economics homework problem mcqs
Question # 00066443
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Updated on: 05/03/2015 11:10 AM Due on: 06/12/2015
Microeconomics:
1. According to the principle of diminishing returns, if the number of workers is increased beyond the point of diminishing returns, then the additional worker:
a. increases total output by the same amount as previous workers
b. increases total output by more than the amount of previous workers
c. increases total output by less than the amount of previous workers
d. decreases total output
2. The marginal principle implies that an individual should produce or consume where:
a. marginal benefit exceeds marginal cost
b. marginal benefit is less than marginal cost
c. marginal benefit equals marginal cist
d. total benefit equals total cost
3. When the price of apples goes up:
a. The demand for apples will decrease, ceteris paribus
b. The demand for apples will increase, ceteris paribus
c. The quantity of apples demanded will decrease, ceteris paribus
d. The quantity of apples dem
4. The quantity supplied of hot dogs is 200 at the unit price of $3.50. Suppose the price elasticity of supply by the initial value method is 2, and you would like to induce seller to increase the quantity of hot dogs supplied to 220. The new price must be: a. $1.50 b. $2.00 c. $2.50 d. $3.00
5. The self-interest model of government: a. suggests that government officials are selfish b. explains why there are limits on government taxation and spending c. shows why some government projects take place even if the cost exceed the benefits d. all of the above
6. The economic approach to air pollution is to a. use command and control b. internalize the external cost with a pollution tax. c. use marketable pollution permits d. create a subsidy for cars.
7. When a person's expressed valuation of a product is affected by the numbers in her head, this is an important implication of: a. mental accounting b. the decoy effect c. bundling d. the anchoring effect
8. What is the most likely reason the milk sold in convenience stores is more expensive than milk sold in grocery stores? a. convenience stores sell milk in smaller packages, so the per gallon packaging costs are higher b. grocery stores buy in bulk, while the convenience stores buy milk in smaller quantities c. people who buy milk at convenience stores tend to have less elastic demand for milk. d. convenience store owners are greedier than grocer store owners
9. in 1995, the United States threatened to impose 100% tariffs on ___from ___if it didn't loosen its protectionist policies. a. luxury cars: Japan b. auto parts; Japan c. brandies; France d. light trucks; Germany
10. Suppose the nation of Alphonia was charge with dumping lawnmowers in the nation of Omegalon. The charge of dumping lawnmowers in the Omegalon market means that Alphonia was accused of: a. selling faulty lawnmowers in Omegalon b. selling lawnmowers below cost or below domestic prices. c. selling counterfeit-branded lawnmowers in Omegalon d. discarding lawnmower that would not sell in their home country
1. According to the principle of diminishing returns, if the number of workers is increased beyond the point of diminishing returns, then the additional worker:
a. increases total output by the same amount as previous workers
b. increases total output by more than the amount of previous workers
c. increases total output by less than the amount of previous workers
d. decreases total output
2. The marginal principle implies that an individual should produce or consume where:
a. marginal benefit exceeds marginal cost
b. marginal benefit is less than marginal cost
c. marginal benefit equals marginal cist
d. total benefit equals total cost
3. When the price of apples goes up:
a. The demand for apples will decrease, ceteris paribus
b. The demand for apples will increase, ceteris paribus
c. The quantity of apples demanded will decrease, ceteris paribus
d. The quantity of apples dem
4. The quantity supplied of hot dogs is 200 at the unit price of $3.50. Suppose the price elasticity of supply by the initial value method is 2, and you would like to induce seller to increase the quantity of hot dogs supplied to 220. The new price must be: a. $1.50 b. $2.00 c. $2.50 d. $3.00
5. The self-interest model of government: a. suggests that government officials are selfish b. explains why there are limits on government taxation and spending c. shows why some government projects take place even if the cost exceed the benefits d. all of the above
6. The economic approach to air pollution is to a. use command and control b. internalize the external cost with a pollution tax. c. use marketable pollution permits d. create a subsidy for cars.
7. When a person's expressed valuation of a product is affected by the numbers in her head, this is an important implication of: a. mental accounting b. the decoy effect c. bundling d. the anchoring effect
8. What is the most likely reason the milk sold in convenience stores is more expensive than milk sold in grocery stores? a. convenience stores sell milk in smaller packages, so the per gallon packaging costs are higher b. grocery stores buy in bulk, while the convenience stores buy milk in smaller quantities c. people who buy milk at convenience stores tend to have less elastic demand for milk. d. convenience store owners are greedier than grocer store owners
9. in 1995, the United States threatened to impose 100% tariffs on ___from ___if it didn't loosen its protectionist policies. a. luxury cars: Japan b. auto parts; Japan c. brandies; France d. light trucks; Germany
10. Suppose the nation of Alphonia was charge with dumping lawnmowers in the nation of Omegalon. The charge of dumping lawnmowers in the Omegalon market means that Alphonia was accused of: a. selling faulty lawnmowers in Omegalon b. selling lawnmowers below cost or below domestic prices. c. selling counterfeit-branded lawnmowers in Omegalon d. discarding lawnmower that would not sell in their home country
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