In the figure above, both Joe and Jill initially produce at point A. If Joe and Jill realize
that they each possess a comparative advantage, which outcome can we expect?
Joe will specialize in shirts, and Jill will specialize in pants.
Joe and Jill each will be able to consume more than 2 shirts and 2 pairs of pants.
Joe will specialize in pants, and Jill will specialize in shirts.
Both answers B and C are true.
Once a country has a comparative advantage in the production of a good
other countries might be able to gain the comparative advantage in that good
through a process called learning-by-doing.
the country loses its absolute advantage in the production of the good.
other countries can equal but not gain a comparative advantage in the production of
the good.
None of the above answers are correct.
If the demand curve for tacos is a downward sloping straight line, at which of the
following prices is the demand the most elastic?
A price of $1.50 per taco.
A price of $1.00 per taco.
There is not enough information given to determine at which price the demand is
most elastic.
A price of $0.50 per taco.
The above figure shows the apartment rental market in Bigtown. If there is a shortage
of 200,000 apartments in the Bigtown rental market, it may be because the Bigtwon
Housing Authority has imposed.
a rent floor of $500.00 monthly.
a rent floor of $750.00 monthly.
a rent ceiling of $750.00 monthly.
a rent ceiling of $500.00 monthly.
The above figure shows the apartment rental market in Bigtwon. If the Bigtown
Housing Authority imposes a rent ceiling of $500.00 per apartment, the deadweight
loss will be
$500,000.00
$125,000.00
$1,000,000.00
$250,000.00
The above figure shows the market for blouses. The government decides to impose a
sales tax on blouses. Using the figure, what is the tax per blouse?
$40 per blouse.
$20 per blouse.
$10 per blouse.
$30 per blouse.
The above figure shows the market for blouses. The government decides to impose a
sales tax on blouses. Using the figure, how much tax revenue does the government
raise?
$40,000.
$80,000.
$60,000.
$20,000.
The figure above shows the demand and cost curves for a single-price monopolist. If
the firm is a profit maximizer, it will produce ________ units and set a price of ________
per unit.
15;$20
10;$30
10;$20
None of the above answers are correct.
The table above shows the payoff matrix for a prisoners’ dilemma. In the dominant
strategy equilibrium,
both prisoners get 10 years in jail..
both prisoners get 3 years in jail.
both prisoners get 1 years in jail.
both prisoners get 2 years in jail.
The problem for the prisoners in the prisoners’ dilemma game in the above table is that
the dominant strategy equilibrium is not the best outcome.
neither prisoner has a dominant strategy.
there is no equilibrium outcome.
ALL of the above.
Which of the following is an economic rationale for government actions in markets?
Externalities
Public goods
Monopoly
All off the above.
Free riders are not a problem in the market for a private good because
the good is a rival good.
non-payers can be excluded from consuming the good.
the good can be produced only at a positive marginal cost.
the free rider will not get caught.
The figure above shows the costs and demand curves for the Bigshow Cable Company.
If the regulator of Bigshow Cable Company set its rate at $4, the company would
enjoy a producer surplus equal to $18 million.
incur an economic loss of $7 million.
earn a normal profit.
None of the above.
The figure above shows the costs and demand curves for the Bigshow Cable Company.
If the firm is required to set its price according to the efficient rule, the price is ________
and the quantity produced is ________ million.
$6;2
$4;2
$4;3
$8;1
If 1998 is the base year, what is the price index for a market basket of goods for 1999
in the above table?
97.3
128.0
102.8
Zero because the price of CDs fell and the price of gasoline increased.
The GDP deflator is
the least used price index because it is so costly to calculate.
an index that measures real production.
an index used to calculate inflation at the wholesale level.
a measure of the average level of prices of all goods and services included in GDP.
Using the definition of unemployment, which of the following individuals would be
unemployed?
Because of the increased level of automobile imports, an employee of General
Motors is laid off but expects to be called back to work soon.
Because of a reduction in the military budget, your next door neighbor loses her job
in a plant where nuclear warheads are made and must look for a new job.
A full-time student quits school, enters the labor market for the first time, and
searches for employment.
All of these individuals are unemployed.
Which of the following is TRUE regarding the labor force participation rate?
I. The labor force participation rate has gradually trended higher over the last thirty
years.
II. Discouraged workers can affect the labor force participation rate.
III. Adding the labor force participation rate plus the unemployment rate equals the
employment-to-population ratio.
I and II.
II and III.
I only.
I and III.
Which of the following individuals is the best example of a structurally unemployed
worker?
A recent college graduate who has entered the labor force.
An individual who quits one job in the hope of finding a better job.
An automobile worker who has lost her job because of an increase in automobile
imports and does not have the skills currently needed by businesses.
An individual who has been laid off from his job because of a business cycle
recession.
Based upon the above table, if disposable income is $400 billion, saving equals
$50 billion.
$0 billion.
-$50 billion.
$100 billion.
Based upon the above table, saving equals $100 billion when disposable income equals
$1200 billion.
$1000 billion.
some amount but we need more information to calculate the amount.
$800 billion.
Based upon the above table, the MPC for the consumption function is
constant at 0.75.
increasing as income rises.
equal to 1.0 at $600 billion.
constant at 0.25.
Suppose real GDP increases from $4 trillion to $5 trillion. As a result, consumption
expenditure increases from $4 trillion to $4.75 trillion. This result implies the MPS
equals
0.75.
0.
0.25.
some amount that cannot be determined without more information.
In the above figure, which of the diagrams show the supply-side view rather than the
traditional view of an income tax cut?
Figure A.
Figure B.
Both figures show the supply-side view.
Neither figure shows the supply-side view.
The opportunity cost of holding money refers to
the interest that could have been earned if the money balances had been changed
into an interest-bearing asset.
the service fees charged to withdraw currency from an ATM.
the price level.
the pleasure that would have been received if the money balances had been used to
buy a good or service.
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