Microeconomics

Question 1

2.5 / 2.5 points

Game plea is unquiet delay

Question options:

A) 

predicting the results of bets     placed on avers approve roulette.

B) 

the valuable of an     optimal diplomacy in combat positions.

C) 

utility maximization by steadfasts in     wholly competitive communicates.

D) 

the absenteeism patterns of     caribou in Alaska.

Question 2

2.5 / 2.5 points

A senior intimidation to craveer-term income exists when interspaces to note into an activity are excellent.

Question options:

True

False

Question 3

2.5 / 2.5 points

Which of the forthcoming is an copy of a aver plea diplomacy?

Question options:

A) 

You dabble my     back and I’ll dabble yours.

B) 

If the shoe fits, exhibit it.

C) 

Monkey see, monkey do.

D) 

None of the aloft.

Question 4

2.5 / 2.5 points

Which of the forthcoming is reform regarding opening absorb?

Question options:

A) 

Except to the     extent that you pay aggravate for them, opening absorbs should not subordinatestand the     absorb of things you would bear  
    purchased anyway.

B) 

To calculate opening absorbs,     you should delaydraw benefits from absorbs.

C) 

Opportunity absorbs and the purpose     of trade-offs are not closely kindred.

D) 

Rational commonalty should assimilate     various options externally owing opening absorbs.

Question 5

2.5 / 2.5 points

To close aggravate communicate dominion, steadfasts can:

Question options:

A) 

Raise their practice extremity on     prices

B) 

Differentiate their     products from the products of their rivals

C) 

Lobby the legislation to     eliminate interspaces to note

D) 

Reduce their absorbs of formation

E) 

Advertise that they commit low     prices

Question 6

2.5 / 2.5 points

Carol's Candies is unresisting 150 boxes of candy a day. Carol's extremityal wealth and extremityal absorb incurvations are shown in the appearance aloft. To extension her practice, Carol should

Question options:

A) 

bring output to     extension practice.

B) 

maintain the exoteric raze of     output to maximize practice.

C) 

extension output to extension     profit.

D) 

Not ample instruction is abandoned     to aver if Carol should extension, bring, or not modify her raze of     output.

Question 7

2.5 / 2.5 points

Game plea refers to

Question options:

A) 

a scheme for the actions that a     player in a aver merit charm subordinate integral conceivable condition that the     player consequenceiveness visage.

B) 

a position in which each averer     chooses the diplomacy that yields the excellentest payoff, abandoned the diplomacy     chosen by the other averers.

C) 

optimal determination making by     microeconomic agents.

D) 

the shoot of     microeconomics unquiet delay the dissection of optimal determination making in     competitive positions

Question 8

2.5 / 2.5 points

In consummate rivalry, a steadfast's extremityal wealth equals its:

Question options:

A) 

Price

B) 

Supply incurvation

C) 

Total wealth

D) 

Average wealth

Question 9

2.5 / 2.5 points

A dominant diplomacy

Question options:

A) 

is a hardy diplomacy.

B) 

guarantees a Nash makeweight.

C) 

is a diplomacy that     is amend for a averer than any other the averer consequenceiveness adopt, careless     of the other averer’s diplomacy.

D) 

depends on the other averer’s     strategy

Question 10

0 / 2.5 points

Which one of the forthcoming would Adam Smith consort is an copy of communicate insufficiency requiring legislation interference?

Question options:

A) 

Many dot.com internet inveterate     companies go debtor in 2000.

B) 

Alex Rodriguez is offered $252     million to aver baseball for 10 years.

C) 

Stock values of divers excellent tech     companies decline by aggravate than 50% in 2000.

D) 

The formation of steel pollutes     the air and endangers the environment.

E) 

The worth of excitementing oil     continues to extension making it up-hill, if not impracticable, for     the penniless to be able to grant to excitement their homes this refuse.

Question 11

2.5 / 2.5 points

In the crave run, the monopolist can abide in the activity at a worth that is just beneath crave-run middle absorbs.

Question options:

True

False

Question 12

2.5 / 2.5 points

Which of the forthcoming is the best copy of a exoteric good-tempered-natured-natured?

Question options:

A) 

an pursuit ring approve Disney     World

B) 

a corporate courage owned and     operated by the legislation

C) 

a aver university

D) 

a regional deluge     moderate project

Question 13

2.5 / 2.5 points

In aver plea, a valuable that is optimal for a steadfast no subject what its competitors do is referred to as the dominant diplomacy.

Question options:

True

False

Question 14

2.5 / 2.5 points

The aloft appearance shows the sum wealth incurvation for Dizzy Discs. The claim incurvation for CD's sold by Dizzy Discs

Question options:

A) 

has substantial prosper.

B) 

has disclaiming prosper.

C) 

is downright.

D) 

is perpendicular.

Question 15

2.5 / 2.5 points

In the crave run, steadfasts subordinate preoccupancy or oligopoly must merit ordinary income.

Question options:

True

False

Question 16

2.5 / 2.5 points

Which one of the forthcoming does not happen in consummate rivalry?

Question options:

A) 

Firms and buyers are altogether     informed encircling the worths of the products of each steadfast in the activity

B) 

There are     significant restrictions on note into the activity

C) 

Firms already in the activity     bear no practice aggravate immanent new entrants

D) 

There are divers buyers

E) 

No unmarried steadfast can compel a     significant rule on the communicate worth of the good-tempered-natured-natured

Question 17

2.5 / 2.5 points

Which of the forthcoming merit extension the approvelihood a special merit knowledge periods of indigence?

Question options:

A) 

completing excellent initiate rather     than detriment out

B) 

getting married antecedently having a     child

C) 

having a member as     a teenage unmarried parent

D) 

maintaining full-period employment

Question 18

2.5 / 2.5 points

As a steadfast loses its preoccupancy foundation, improving aggravate competitive as new steadfasts penetrate the communicate, the ex-preoccupancy steadfast's claim incurvation:

Question options:

A) 

remains the concordant but is now singly     part of communicate claim

B) 

shifts to the left     and becomes aggravate elastic

C) 

shifts to the left and becomes     aggravate inelastic

D) 

shifts to the just and becomes     aggravate elastic

E) 

shifts to the just and becomes     aggravate inelastic

Question 19

2.5 / 2.5 points

According to Adam Smith’s plea of the “atomic influence,” businesses merit product the products consumers most crave owing

Question options:

A) 

this merit maximize consumer     satisfaction.

B) 

the legislation requires them to     do so.

C) 

this merit maximize     business income.

D) 

this merit maximize society’s     welfare.

E) 

this merit beget consumer     “good-natured merit.”

Question 20

2.5 / 2.5 points

Which one of the forthcoming characteristics does not devote to oligopoly?

Question options:

A) 

The activity is frequently     characterized by bulky non-worth rivalry

B) 

A few enlightened steadfasts recital for a     excellent percentage of activity output

C) 

Each steadfast visages a downward     sloping claim incurvation

D) 

Many fine steadfasts     recital for a excellent percentage of activity output

Question 21

2.5 / 2.5 points

Externalities can be substantial owing

Question options:

A) 

there is no concept for extremityal     benefit.

B) 

utility can be     impacted substantially as courteous as disclaimingly

C) 

ultimate amercement do not latest     aggravate period

D) 

substantial externalities are     subsidies

Question 22

2.5 / 2.5 points

In oligopoly:

Question options:

A) 

firms contend delay each other     singly by exaltation and murky sum owing worths are fixed

B) 

the a small reckon of     firms creates common correlativeness in pricing unordered the steadfasts

C) 

the steadfast is the activity

D) 

firms bear no up-hilly     entering and leaving the communicate

E) 

the steadfast having a eventual     preoccupancy sets worth for the others

Question 23

2.5 / 2.5 points

Perfect rivalry happens in a communicate where there are divers steadfasts each selling:

Question options:

A) 

A concordant product

B) 

A contestless product

C) 

A excellent intensive product

D) 

An selfsame     product

E) 

A competitive product

Question 24

2.5 / 2.5 points

One variety betwixt consummate rivalry and monopolistic rivalry is that:

Question options:

A) 

In consummate rivalry, the     products are slightly incongruousiated betwixt steadfasts

B) 

There are a fineer reckon of     firms in consummately competitive industries

C) 

Monopolistic rivalry has     barriers to note, when-in-fact consummate rivalry has none

D) 

Firms in     monopolistic rivalry bear some rank of communicate dominion

E) 

There are a enlightenedr reckon of     firms in monopolistic rivalry

Question 25

2.5 / 2.5 points

Price shrewdness refers to charging incongruous products in incongruous communicates.

Question options:

True

False

Question 26

2.5 / 2.5 points

In aver plea, the consequence or coherence of a diplomacy is referred to as the

Question options:

A) 

payoff.

B) 

penalty.

C) 

reward.

D) 

end-aver diplomacy.

Question 27

2.5 / 2.5 points

A aver that involves multiple moves in a sequence of selfsame positions is determined a

Question options:

A) 

sequential aver.

B) 

repeated aver.

C) 

zero-sum aver.

D) 

nonzero-sum aver.

Question 28

2.5 / 2.5 points

Game plea refers to

Question options:

A) 

a scheme for the actions that a     player in a aver merit charm subordinate integral conceivable condition  that     the averer consequenceiveness visage.

B) 

a position in which each averer     chooses the diplomacy that yields the excellentest payoff, abandoned the diplomacy     chosen by the other averers.

C) 

optimal determination making by     microeconomic agents.

D) 

the shoot of     microeconomics unquiet delay the dissection of optimal determination making in
    competitive positions.

Question 29

2.5 / 2.5 points

Which of forthcoming is an copy of a monopolistically competitive steadfast?

Question options:

A) 

Farmer Jones's wexcitement farm.

B) 

Post Breakfast Cereals.

C) 

TCI Cablevision, a supplier of     cable T.V. services.

D) 

T.J.'s Clothes, a     local retail drapery shop.

E) 

None of the aloft.

Question 30

2.5 / 2.5 points

A aver that involves interkindred determinations that are made aggravate period is a

Question options:

A) 

sequential aver.

B) 

repeated aver.

C) 

zero-sum aver.

D) 

nonzero-sum aver.

Question 31

2.5 / 2.5 points

A steadfast that considers the immanent reactions of its competitors when it makes a determination is affianced in strategic deportment.

Question options:

True

False

Question 32

2.5 / 2.5 points

Public good-tempered-natured-natureds can be

Question options:

A) 

provided privately

B) 

provided exotericly

C) 

subject to uncounted rider examples

D) 

all of the aloft

Question 33

2.5 / 2.5 points

To re-establish the example of externalities, such as defilement, economists praise that legislation:

Question options:

A) 

regulate polluters.

B) 

pursues a system of     laissez-faire, "hands off" businesses.

C) 

aver mandatory limits     controlling the total of defilement which businesses may beget.

D) 

use the communicate     mechanism to moderate ordinary externalities.

Question 34

2.5 / 2.5 points

If a good-tempered-natured-natured-natured is characterized by facile disqualification but divers may ling use it externally reducing the total beneficial for others, the good-tempered-natured-natured-natured is a:

Question options:

A) 

private good-tempered-natured-natured

B) 

common ownership resource

C) 

toll good-tempered-natured-natureds

D) 

exoteric good-tempered-natured-natured

Question 35

2.5 / 2.5 points

Extensive advertising can be a dominionful interspace to note into an activity:

Question options:

True

False

Question 36

2.5 / 2.5 points

_______, in his 1776 operation _______, introduced the concept of the atomic influence.

Question options:

A) 

Eli Hecksher; The Wealth of     Nations

B) 

Adam Smith; The     Wealth of Nations

C) 

Paul Samuelson; Economics

D) 

Karl Marx; The Wealth of Nations

Question 37

0 / 2.5 points

Pure Diplomacy is:

Question options:

A) 

is a unfair valuable of a     diplomacy from the averer’s potential strategies in the aver, when-in-fact a adulterated     diplomacy is a valuable betwixt sum and worth optimization.

B) 

is a unfair valuable of a     diplomacy without of the averer’s potential strategies in the aver, when-in-fact a     adulterated diplomacy is a valuable unordered two or aggravate sheer strategies according to     pre-specified probabilities.

C) 

is a unfair     valuable of a diplomacy without of the averer’s potential strategies in the     game, when-in-fact a adulterated diplomacy is a valuable betwixt sum and worth     optimization.

D) 

is a unfair valuable of a     diplomacy from the averer’s potential strategies in the aver, when-in-fact a adulterated     diplomacy is a valuable unordered two or aggravate sheer strategies according to     pre-specified probabilities

Question 38

2.5 / 2.5 points

Suppose Kevin offers to contest his competitors' worth in an oligopoly communicate. This merit bear the consequence of

Question options:

A) 

Eliminating his competitors' spur to     bring worth if his intimidation is probable.

B) 

Driving out his rivalry.

C) 

Increasing his competitors spur to bring worth if his intimidation is     credible.

D) 

Triggering an antitrust study.

E) 

None of the aloft.

Question 39

2.5 / 2.5 points

Under which likeness of communicate constitution is worth inflexibility frequently predicted?

Question options:

A) 

Natural preoccupancy

B) 

Imconsummate rivalry

C) 

Perfect rivalry

D) 

Pure preoccupancy

E) 

Oligopoly

Question 40

2.5 / 2.5 points

Industrial system

Question options:

A) 

is strategic deportment that charms locate at the exoteric raze.

B) 

may be wellbred by indemnifying and subsidizing clarified industries.

C) 

is intentional to get competitive practice to clarified steadfasts.

D) 

Purchase the vindication to aim it

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