Which of the following is NOT an example of a demand shift?
Question 6 options:
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a. A promotion at works leads to increased spending on vacation travel.
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b. A shoe store’s announced sale for the following week leads to lower demand for its shoes for the current week.
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c. A safety recall of the Toyota Prius leads to higher demand for the Honda Civic.
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d. An increase in coffee prices leads to a fall in demand for coffee.
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Which is an example of the subsitution effect in demand?
Question 7 options:
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a. the price of coffee rises, so you buy less coffee.
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b. the price of coffee rises, so you buy more coffee.
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c. the price of coffee rises, so you buy more tea and less coffee.
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d. the price of coffee rises, so you buy less tea and more coffee.
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If the demand for a product is elastic then
Question 8 options:
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a. consumers will increase their purchases more than 10 percent when price falls 10 percent.
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b. consumers will increase their purchases less than 10 percent when price falls 10 percent.
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c. consumers will decrease their purchases more than 10 percent when price falls 10 percent.
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d. consumers will increase their purchases equal to 10 percent when price falls 10 percent.
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In perfect competition, the equilibrium quantity exchanged of a product or service occurs when
Question 9 options:
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a. the marginal benefit is less than the marginal cost for the consumer.
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b. the marginal benefit is more than the marginal cost for the consumer.
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c. the marginal benefit is equal to the marginal cost for the consumer.
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d. at the point where the quantity demanded is above the line of the demand curve.
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Which situation describes the increasing returns stage of the production function?
Question 10 options:
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a. Hiring one more tailor results in three more suits produced per hour.
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b. Hiring one more baker results in less than one oven available per baker.
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c. Buying one more office computer causes there to be more computers than workers.
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d. Extending the workday results in more tired and less productive workers.
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All of these influence supply except
Question 11 options:
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Prices of inputs
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Expected future prices
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Extent of competition in the market
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Use of fiat money
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Suppose there is a drought in California damaging orange groves.
Question 12 options:
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a. price will increase, quantity will increase
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b. price will decrease, quantity will decrease
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c. price will decrease, quantity will increase
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d. price will increase, quantity will decrease
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Price discrimination is a situation where a producer
Question 13 options:
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a. charges different prices in different markets.
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b. charges the same price in different markets.
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c. colludes with other companies on setting prices in all markets.
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d. all of the above.
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In a market economy, the ideal solution to the problem of externalities would be to:
Question 14 options:
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a. prohibit all production involving spillover costs.
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b. regulate both the amount people may consume and the price they pay for goods whose production involves spillover costs.
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c.charge or tax producers so that the price of a good reflects the true social cost of the externality generated in production.
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d.Allow producers to produce the output level where both the marginal private benefit and the marginal private cost equal the price.
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Which of the following situations is NOT an example of how imperfect information affects a market?
Question 15 options:
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a. A healthy person with a known family history of a disease takes out a large life insurance policy.
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b. A used-car buyer looks up the free history report on an auto before purchasing it.
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c. A doctor orders a series of medical tests at his clinic to rule out alternative diagnoses.
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d. Travelers choose to stop at McDonalds for a Big Mac and milkshakes, rather than Bob’s Real Home Cooking.
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Which is an example of the adverse selection problem
Question 16 options:
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a. consumers limit their purchases of U.S. manufactured cars.
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b. A company’s chief executive officer takes action to merge with another firm so stock prices can rise.
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c. A cashier purposely forgets to ring up a sale and does not give the customer a receipt
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d. A young man who is a heavy smoker decides to purchase health insurance.
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Which of the following products is least likely to be sold in a monopolistic competitive market?
Question 17 options:
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b. internet service
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c. beer
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d. cotton
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Which of the following describes product differentiation?
Question 18 options:
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a. a movie theater that charges differenti prices to students and seniors.
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b. Coach manufacturing different model hand bags for Macys and Costco.
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c. Microsoft producing XBox and Windows.
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d. Google developing an operating system for mobile phones.
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