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economics 14th global

Questions and Answers of Economics 14th Global

Two-dimensional demand and supply curves are drawn under which of the following assumptions?A. Own price is held constant.B. All variables but quantity are held constant.C. All variables but own
The slope of a supply curve is most often:A. zero.B. positive.C. negative.
Assume the following equation:\[Q_{x}^{s}=-4+1 / 2 P_{x}-2 W\]where \(Q_{x}^{s}\) is the quantity of good \(X\) supplied, \(P_{x}\) is the price of good \(X\), and \(W\) is the wage rate paid to
Movement along the demand curve for good \(X\) occurs due to a change in:A. income.B. the price of \(\operatorname{good} X\).C. the price of a substitute for \(\operatorname{good} X\).
If the price of aluminum rises, what happens to the steel producer's supply curve? The supply curve:A. shifts to the left.B. shifts to the right.C. remains unchanged.A producer's supply function is
If the unit price of aluminum is 10 , the slope of the supply curve is closest to:A. 0.04 .B. 1.30 .C. 26.00 .A producer's supply function is given by the equation:\[Q_{s}^{s}=-55+26 P_{s}+1.3
Assume the supply side of the market consists of exactly five identical sellers. If the unit price of aluminum is 20 , which equation is closest to the expression for the market inverse supply
Which of the following statements about market equilibrium is most accurate?A. The difference between quantity demanded and quantity supplied is zero.B. The demand curve is negatively sloped and the
Which of the following statements best characterizes the market mechanism for attaining equilibrium?A. Excess supply causes prices to fall.B. Excess demand causes prices to fall.C. The demand and
An auction in which the auctioneer starts at a high price and then lowers the price in increments until there is a willing buyer is best called a:A. Dutch auction.B. Vickery auction.C. private-value
Which statement is most likely to be true in a single price U.S. Treasury bill auction?A. Only some noncompetitive bids would be filled.B. Bidders at the highest winning yield may get only a portion
The winner's curse in common value auctions is best described as the winning bidder paying:A. more than the value of the asset.B. a price not equal to one's own bid.C. more than intended prior to
A wireless phone manufacturer introduced a next-generation phone that received a high level of positive publicity. Despite running several high-speed production assembly lines, the manufacturer is
A per-unit tax on items sold that is paid by the seller will most likely result in the:A. supply curve shifting vertically upward.B. demand curve shifting vertically upward.C. demand curve shifting
Which of the following most accurately and completely describes a deadweight loss?A. A transfer of surplus from one party to another B. A reduction in either the buyer's or the seller's surplus C.
If an excise tax is paid by the buyer instead of the seller, which of the following statements is most likely to be true?A. The price paid will be higher than if the seller had paid the tax.B. The
A quota on an imported good below the market-clearing quantity will most likely lead to which of the following effects?A. The supply curve shifts upward.B. The demand curve shifts upward.C. Some of
Assume a market demand function is given by the equation:\[Q^{d}=50-0.75 P\]where \(Q^{d}\) is the quantity demanded and \(P\) is the price. If \(P\) equals 10 , the value of the consumer surplus is
Which of the following best describes producer surplus?A. Revenue minus variable costs B. Revenue minus variable plus fixed costs C. The area above the supply curve and beneath the demand curve and
Assume a market supply function is given by the equation\[Q_{s}=-7+0.6 P\]where \(Q_{s}\) is the quantity supplied and \(P\) is the price. If \(P\) equals 15 , the value of the producer surplus is
The price elasticity of demand for private universities is closest to:A. -3.1 .B. -1.9 .C. 0.6 .The market demand function for four-year private universities is given by the equation:\[ Q_{p
The income elasticity of demand for private universities is closest to:A. 0.5 .B. 0.8 .C. 1.3 .The market demand function for four-year private universities is given by the equation:\[ Q_{p
The cross-price elasticity of demand for private universities with respect to the average price of public universities is closest to:A. 0.3 .B. 3.1.C. 3.9.The market demand function for four-year
If the cross-price elasticity between two goods is negative, the two goods are classified as:A. normal.B. substitutes.C. complements.
A child indicates that she prefers going to the zoo over the park and prefers going to the beach over the zoo. When given the choice between the park and the beach, she chooses the park. Which of the
Which of the following ranking systems best describes consumer preferences within a utility function?A. Util B. Ordinal C. Cardinal
Which of the following statements best explains why indifference curves are generally convex as viewed from the origin?A. The assumption of nonsatiation results in convex indifference curves.B. The
If a consumer’s marginal rate of substitution of good X for good Y (MRSXY) is equal to 2,then the:A. consumer is willing to give up two units of X for one unit of Y.B. slope of a line tangent to
In the case of two goods, \(x\) and \(y\), which of the following statements is most likely true? Maximum utility is achieved:A. along the highest indifference curve below the budget constraint
In the case of a normal good with a decrease in its own price, which of the following statements is most likely true?A. Both the substitution effect and the income effect lead to an increase in the
For a Giffen good, the:A. demand curve is positively sloped.B. substitution effect overwhelms the income effect.C. income and substitution effects are in the same direction.
Which of the following statements best illustrates the difference between a Giffen good and a Veblen good?A. The Giffen good alone is an inferior good.B. Their substitution effects are in opposite
Normal profit is best described as:A. zero economic profit.B. total revenue minus all explicit costs.C. the sum of accounting profit plus economic profit.
A firm supplying a commodity product in the marketplace is most likely to receive economic rent if:A. demand increases for the commodity and supply is elastic.B. demand increases for the commodity
Entrepreneurs are most likely to receive payment or compensation in the form of:A. rent.B. profit.C. wages.
The marketing director for a Swiss specialty equipment manufacturer estimates the firm can sell 200 units and earn total revenue of CHF500,000. However, if 250 units are sold, revenue will total
An agricultural firm operating in a perfectly competitive market supplies wheat to manufacturers of consumer food products and animal feeds. If the firm were able to expand its production and unit
An operator of a ski resort is considering offering price reductions on weekday ski passes. At the normal price of \(€ 50\) per day, 300 customers are expected to buy passes each weekday. At a
The marginal revenue per unit sold for a firm doing business under conditions of perfect competition will most likely be:A. equal to average revenue.B. less than average revenue.C. greater than
Refer to the data in Exhibit A. When quantity produced is equal to four units, the average fixed cost \((A F C)\) is closest to:A. 50 .B. 60 .C. 110 .A firm's director of operations gathers the
Refer to the data in Exhibit A. When the firm increases production from four to five units, the marginal cost \((M C)\) is closest to:A. 40 .B. 64 .C. 80 .A firm's director of operations gathers the
Refer to the data in Exhibit A. The level of unit production resulting in the lowest average total cost (ATC) is closest to:A. 3 .B. 4 .C. 5 .A firm's director of operations gathers the following
A profit maximum is least likely to occur when:A. average total cost is minimized.B. marginal revenue equals marginal cost.C. the difference between total revenue and total cost is maximized.
A firm engages in the development and extraction of oil and gas, the supply of which is price inelastic. The most likely equilibrium response in the long run to an increase in the demand for
A firm develops and markets consumer electronic devices in a perfectly competitive, decreasing-cost industry. The firm's products have grown in popularity. The most likely equilibrium response in the
Refer to the data in Exhibit B. The number of workers resulting in the highest level of average product of labor is closest to:A. 3 .B. 4 .C. 5 .The manager of a small manufacturing firm gathers the
Refer to the data in Exhibit B. The marginal product of labor demonstrates increasing returns for the firm if the number of workers is closest to but not more than:A. 2 .B. 3 .C. 4 .The manager of a
A firm experiencing an increase in the marginal product of labor employed would most likely:A. allow an increased number of workers to specialize and become more adept at their individual
For a manufacturing company to achieve the most efficient combination of labor and capital and therefore to minimize total costs for a desired level of output, it will most likely attempt to equalize
A firm will expand production by 200 units and must hire at least one additional worker. The marginal product per day for one additional unskilled worker is 100 units, and for one additional skilled
A Mexican firm employs unskilled, semiskilled, and skilled labor in a cost-minimizing mix at its manufacturing plant. The marginal product of unskilled labor is considerably lower than semiskilled
The marginal revenue product (per week) of hiring an additional craftsperson is closest to:A. \(€ 100\).B. \(€ 900\).C. \(€ 1,000\).A firm produces handcrafted wooden chairs, employing both
The firm would like to increase weekly output by 50 chairs. The firm would most likely enhance profits by:A. hiring additional craftspersons.B. leasing additional automated equipment.C. leasing
A market structure characterized by many sellers with each having some pricing power and product differentiation is best described as:A. oligopoly.B. perfect competition.C. monopolistic competition.
A market structure with relatively few sellers of a homogeneous or standardized product is best described as:A. oligopoly.B. monopoly.C. perfect competition.
Market competitors are least likely to use advertising as a tool of differentiation in an industry structure identified as:A. monopoly.B. perfect competition.C. monopolistic competition.
Upsilon Natural Gas, Inc. is a monopoly enjoying very high barriers to entry. Its marginal cost is \(\$ 40\) and its average cost is \(\$ 70\). A recent market study has determined that the price
The demand schedule in a perfectly competitive market is given by \(P=93-1.5 Q\) (for \(Q \leq 62\) ) and the long-run cost structure of each company is:New companies will enter the market at any
SigmaSoft and ThetaTech are the dominant makers of computer system software. The market has two components: a large mass-market component in which demand is price sensitive, and a smaller
A company doing business in a monopolistically competitive market will most likely maximize profits when its output quantity is set such that:A. average cost is minimized.B. marginal revenue equals
Oligopolistic pricing strategy most likely results in a demand curve that is:A. kinked.B. vertical.C. horizontal.
Collusion is less likely in a market when:A. the product is homogeneous.B. companies have similar market shares.C. the cost structures of companies are similar.
If companies earn economic profits in a perfectly competitive market, over the long run the supply curve will most likely:A. shift to the left.B. shift to the right.C. remain unchanged.
A government entity that regulates an authorized monopoly will most likely base regulated prices on:A. marginal cost.B. long-run average cost.C. first-degree price discrimination.
An analyst gathers the following market share data for an industry:The industry's four-company concentration ratio is closest to:A. 71 percent.B. 86 percent.C. 95 percent. Company Sales (in millions
An analyst gathers the following market share data for an industry comprised of five companies:The industry's three-firm Herfindahl-Hirschman index is closest to:A. 0.185 .B. 0.225 .C. 0.235 .
One disadvantage of the Herfindahl-Hirschman index is that the index:A. is difficult to compute.B. fails to reflect low barriers to entry.C. fails to reflect the effect of mergers in the industry.
In an industry comprised of three companies that are small-scale manufacturers of an easily replicable product unprotected by brand recognition or patents, the most representative model of company
Deep River Manufacturing is one of many companies in an industry making a food product. Deep River units are identical up to the point they are labeled. Deep River produces its labeled brand, which
Which of the following statements is the most appropriate description of gross domestic product (GDP)?A. GDP is the total income earned by all households, firms, and the government whose value can be
The component least likely to be included in a measurement of gross domestic product (GDP) is:A. the value of owner-occupied rent.B. the annual salary of a local police officer.C. environmental
Which of the following conditions is least likely to increase a country's GDP?A. An increase in net exports B. Increased investment in capital goods C. Increased government transfer payments
Which of the following would be included in Canadian GDP for a given year? The market value of:A. wine grown in Canada by U.S. citizens.B. electronics made in Japan and sold in Canada.C. movies
Suppose a painting is created and sold in 2010 for \(£ 5,000\). The expenses involved in producing the painting amounted to \(£ 2,000\). According to the sum-of-value-added method of calculating
A GDP deflator less than 1 indicates that an economy has experienced:A. inflation.B. deflation.C. stagflation.
The most accurate description of nominal GDP is:A. a measure of total expenditures at current prices.B. the value of goods and services at constant prices.C. a measure to compare one nation's economy
From the beginning to the ending years of a decade, the annual value of final goods and services for country \(X\) increased from \(€ 100\) billion to \(€ 300\) billion. Over that time period,
If the GDP deflator values for 2008 and 2010 were 190 and 212.8 , respectively, which of the following best describes the annual growth rate of the overall price level?A. 5.8 percent B. 6 percent C.
The numerator of the GDP price deflator reflects:A. the value of base-year output at current prices.B. the value of current-year output at current prices.C. the value of current-year output at
Consider the following data for 2010 for a hypothetical country:Based only on the data given, the gross domestic product and national income are respectively closest to:A. 21.1 and 20.6 .B. 22.6 and
In calculating personal income for a given year, which of the following would not be subtracted from national income?A. Indirect business taxes B. Undistributed corporate profits C. Unincorporated
Equality between aggregate expenditure and aggregate output implies that the government's fiscal deficit must equal:A. Private saving - Investment - Net exports.B. Private saving - Investment + Net
Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the
Which curve represents combinations of income and the real interest rate at which planned expenditure equals income?A. The IS curve B. The LM curve C. The aggregate demand curve
An increase in government spending would shift the:A. IS curve and the LM curve.B. IS curve and the aggregate demand curve.C. LM curve and the aggregate demand curve.
An increase in the nominal money supply would shift the:A. IS curve and the LM curve.B. IS curve and the aggregate demand curve.C. LM curve and the aggregate demand curve.
An increase in the price level would shift the:A. IS curve.B. LM curve.C. aggregate demand curve.
As the price level declines along the aggregate demand curve, the interest rate is most likely to:A. decline.B. increase.C. remain unchanged.
The full employment, or natural, level of output is best described as:A. the maximum level obtainable with existing resources.B. the level at which all available workers have jobs consistent with
Which of the following best describes the aggregate supply curve in the short run (e.g., one to two years)? The short run aggregate supply curve is:A. flat because output is more flexible than prices
If wages were automatically adjusted for changes in the price level, the short-run aggregate supply curve would most likely be:A. more flat.B. steeper.C. unchanged.
The least likely cause of a decrease in aggregate demand is:A. higher taxes.B. a weak domestic currency.C. a fall in capacity utilization.
Which of the following is most likely to cause the long-run aggregate supply curve to shift to the left?A. Higher nominal wages B. A decline in productivity C. An increase in corporate taxes
The most likely outcome when both aggregate supply and aggregate demand increase is: A. a rise in inflation.B. higher employment.C. an increase in nominal GDP.
Which of the following is least likely to be caused by a shift in aggregate demand?A. Stagflation B. A recessionary gap C. An inflationary gap
Following a sharp increase in the price of energy, the overall price level is most likely to rise in the short run:A. and remain elevated indefinitely unless the central bank tightens.B. but be
Among developed economies, which of the following sources of economic growth is most likely to explain superior growth performance?A. Technology B. Capital stock C. Labor supply
Which of the following can be measured directly?A. Potential GDP B. Labor productivity C. Total factor productivity
The sustainable growth rate is best estimated as:A. the weighted average of capital and labor growth rates.B. growth in the labor force plus growth of labor productivity.C. growth in total factor
In the neoclassical or Solow growth model, an increase in total factor productivity reflects an increase in:A. returns to scale.B. output for given inputs.C. the sustainable growth rate.

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