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(TCO 1) Opportunity cost is best defined as....




Question;(TCO 1) Opportunity cost is best;defined as (Points: 4);marginal cost minus marginal benefit.;the time spent on an economic activity.;the value of the best forgone alternative.;the money cost of an economic decision.;Question 2.2. (TCO1) Which of the following is considered to be an;entrepreneur? (Points: 4);Self-employed person;MBA graduate hired by a firm to be its CEO;Production-line worker;Customer of a firm;Question 3.3. (TCO1) A point outside the production possibilities curve is;(Points: 4);attainable, but there is not full employment.;attainable, but there is not optimal allocation.;unattainable because the economy is inefficient.;unattainable because of limited resources.;Question 4.4. (TCO1) A basic characteristic of a command system is that (Points;4);wages paid to labor are higher.;government owns most economic resources.;free markets are never permitted in a command economy.;government planners play a limited role in deciding what goods will be;produced.;Question 5.5. (TCO 2) Which is consistent with the law of demand? (Points: 4);A decrease in the price of tacos causes no change in the quantity of tacos;demanded.;An increase in the price of pizza causes an increase in the quantity of pizza;demanded.;An increase in the price of hamburgers causes a decrease in the quantity;of hamburgers demanded.;A decrease in the price of turkey sandwiches causes a decrease in the;quantity of turkey sandwiches demanded.;Question 6.6. (TCO 2) What combination of changes would most likely decrease the;equilibrium price? (Points: 4);When supply decreases and demand increases;When demand increases and supply increases;When demand decreases and supply decreases;When supply increases and demand decreases;Question 7.7. (TCO 2) Chuck Grim has a price elasticity of demand for beer of;1.2. Suppose that the price of beer is increased by 10 percent. What will;happen to the total amount Chuck spends on beer? (Points: 4);It will not change.;It will decrease.;It will increase.;It is impossible to tell.;Question 8.8. (TCO 2) Which of the following factors will make the demand for a;product relatively elastic? (Points: 4);There are few substitutes.;The time interval considered is long.;The good is considered a necessity.;Purchases of the good require a small portion of consumers' budgets.;Question 9.9. (TCO 2) Which is true for a purely competitive firm in short-run;equilibrium? (Points: 4);The firm is making only normal profits.;The firm's marginal cost is greater than its marginal revenue.;The firm's marginal revenue is equal to its marginal cost.;A decrease in output would lead to a rise in profits.;Question 10.10. (TCO 2) Which would definitely not be an example of price;discrimination? (Points: 4);A theater charges children less than adults for a movie.;Universities charge higher tuition for out-of-state residents.;A doctor charges for services according to the income of patients.;An electric power company charges less for electricity used during;off-peak hours when production costs are lower.;Question 11.11. (TCO 3) A major reason that firms form a cartel is to (Points;4);reduce the elasticity of demand for the product.;enlarge the market share for each producer.;minimize the costs of production.;maximize joint profits.;Question 12.12. (TCO 3) In the short run, output (Points: 4);is absolutely fixed.;can vary as the result of using a fixed amount of plant and equipment;more or less intensively.;may be altered by varying the size of plant and equipment which now exist;in the industry.;can vary as the result of changing the size of existing plants and by new firms;entering or leaving the industry.;Question 13.13. (TCO 4) Which phase of the business cycle would be most closely;associated with an economic contraction? (Points: 4);Peak;Recession;Trough;Recovery;Question 14.14. (TCO 4) In calculating the unemployment rate, part-time workers;are (Points: 4);counted as unemployed because they are not working full-time.;counted as employed because they are receiving payment for work.;used to determine the size of the labor force, but not the unemployment;rate.;treated the same as "discouraged" workers who are not actively;seeking employment.;Question 15.15. (TCO 4) To avoid multiple counting in national income accounts;(Points: 4);only final goods and services should be counted.;intermediate goods and services should be counted.;both final and intermediate goods and services should be counted.;primary, intermediate, and final goods an


Paper#55365 | Written in 18-Jul-2015

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