Choose the best answer for each question i need to choose the best answer

1. Please match the following products with their most likely market supply structure.

A. Monopolistic Competition a. Glass of tap water

B. Monopoly b. Computer processors

C. Pure Competition c. Bushel of Corn

D. Oligopoly d. Pepperoni Pizza

2. "Economic Costs" and "Economic Benefits"?

A are easily measured and defined.

B include "Accounting Costs" and "Accounting Benefits."

C all of above.

D none of the above.

3. Gains from trade between economic agents are dependent upon 'comparative advantage' in productivity.

A True

B False

4. If the price of a good X decreases and the quantity consumed of good Z increases?.

A Good X and Good Z are Superior goods.

B Good X and Good Z are Substitute goods.

C Good X and Good Z are Complementary goods.

D a and c E b and c F none of the above

5. An increase in a producers' ability to price discriminate?

(A) can increase 'Consumer Surplus'.

(B)can decrease 'Dead Weight Loss'.

(C) can increase Dead Weight Loss.

(D) a and b.

(E) a and c.

(F) all of the above.

(G) none of the above

6. Please match the following products with the best fitting 'economic characterization'.

A. ___Game Theory a. Government 'Free' Cheese

B. ___ Adverse Selection b. Individual Health Insurance

C.____ Price Ceiling c. Mobile Phone Plan

D.___ Price Floor d. 'Rent Controlled' Apartment

7. Match the following economic concepts with most accurately fitting descriptor.

A.____ Traditional (Tullock) Dead Weight Loss a. Triangle shaped area

B.____ Thompson Dead Weight Loss b. area represented between Demand Curve and Market Price of Good

C.____ Consumer Surplus c. Triangle and Rectangle shaped area

D.____ Producer Surplus d. area represented between Supply Curve and Market Price of Good

8. An 'Inferior Good' responds to a change in its price with

A positive substitution and income effects .

B its income effect working against its substitution effect.

C inverse substitution and positive income effects.

D a and b

E b and c

F none of the above

9. The substitution effect on the consumption of a good/service

A is a negative (inverse) relationship between income and quantity.

B is a positive relationship between price and quantity.

C is a negative (inverse) relationship between price and quantity.

D can be either a positive or negative (inverse) relationship income and quantity.

10. The opportunity cost of leisure has a negative relationship with (respect to) wages.

A True

B False

11. A shift in the overall demand curve profile for peanut butter can be the result of a price change in bread.

A True

B False

12. 'Free Rider' effects impact 'Private Goods' more than 'Public Goods'.

A True

B False

13. Typical characteristics of an inelastic good/service demand curve include

A lack of complements for the good

B relative necessity of the good.

C lack of substitutes for the good.

D a and b

E b and c

F a and c

G none of the above

14. The key production factors of any economic system are

A land, labor, capital and entrepreneurship.

B rent, wages, interest and profit.

C rent, wages, interest and taxes.

D a and b .

E none of the above.

15. A 'Rational Consumer's 'Utility' Indifference curves between Good X and Good Y are concave with respect to the origin of the graph of Good X and Good Y.

A True

B False

16. Please match the below Market Structure with the best fitting 'economic description'.

A.___ Simple Monopoly a. No Consumer Surplus

B.___ Perfect Price Discriminating Monopolist b. No "Dead Weight Loss"

C. ____ Perfect Competition in Long Run c. Excess Profits

D._____ Perfect Competition in Short Run d. "Dead Weight Loss"

17. If a market for a good/service is 'knocked' out of equilibrium it is considered an 'unstable' equilibrium.

A True

B False

18. 'Market Failure' takes place when a market exhibits

A 'Consumer Surplus'.

B 'Dead Weight Loss'.

C 'Producer Surplus

' D all of the above.

E none of the above.

19. Normative economics is looking at the world using value judgment's.

A True

B False

20. A 'Rational' economic consuming agent

A faces choices amongst unlimited resources.

B exhibits utility minimizing behavior.

C all of the above

D none of the above