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Economics Questions and Answers June 05, 2023

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access that document before answering these questions. 1 4 . 3 . PS \ # 7 - Part II - A - 1 4 . 3 ( b ) How does N , the number of firms, affect each firm's demand curve? Explain the economics here by describing how this effect of N on a firm's

After the Wednesday 1 9 . 3 0 h deadline, you can receive feedback on the questions which you have correct / wrong This feedback will be available until Thursday 1 9 . 0 0 h . Question 2 1 pts The services of real estate brokers are provided in a

2 9 . A firm may benefit by paying workers more than the market clearing wage because the higher wages may lead to: A . lower worker turnover B . improved worker morale neglect of work C . reduced D . All of the above

true or false Suppose a competitive market for a good. Then the equilibrium price of that good and the market price of that good are the same thing ( always equal ) .

Ceteris paribus, if Canadians decide they want to eat more U . S . - grown soybeans, then the _ _ _ _ _ _ _ _ _ blank U . S . currency will _ _ _ _ _ _ _ _ _ blank. Multiple Choice supply of; decrease demand for; decrease demand for; increase supply

2 . Consider the following examples: What part of US GDP , if any, is being affected and in which direction ( up or down or no change ) . ( 1 point each ) Honda builds a new factory in the U . S . state of South Carolina. Uncle Tim buys a dishwasher

Most of the assets of the 2 0 largest transnational corporations are located domestically ( in their home countries )

The table is the answer for 4 . 2 i want an answer for 4 . 3

The federal government now has over 7 0 Inspector Generals or IGs. What does the term Inspector General usually mean? The investigative head of the agency to ensure audit and compliance. The person who inspects the agency to ensure it meets

In order for the Federal Reserve to raise interest rates, it needs to:

Consider a hypothetical closed economy in which the marginal propensity to consume ( MPC ) is 0 . 8 and taxes do not vary with income ( that is , taxes are fixed rather than variable and the income tax rate t = 0 t = 0 ) . The following graph shows

Q _ ( 1 C ) + Q _ ( 2 ) .

I f i = 7 % , for what value o f x makes the present value = 0 . ( 1 0 points )

1 . Equilibrium quantity Q = 8 0 0 0 , equilibrium price P = 2 0 . Demand elasticity is - 1 . 5 Supply elasticity is + 1 . 2 a . Reconstruct linear demand and supply functions b . Pick on of the interventions and analyze the impact: i . A price

firms with major buying power are what?

2 Multiple choice 1 point According to a Marxist environmental sociologist, how would raising labor costs at a Chinese electronic waste facility help the environment? The higher labor cost would raise the cost of the electronic good, incentivizing

Washington State is the # 1 producer of blueberries in the United States. Group of answer choices True False

The willingness to pay value for a reduction in the probability of death is known in cost - benefit analysis as: Question 9 options: A statistical life year Quality adjusted life year Value of life Value of statistical life

Question 3 1 ( 2 points ) Which of the following statements regarding comparison of fiscal and monetay policy transmission are CORRECT? Select ONLY THOSE THAT APPLY. Select 2 correct answer ( s ) Fiscal policy is implemented more slowly than

what are some adverse selection examples

Match the term on the left with the descriptor on the right Clinical model Role performance model q , Adaptive model Eudaemonistic model A . health is absence of signs and symptoms B . health is wellbeing and self realization C . health is ability

The inflation rate in Brazil ( BRL ) is 6 . 7 4 % , and is 1 4 . 3 3 % in Argentina ( ARS ) . lf theARS depreciates relative to the BRL by 2 . 1 5 % in real terms, then which of thefollowing would be correct? O a . . Nominal exchange rate

Suppose that velocity is 3 and the money supply is $ 6 0 0 million. According to the quantity theory of money, nominal output equals A . $ 1 8 0 million. B . $ 2 0 0 million. C . $ 1 . 8 billion. D . $ 2 billion.

Adverse selection in insurance may be mitigated by all of these EXCEPT: denying coverage. screening. group policies. higher premiums.

Assessment + 0 pts 1 6 0 0 Resources Question 1 of 6 National and International Accounts: Income, Wealth, and the Balance of Payments - End of Chapter Problem To the right is a partial table of OECD member countries using data from the World Bank,

Divergent growth rates of monetary aggregates are problematic because _ _ _ _ _ _ _ _ . Question 4 8 options: it suggests that the choice of monetary aggregate by policy makers does not matter it means that the effect of monetary policy becomes

I f the M P C i n the economy i s 0 . 7 and aggregate expenditures fall b y $ 1 0 billion, then real G D P will fall b y $ 1 7 billion. A . TRUE B . FALS

1 2 2 0 0 Solution Al Iutor Question 6 of 2 2 One explanation for the negative slope of the aggregate demand curve is the "wealth effect" ( aka the "real - balances" effect ) . What is this effect? For normal goods, people buy more of a product if

Saved \ table [ [ Item , \ table [ [ Bllllons of ] , [ Dollars ] ] ] , [ Checkable Deposits,$ 2 , 1 8 0

"How goods and services are advertised" is one of the three basic economic questions that each society must answer. True False

If prices double in Vancouver while the prices in Sao Paulo remain the same, the purchasing power of the dollar relative to the real: Multiple Ch 0 1 ce O O should decrease by 5 0 % . should decrease by 1 0 0 % . should Increase by 1 0 0 % should

A bank sells $ 1 0 million of bonds to the Fed to pay back $ 1 0 million on the loan it owes, what is the effect on the level of checkable deposits?

Question 3 7 2 pts The firing of public - office holders of a defeated political party and their replacement with loyalists of the victorious political party is called the civil service. spoils system. merit system. replacement doctrine.

Perfectly Competitive industry is producing the profit maximizing / loss minimizing output level with plant SRATC 5 . Assume the market price is $ 8 0 , in the long run we expect * The market supply to shift right and the price to rise * None of

In markets characterized by _ _ _ _ _ _ _ _ _ _ , the actions of one firm influence the decisions of its competitors, as each firm s outcomes depend on the strategies of others. In contrast, _ _ _ _ _ _ _ _ _ _ occurs when a firm's actions have no

If the price index rises from 1 0 0 to 1 3 0 , then the purchasing power of the dollar will fall by about

what are the two ways Americans without college degrees can accumulate more wealth than their peers

Based upon macroeconomic evidence and analysis, provide your own analysis regarding where you believe the U . S . economy is operating with respect to the business cycle, i . e . , in what phase of the business cycle ( trough , expansion, eak,

The q , relationship is the most basic type of agency relationship. principal - steward principal - third - party beneficiary principal - independent contractor principal - agent

The standard cgl policy requires the insurer to provide how many days notice of its intent to cancel the policy

Explain why firms who sell inelastic goods tend to increase their prices frequently.

Two presidential candidates have offered different economic platforms. Paul Simon, a Democrat, proposes to help the working class by giving each worker an income tax reduction of $ 1 for each hour that he works. Art Garfunkel, a Republican, proposes

We know that there is a tax subsidy associated with the fact that employer - provided health insurance is not taxable. Consider an individual who faces a 2 0 % tax rate on wage income, and health insurance costs of $ 5 0 0 0 . His employer gives him

Which of the following is a reason to worty about govemment debt? High and rising debt slows economic growth. Future generations can help repay the debt. Most of the debt is domestic debt. The govermment never really needs to repay the debt.

Relative to the Cournot equilibrium, the Bertrand equilibrium with homogeneous products _ _ _ _

Assuming there is a fixed deposit of a nonrenewable resource that will be extracted over two time periods. If there is a positive discount rate, will more be extracted in the first period or the second? Why? Explain how this relates to Hotelling s

The entity best equipped to determine an individual's interests, skills, and goals is Group of answer choices the employer of the individual. the government. the sector of the economy offering the highest wages. the individual.

Select a false statement from below In monopoly and monopolistic competition markets, marginal revenue curve lies below the demand ( average revenue or price ) curve In monopoly and monopolistic competition markets, the levels of output in

2 2 ) When 5 units of labor are employed, total product is 9 units; when 6 units of labor are employed, total product is 1 1 units of output. If the price of output is $ 5 per unit, what is the marginal revenue product of the 6 th unit of labor?A )

World War II resulted in a dramatic decrease in the overall size and scope of the federal government. T or F True False

4 6 This is a true story. The grandfather of Professor Ed Torres was living in Venezuela during the prosperous 1 9 8 0 s when they still had a pro - capitalist economy. That country was one of the top 1 0 wealthiest nations in the world at that time

If real GDP is less than potential GDP Group of answer choices the price level will not change. the rate of inflation will not change. the rate of inflation will increase. the rate of inflation will decrease. the price level will fall.

The - definition of income is the sum of annual consumption and changes in net worth

If the inflation rate is greater than the nominal interest rate, then the real interest rate will be negative. real interest rate will be positive. inflation rate will increase. inflation rate will decrease. nominal interest rate will be negative.

For each of the following policies indicate whether the policy is: 1 . A monetary or a fiscal policy. 2 . An active or a passive policy. 3 . A policy by rules or with discretion. ( 4 total points, 1 point each ) A . The central bank follows a policy

From the \ ( \ mathrm { PW } , \ mathrm { AW } \ ) , and FW values shown, the conventional \ ( \ mathrm { B } / \ mathrm { C } \ ) ratio is closest to Multiple Choice 1 . 2 7 . 1 . 3 3 . 1 . 5 4 . 2 7 6 .

The presence of formal labor organizations in the United States dates back to the: A ) civil war. B ) depression years of the 1 9 3 0 s . C ) late 1 7 0 0 s . D ) late 1 8 0 0 s .

Table: Barrels of Oil 1 \ table [ [ Barrels of Oil,Marginal Revenue,Marginal Cost,Change in Profit ] , [ 0 , $ 0 , $ 0 , ] , [ 1 , 1 0 0 , 2 0 , ] , [ 2 , 1 0 0 , 4 0 , ] , [ 3 , 1 0 0 , 6 0 , ] , [ 4 , 1 0 0 , 8 0 , ] , [ 5 , 1 0 0 , 1 0 0 , ] , [

Using money back guarantees and rebates could reduce free riding or fear of free riding behavior in discrete public goods demand estimation. True False

How much profit would you earn if you practiced perfect price discrimination?

Assume the XYZ Corporation is producing 2 0 units of output. It is selling this output in a purely competitive market at $ 1 0 per unit. Its total fixed costs are $ 1 5 0 and its average variable cost is $ 3 at 2 0 units of output. This corporation

Economic cost can best be defined as 2 points any contractual obligation to labor or material suppliers. any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers. a payment that must be made to

Supporters of the current system of Fed independence believe that a less autonomous Fed would Group of answer choices adopt a long - run bias toward deflation. pursue overly easing monetary policies, which brings inflation in the long run. be more

A company you work for wants to help their employees increase their retirement savings. a ) Explain a specific policy that the company could implement to increase employee savings right now. What behavioral anomaly describes the potential

5 Multiple Choice 1 . 7 5 points Labor market inequality doesn't include which of the following... discrimination lack of human capital lack of political capital 6 Multiple Choice 1 . 7 5 points The National Labor Relations Act specified that... all

The current Federal minimum wage, what wages for full - time employment were required in 2 0 1 0 ( and yet remain the same ) to allow an average household to rent a two - bedroom apartment and subsist?

Question 3 2 The cost of manufacturing computer memory has q , roughly every two years for many decades. increased by a factor of 4 increased by a factor of 2 decreased by a factor of 4 decreased by a factor of 2

\ table [ [ Company , Sales ( billions of dollars ) ] , [ A , 7 5 ] , [ B , 1 5 0 ] , [ C , 3 0 ] , [ D , 1 5 ] , [ E , 3 0 ] , [ Total , 3 0 0 ] ] Use the table of market data to find the Hirschman Index. 1 0 0 2 5 0 0 3 0 0 3 3 5 0

As of June 2 0 2 0 , the value of currency in circulation was about Question 5 7 Select one: A . $ 1 . 1 billion. B . $ 2 4 billion. C . $ 1 . 9 trillion. D . $ 4 4 trillion.

What is the amount of the deadweight loss generated by Shakti when it produces the profit - maximizing output? Enter a dollar number.

The interest rate on loans of reserves from one bank to another is _ _ _ _ _ _ _ _ . Question 8 Select one: a . the discount rate b . the fed funds rate c . the overnight rate d . the bank rate

What is the Balance of Payments ( BOP ) ? If an American tourist purchases a leatherjacket while vacationing in Italy, in which of the accounts of the U . S . BOP will thistransaction be recorded?

Refer to the exhibit. A profit - maximizing single - price monopolist will set the price at \ table [ [ Quantity , Total Revenue,Total Cost ] , [ 2 , $ 3 0 0 , $ 2 5 0

Question 4 ( 1 point ) Exports account for what percent of GDP in the United States? A ) 1 5 percent B ) 2 0 percent C ) 5 percent D ) 1 1 percent E ) 2 percent

If a dominant firm follows a strategy of limit pricing, this firm charges a price q , the current profit - maximizing level in order to q , below; limit dominant firm's marginal cost. equal to; maximize profits. above; drive out the fringe. below;

1 Multiple Choice 1 . 8 points What is the main reason for the unnatural change in temperature or climate patterns over time: Increase in population Plastics pollution due to globalization Increase in trade due to globalization Fossil fuel expansion

firm's markup u per unit of output is given by u = ( ( p - w / ^ ) / p where p is the priceof the output good, w is the nominal wage per hour, and ^ is the average productivity of labour ( the number of output units per hour ) . The markup u is

If the cross - price elasticity of supply is equal to 0 . 7 8 , a possible example of this relationship would be wool and lambs. Group of answer choices True False

Suppose the economy is in a long - run equilibrium, as shown in the following graph. Now suppose that a stock market crash causes aggregate demand to fall. Use your diagram to show what happens to output and the price level in the short run.

does monoploy reduce economic efficiency

4 . How do the following events affect: ( i ) the labor force participation rate and ( ii ) the unemployment rate a . A major automobile company goes broke and lays off its workers. The workers immediately start looking for new jobs ( 1 point each

A monopoly firm is a price taker. Group of answer choices True False

The opportunity cost of holding money Suppose you've just inherited $ 6 , 0 0 0 from a relative. You're trying to decide whether to put the $ 6 , 0 0 0 in a non - interest - bearing account so that you can use it whenever you want ( that is , hand

Consider the following two options related to one of the old but special machine tools in your machine shop. bullet Option 1 : You continue to use the old machine tool that was bought fourfour years ago for $ 1 2 comma 0 0 0 1 2 , 0 0 0 . It has

Suppose the economy moves from point A in year 1 to point B in year 2 . Part 2 a . The growth rate of potential GDP from year 1 to year 2 is 2 . 0 7 2 . 0 7 % . ( Enter your response rounded to two decimal places. ) Part 3 b . The unemployment rate

In the long run, inflation and unemployment are unrelated. The inflation rate depends mainly on growth in unemployment nothing growth in the money demand growth in the money supply

Perfect competition is characterized by _ _ _ _ _ _ _ competitors that sell _ _ _ _ _ _ _ _ _ products. Group of answer choices Identical; few Few; identical Many; identical Identical; many

Question 2 ( 5 points ) The following table shows the marginal private benefits and marginal private cost of providing daycare spaces in the province: \ table [ [ \ table [ [ Number of ] , [ Daycare Spaces ] ] , \ table [ [ Marginal Private ] , [

Keynesianism argues that: the government should never run a deficit. balanced budgets and fiscal restraint are the key to ensuring economic growth. fighting inflation is the only concern that the government should have. during economic downturns,

Help with this please The following graph plots equilibrium in the money market at an interest rate of \ ( 6 \ % \ ) and a quantity of money equal to \ ( \ $ 1 5 \ ) billion. Show the impact of the increase in government purchases on the interest

Question 9 The fact that U . S . managers' salaries are substantially higher than the salaries of comparable managers in Japan may be related to the fact that: q , there are no government controls on CEOs' earnings in the United States. q , the

Refer t o the following floure: What i s the total profit for tinistirms a $ 3 5 b $ 4 5 c $ 5 5 d $ 6 5 S . . . . . . ' * 'ollowing cost aurves a P 1 b P 4 The following payoff matrix i s for two players, each w h t h two strateges ? ? P l a y e r

In the 1 8 5 8 reading on William Seward, he states that the nation s economic growth would soon require it to be either all free labor or all slave labor. True False

explicit vs implicit c = econ

Which of the following friends is the most irreplaceable? Suzie, who knows your preferences and abilities better than anyone in the world Sara, who is one of a handful of classmates who could give you a ride to school Karen, who can make your famous

Megatron, a monopoly firm, is currently charging a price where they are posting economics losses. This means that Megatron, produces a quantity where _ _ _ _ _ _ _ _ _ _ _ _ _ _ market price. Selected answer will be automatically saved. For keyboard

c . Now suppose that there are 1 0 0 firms in the industry, each with equal shares. What is the Herfindahl - Hirschman index for this industry?

Question 6 ( 3 points ) Assume that in the previous decade, economists estimated that the cross - price elasticity between the quantity demanded of bananas and the price of frozen strawberries was + 0 . 2 5 . Today, the relationships between

Which of the following most accurately indicates the relationship between economic growth and life expectancy? Group of answer choices countries that experience economic growth tend to experience stable life expectancy. countries that experience

Question 2 2 4 points Soda companies pay universities for the exclusive right to sell their products on campus. For example, the University of Buffalo agreed to sell only Pepsi on campus in exchange for $ 2 2 0 , 0 0 0 per year. This agreement: is

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