9 bushels of corn would be (& Dz:a?:un Multiple Choice \\ =) O $120. (O e= () so [ % Submit Week 8 Connect: Application Assessment o Saved Help Save & Exit Submit Required information Suppose Labor Force falls. his will cause SRAS to | (Click to select) @ Save & Exit Submit