Which of the following statements is NOT true regarding process mapping?

• Symbols are used to guide the process map.
• It is a pictorial representation of a process.
• It is an established procedure, developed in the 1930s.
• It is used to document processes.

Which statement below applies to a pure command economy?

• Public goods tend to be over-provided.
• The level of government involvement must change with society.
• The government does not interfere in the market.
• The government is responsible for all production, resulting in potential allocation inefficiencies.

Which indicators show change at the same time as the economy and thus give a sense of where the economy is in relation to the business cycle?

• Leading indicators
• Lagging indicators
• Coincident indicators
• All of the given answer choices are correct

What is contingent valuation as it relates to alternative methods for estimating the value of environmental regulations?

• Linking the amount of pollution to healthcare costs to estimate the cost of regulation
• Comparing how much it costs to clean waste sites to the cost of regulation
• Multiplying the amount of people who are willing to pay for trips to natural resources by the number of citizens to construct an estimate on the value of environmental goods
• Using the change in property values in response to a change in pollution to provide an estimate of the cost of pollution

A club good, such as a movie theater, is __________.

• excludable and non-rivalrous
• excludable and rivalrous
• non-excludable and rivalrous
• non-excludable and non-rivalrous

Which of the following is an example of moral hazard?

• A congresswoman voting for additional fracking rights to bring more money to her local district
• Secondhand smoke costs that result in higher health insurance premiums
• The monopoly granted by the government to a power company
• Continuance of unemployment benefits that act as a disincentive for people to find jobs

Which of the following statements best describes the minimum wage?

• It is aprice ceiling that decreases producer surplus as compared to the free market equilibrium price and output.
• It is aprice floor that decreases consumer surplus as compared to the free market equilibrium price and output.
• It is aprice floor that decreases producer surplus as compared to the free market equilibrium price and output.
• It is aprice ceiling that decreases consumer surplus as compared to the free market equilibrium price and output.

CEOs are limited in making policy changes regarding climate change by all of the following EXCEPT __________.

• the necessity to think in the long term rather than the short term
• investor support which is linked directly to profits
• his/her fiduciary responsibility to the company
• needing support from the Board of Directors

When do producers benefit from an inelastic supply?

• When a subsidy is provided
• When quotas are placed on goods
• When input costs increase
• When a tax is imposed

Which of the following corresponds withunemployment insurance claims?

• Leading indicators that firms might use to predict which part of the business cycle an economy is in
• Lagging indicator that firms might use to analyze what labor costs will be in the future
• Indicatorscollected by states for tax purposes
• Coincident indicators that lets people know which industries might be hiring

Which of the following is a result of anthropomorphic climate change?

• Insurance is more readily available to consumers.
• Emissions gasses have decreased.
• Insurance claims have been turned over to government committees.
• Damage caused by weather-related disasters has increased.

Patricia decides whether or not she can afford to travel to Africa to meet with vendors in person.

Which of the following shapes in a process mapwould this scenario correspond with?

• Circle
• Oval
• Diamond
• Rectangle

A person who consumes a good without paying for it is known as a(n) __________.

• producer
• utility maximizer
• rival
• free rider

The price at whichthe consumer purchases the taxed good increases by less than the amount of the tax.

Who of the following bears more of the burden of this tax, assuming that demand is more elastic than supply?

• Producers
• Consumers
• Based on the given information, this is unclear
• Both consumers and producers would equally share this tax burden

The cost of cleaning up pollution can be measured by all of the following EXCEPT ___________.

• contingent valuation as measured by surveys
• hedonic pricing as it relates to areas of pollution
• market prices and quantity of goods/services produced
• healthcare costs associated with pollution

A good that a producer can prevent a consumer from using by charging a price is __________.

• a private good that is excludable
• a private good that is non-rivalrous
• a public good that is non-rivalrous
• a public good that is excludable

Which of the following best describes externalities?

• The result of politicians acting as utility maximizers
• Third party costs or benefits that skew the correct market equilibrium
• An example of a moral hazard
• The result of information failure and hamper cost-benefit analysis

Which of the following is NOT an obstacle to the implementation of environmentally sustainable business practices?

• Investor awareness of climate change as a risk has increased enough to be addressed by the SEC.
• CEOs have a fiduciary responsibility to guarantee returns on investments.
• Environmental impact is not an issue for most investors when assessing the value of an investment.
• Environmentally sustainable business practices might not be profitable in the short term.

Which of the following statements below is true in terms of unemployment and a healthy economy?

• Full employment in an economy means that the entire labor force is employed.
• Full employment in an economy means that every adult who is not in school is employed.
• Full employment means having some cyclical employment.
• The natural rate of unemployment is 5%, according to most economists.

Which of the following scenarios relates to both natural and frictional employment?

• Michelle is unemployed because shedoesn't have the technologyskills needed in the current job market.
• Linda lost her jobin manufacturingdue to her company moving all manufacturing out of the country.
• Mikhaljust moved with his family from Miami to Chicago and is looking for work.
• Chip lost his job due to a massive slowdown in the economy and cannot find a job in the current recession.