Quiz a lot 3- Economics - Principles Of Economics

The unemployment rate equals the percentage of the labor force that is unemployed

Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. <img src="https://sciemce.com/files/4/ppg__10502202318__f1q241g1.jpg" alt="" style="vertical-align: 0.0px;" height="270" width="363" /> Figure 8.4 Refer to Figure 8.4. If twelve microwave ovens are produced, average variable costs are

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People add to their stock of human capital

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Without reinsurance, insurance companies would be less likely to insure

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Any commonly accepted good that acts as a medium of exchange, a measure of value, and a store of value is known as

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The point where the PPF intersects the vertical axis is

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Refer to Figure 27-11. In the graph above, the shift from AD1 to AD2 represents the total change in aggregate demand. If government purchases increased by $50 billion, then the distance from point A to point B ________ $50 billion

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About 1 out of every _____ black Americans is poor.

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Suppose the value of the price elasticity of demand is -3. What does this mean?

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Elasticity is a measure of the responsiveness of change in quantity demanded to a change in price.

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Use the above table. What will the output level be when external costs are internalized with a tax?

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In recent years in China, the fraction of the population living below the international poverty line ($1.25 per person per day):

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Which of the following would likely cause aggregate demand to shift to the left?

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Resources that flow through the circular flow model include all of the following except:

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Which of the following would cause a firm's cost curves to shift upward?

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Which of the following are examples of a firm experiencing a positive technological change?

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After Suzie, owner of Suzie's Sweet Shop, hires her 8th worker the average product of labor declines. Which of the following statements must be true?

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Which statement is true?

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The trade barrier that involves levying one tariff rate for a certain amount of an imported commodity and a higher tariff rate for quantities in excess of that amount is the

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When measuring the opportunity cost of taking a vacation to Europe, the money spent on the flight, hotels, and meals is

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Vehicle manufacturers start getting lower prices for their trucks. As a result, their willingness to supply ______ is likely to increase.

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The slope of a line is zero when it is:

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The figure above shows the production possibilities frontier for a country. A combination of 4 million gallons of milk and 4 million gallons of ice cream is

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A monopoly firm

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Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?

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Fill in the above table.

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Other things being constant, when a firm sells new shares of stock, the

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The majority of export in the U.S. come from:

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In general, a producer's marginal cost of additional units of quality ________ as more units of quality are included in the product, causing the marginal cost curve from quality improvement to be ________ sloping.

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Which of the following is an example of mechanism design?

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Investment in both physical and human capital tends to enhance economic growth because it generally

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Whatever form and level of security we choose, determined by whatever sets of values we hold, carries a price tag that can be compared with those for alternative security systems

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Refer to the information provided in Scenario 36.5 below to answer the question(s) that follow.SCENARIO 36.5: The tiny nation of Bugaboo consists of two virtually identical islands, Achoo and Zoink, separated by the Strait of Dingo. The islands are similar in geography and population. The only telephone service on the islands is cellular, and the only cellular provider on the islands is the government-owned Bugaboo Communications Company, which charges a standardized rate of 20 Bugabucks per minute. Both islands add on an additional $5 Bugabucks-per-minute usage tax. As a way to increase revenue, the island governor of Zoink decided to increase the usage tax to $10 per minute, effective January 1, 2017. The average monthly cellphone usage per month is listed in the table below.Average

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The figure above shows how the sales of the video game "Tomb Raider—Lara Retires" change when the advertising spent on the game changes

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Which of the following will not lead to increase in the marginal revenue product?

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Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were

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<img src="https://sciemce.com/files/4/ppg__sept8bb0513192043__f36g1q25g1.jpg" alt="" style="vertical-align: 0.0px;" height="320" width="514" /><img src="https://sciemce.com/files/4/ppg__sept8bb0513192043__f36g1q25g2.jpg" alt="" style="vertical-align: -4.0px;" />Figure 7.1 shows a monopolist's demand curve. If the monopolist were to maximize its total revenue, it would produce ________ units of output and charge a price of ________.