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Product Code:-Marketing-Quiz248

1Q-Economics is the study of how__________________________.

2Q-Suppose you find $20. If you choose to use the $20 to go to the football game, your opportunity cost of going to the game is?

3Q-What is Foreign trade?

4Q-Because people respond to incentives, we would expect that if the average salary of accountant increases by 50 percent while the average salary of teachers increases by 20 percent?

5Q-Which of the following activities is most likely to produce an externality?

6Q-Which of the following statements is true about a market economy?

7Q-High and persistent inflation is caused by_______________________.

8Q-In the short run,______________________________

9Q-Which of the following is not part of the opportunity cost of going on vacation?

10Q-Productivity can be increased by__________________.

11Q-An economic model is________________.

12Q-The circular-flow diagram illustrates that, in markets for the factor of production,

13Q-A point inside the production possibilities frontier is_____________.

14Q-An economy produces hot dogs and hamburgers. If a discovery of the remarkable health benefits of hot dogs were to change consumers' preferences, it would

15Q-All of the following topics fall within the study of microeconomics EXCEPT_____________.

16Q-Which of the following is a positive, rather than a normative statement?

17Q-In an hour, Mateo can wash 2 cars or mow 1 lawn, and Tyler can wash 3 cars or mow 1 lawn. Who has the absolute advantage in car washing, and who has the absolute advantage in lawn mowing?

18Q-Once again, in an hour, Mateo can wash 2 cars or mow 1 lawn, and Tyler can wash 3 cars or mow 1 lawn. Who has the comparative advantage in car washing, and who has the comparative advantage in lawn mowing?

19Q-When two individuals produce efficiently and then make a mutual beneficial trade based on comparative advantage,

20Q-Which goods will a nation typically import?

21Q-Suppose that in the United States, producing an aircraft takes 10,000 hours of labor and producing a shirt takes 2 hours of labor. In China, producing an aircraft takes 40,000 hours of labor and producing a shirt takes 4 hours of labor. What will these nations trade?

22Q-Kayla can cook dinner in 30 minutes and wash the laundry in 20 minutes. Her roommate takes half as long to do each task. How should the roommates allocate the work?

23Q-A change in which of the following will NOT shift the demand curve for hamburgers?

24Q-An increase in ___________ will cause a movement along a given demand curve, which is called a change in ____________.

25Q-If the economy goes into recession and incomes fall, what happens in the markets for inferior goods?

26Q-Movie tickets and film streaming services are substitutes. If the price of film streaming increases, what happens in the market for movie tickets?

27Q-The discovery of a large new reserve of crude oil will shift the ___________ curve for gasoline, leading to a ___________ equilibrium price.

28Q-Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold?

29Q-If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?

30Q-If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

31Q-A life saving medicine without any close substitutes will tend to have______________

32Q-The price of a good rises from $8 to $12, and the quantity demanded falls from 110 to 90 units. Calculated with the midpoint method, the price elasticity of demand is____________

33Q-A linear, downward sloping demand curve_____________.

34Q-An increase in the supply of a good will decrease the total revenue producers receive if_____________.

35Q-The ability of firms to enter and exit a market over time means that, in the long run________________.

36Q-Over time, technological advance increases consumers' incomes and reduces the price of smartphones. Each of these forces increases the amount consumers spend on smartphones if the income elasticity of demand is greater than ____________ and if the price elasticity of demand is greater than ____________.

37Q-When the government imposes a binding price floor, it causes

38Q-In a market with a binding price ceiling, an increase in the ceiling will _________ the quantity supplied, ____________ the quantity demanded, and reduced the _______________.

39Q-A $1 per unit tax levied on consumers of a good is equivalent to

40Q-Which of the following would increase quantity supplied, increase quantity demanded, and decrease the price that consumers pay?

41Q-Which of the following would increase quantity supplied, decrease quantity demanded, and increase the price that consumers pay?

42Q-When a good is taxed, the burden of the tax falls mainly on consumers if?

43Q-Economic profit is equal to total revenue minus_____________.

44Q-The marginal product of labor as production moves from employing one worker to employing two workers is

45Q-The production process described above exhibits________

46Q-If, as the quantity produced increases, a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will_______________.

47Q-The efficient scale of production is the quantity of output that minimizes_______.

48Q-The average fixed cost of producing four units is________.

49Q-The average total cost of producing three units is__________.

50Q-The marginal cost of changing production from three units to four units is______.

51Q-The efficient scale of production is_____________

52Q-When marginal costs are below average total costs____________

53Q-If marginal costs equal average total costs______________.

54Q-Which of the following is not a characteristic of a competitive market?

55Q-If the price is P4' a competitive firm will maximize profits if it produces?

56Q-In the short run, competitive firms will temporarily shut down production if the price falls below

57Q-In the long run, the competitive equilibrium is

58Q-In the long run, the competitive firm's supply curve is the?

59Q-If an input necessary for production is in limited supply so that an expansion of an industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be?

60Q-Which of the following statements about price and marginal cost in competitive and monopolized markets is true?

61Q-The profit earned by the profit-maximizing monopolist is represented by the area

62Q-Compared to a perfectly competitive market, a monopoly market will usually generate_______________

63Q-If marginal revenue exceeds marginal cost, a monopolist should__________

64Q-Which of the following statements about price discrimination is not true?

65Q-A financial intermediary is a middle person between?

66Q-If government spending exceeds tax collections,___________.

67Q-If GDP=$1,000, consumption=$600, taxes=$100, and government purchases=$200, how much is saving and investment?

68Q-The unemployment rate is____________.

69Q-The labor-force participation rate is

70Q-Which of the following sets of government policies is the most growth oriented?

71Q-If Americans become less concerned with the future and save less at each real interest rate?

72Q-A minimum wage law tends to

73Q-Which of the following government policies would fail to lower the unemployment rate?

74Q-Which of the following is an example of a reason why firms might pay efficiency wages?

75Q-Unions might increase efficiency in the case where they?

76Q-Which of the following is not a factor of production?

77Q-Which of the following statements is normative?

78Q-If a nation has a comparative advantage in the production of a good?

79Q-If the economy is operating at point C, the opportunity cost of producing an additional 15 units of bacon is__________

80Q-As we move from point A to point D___________

81Q-According to the principle of comparative advantage?

82Q-Joe is a tax accountant. He receives $100 an hour doing tax returns. He can type 10,000 characters per hour into spreadsheets. He can hire an assistant who types 2,500 characters per hour into spreadsheets. Which of the following statements is true?

83Q-If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is______________.

84Q-A monopolistic market has_______________.

85Q-If the price of a good is below the equilibrium price________.

86Q-Argentina has a comparative advantage in the production of______.

87Q-Peru will export___________.

88Q-Suppose there is a increase in both the supply and demand for personal computers. Furthermore, suppose the supply of personal computers increases more than demand for personal computers, we would expect the?

89Q-Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What do we expect to happen to the equilibrium price and the quantity in the market for wheat today?

90Q-If consumers always spend 15 percent of their income on food, then the income elasticity of demand for food is

91Q-If the income elasticity of demand for a good is negative, it must be

92Q-Which of the following statements about a binding price ceiling is true?

93Q-Which of the following is an example of a price floor?

94Q-The burden of a tax falls more heavily on the buyers in a market when_____

95Q-Using the midpoint method for calculating the elasticity, what is the price elasticity of demand for cable television in Small Town?

96Q-At which of the following prices does Small Town Cablevision earn the greatest total revenue?

97Q-The inefficiency associated with monopoly is due to_______.

98Q-The purpose of antitrust laws is to_______.

99Q-An example of a transfer payment is_________

100Q-Gross domestic product can be measured as the sum of?

101Q-U.S. GDP would exclude which of the following?

102Q-How is your purchase of a $40,000 BMW automobile that was produced entirely in Germany recorded in the U.S. GDP accounts?

103Q-Which of the following would likely cause the CPI to rise more than the GDP deflator?

104Q-If inflation is 8 percent and the real interest rate is 3 percent, then the nominal interest rate should be________________.

105Q-Under which of the following conditions would you prefer to be the borrower?

106Q-If workers and firms agree on an increase in wages based on their expectations of inflation, and inflation turns out to be more than the expected?

107Q-According to the Bureau of Labor Statistics, a husband who chooses to stay home and take care of the household is

108Q-Which of the following types of unemployment will exist even if the wage is at the equilibrium

109Q-The 'M1 money supply is composed of

110Q-Which of the following statements is true?

111Q-If the reserve ratio is 25 percent, the value of the money multiplier is______.

112Q-Which of the following policy combinations would consistently work to increase the money supply?

113Q-If the Fed engages in an open-market purchase, and at the same time, it raises reserve requirements?

114Q-The Fed's tools of monetary control are

115Q-Which of the following would not cause a shift in the long run aggregate supply curve?

116Q-According to the wealth effect, aggregate demand slopes downward negatively because

117Q-Suppose the economy is initially in the long-run equilibrium. Then suppose there is a drought that destroys much of the wheat crop. According to the model of aggregate demand and aggregate supply, what happens to prices and output in the short run

118Q-In the market for real output, the initial effect of an increase in the money supply is to_______________.

119Q-The initial impact of an increase in government spending is to shift___________.



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1Q-Economics is the study of how__________________________. 1A-Society manages its scarce resources

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