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Kaplan University MT445 unit 1,4,5,6,7 quizes

Question # 00016297
Subject: Economics
Due on: 06/21/2014
Posted On: 05/27/2014 10:59 PM

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Economists assume that individuals

behave in unpredictable ways.

will never take actions to help others.

prefer to live in a society that values fairness above all else.

are rational and respond to incentives.

Question 2. Question :

In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." The police were surprised the bank did not take their advice. According to a deputy commissioner of police, "Commerce does very little of what we recommend. They've told our detectives they have no interest in ever putting in the barriers."

It would seem that Commerce bank would have a strong incentive to install "bandit barriers" to deter robberies. Why wouldn't they do it?

The banks would rather delay installation of any theft deterring equipment in anticipation of new lower cost innovations in the security devices market.

The banks must have weighed the cost of installing bandit barriers against the benefits and decided that they have "no interest in ever putting in the barriers".

The banks are concerned that "bandit barriers" would send the wrong message to customers -- that the bank is unsafe.

The banks probably resent any interference from the police department.

Question 3. Question :

Which of the following statements is true about scarcity?

Scarcity refers to the situation in which unlimited wants exceed limited resources.

Scarcity is not a problem for the wealthy.

Scarcity is only a problem when a country has too large a population.

Scarcity arises when there is a wide disparity in income distribution.

Question 4. Question :

The revenue received from the sale of an additional unit of a product

is a marginal benefit to the firm.

is called profit.

is called gross sales.

is called a net gain.

:

Question 5. Question :

Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just spent $800

purchasing, cleaning and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What is the marginal cost of completing the task?

$200

$500

$1,000

$1,000 plus the value of her time

Question 6. Question :

Figure 2-6

German auto producer, BMW currently produces two types of automobiles sports utility vehicles (SUVs) and coupes in its US plant. Since it opened in 1994, the company had made and continues to make several strategic production decisions. Figure 2-6 shows changes to its production possibilities frontier in response to some of these production strategies.

Refer to Figure 2-6.


6.Question :

Figure 2-6


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Student Answer:

Points Received:1 of 1
Comments:


Question 7.Question :

Figure 2-1

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Refer to Figure 2-1. Point Cis




Point C is

: technically efficient.

unattainable with current resources.

inefficient in that not all resources are being used.

is the equilibrium output combination.

Question 8. Question :

All of the following are examples of spending on factors of production in the circular flow model except

Bima hires two students to work at his ice-cream store.

"Get Fit Together'" purchases 3 new treadmills for its gym.

Iris buys a dozen roses for her mother's birthday.

The Banyan Tree rents a much larger property so that it can add a restaurant to its facilities.

Question 9. Question :

Figure 2-3

Refer to Figure 2-3. Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation. Which of the graphs in Figure 2-3 represent his production possibilities frontier?

Graph A

Graph B

Graph C

either Graph A or Graph B

either Graph B or Graph C

Question 10. Question :

An example of a factor of production is

a car produced by an auto manufacturer.

a worker hired by an auto manufacturer.

a loan granted to an auto manufacturer.

the automobiles exported by an auto manufacturer.




All of the following can be used to compute average profit except


Points Received:1 of 1
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Question 2.Question :

Figure 11-1

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Refer to Figure 11-1. If the firm is producing 700 units, what is the amount of its profit or loss?



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Question 3.Question :

Assume that price is greater than average variable cost. If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximize profits the firm should



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Question 4.Question :

For a perfectly competitive firm, at profit maximization



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Question 5.Question :

How will an increase in the price of land for housing development affect apple growers who must use land to produce apples?



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Question 6.Question :

The Aluminum Company of America (Alcoa) had a monopoly until the 1940s because



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Question 7.Question :

Economic efficiency requires that a natural monopoly's price be



Points Received:1 of 1
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Question 8.Question :

A monopoly is characterized by all of the following except


Points Received:1 of 1
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Question 9.Question :

Figure 14-7
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Figure 14-7 shows the cost and demand curves for the Erickson Power Company.


Refer to Figure 14-7.Why won't regulators require that Erickson Power produce the economically efficient output level?



Points Received:1 of 1
Comments:


Question 10.Question :

If a monopolist's marginal revenue is $25 a unit and its marginal cost is $25, then






quiz 5


able 12-3

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Table 12-3 shows the firm's demand and cost schedules for a firm in monopolistic competition.


Refer to Table 12-3.What is the amount of the firm's loss at its optimal output level?



Points Received:1 of 1
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Question 2.Question :

You have just opened a new Italian restaurant in your hometown where there are three other Italian restaurants. Your restaurant is doing a brisk business and you attribute your success to your distinctive northern Italian cuisine using locally grown organic produce. What is likely to happen to your business in the long run?



Points Received:1 of 1
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Question 3.Question :

Table 12-2

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Eco Energy is a monopolistically competitive producer of a sports beverage called Power On. Table 12-2 shows the firm's demand and cost schedules.


Refer to Table 12-2.What is likely to happen to the product's price in the long run?


Points Received:1 of 1
Comments:

Question 4.Question :

In the long run, if price is less than average cost,


Points Received:1 of 1
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Question 5.Question :

Figure 12-3


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Figure 12-3 shows short run cost and demand curves for a monopolistically competitive firm in the market for designer watches.


Refer to Figure 12-3.What is the area that represents the total revenue made by the firm?

Student Answer:
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Points Received:1 of 1
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6.

Figure 13-4

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Rainbow Writer (RW) is a small online company selling a highly rated software package for printing color labels directly onto CDs. The firm currently earns a profit of $2 million per year selling its package exclusively on its website. Odeon, the producer of the most popular software package for editing and burning CDs and DVDs, has expressed interest in bundling Rainbow Writer's product into its own package. Odeon expects that bundling would further boost its sales and allow it to sell the new bundled product at a higher price, thus raising its profits beyond its current profit of $12 million. Figure 13-4 shows the decision tree for the Rainbow Writer-Odeon bargaining game.


Refer to Figure 13-4.In a real world situation involving Rainbow Writer and Odeon, what scenario below might permit Rainbow Writer to rationally refuse an offer from Odeon of $40 per copy of the software package?




Points Received:0 of 1
Comments:

Question 7.Question :

In an oligopoly market



Points Received:1 of 1
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Question 8.Question :

The "Discount Department Stores" industry is highly concentrated. What does this mean?



Points Received:1 of 1
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Question 9.Question :

A reason why there is more competition among restaurants than among large discount department stores is that restaurants



Points Received:1 of 1
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Question 10.Question :

A key part of Sam Walton's business strategy for Wal-Mart involved placing stores in small towns where the main competition was from small, locally owned stores. What is the rationale behind this strategy?






quiz 6

According to the marginal productivity theory of income,



Points Received:1 of 1
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2.

Scenario: In academia, professors in some disciplines receive higher salaries than others. For example, professors teaching in business schools receive higher salaries than professors in the English department. Suppose in Unity College, assistant professors in the business school earn $Wbwhile assistant professors in the English department earn $We < Wb. Now suppose the government passes comparable worth legislation that requires academic institutions to pay all faculty the same salaries.

Following the passage of comparable worth legislation, Unity College responds by placing salaries at $Wabetween the two existing salaries. Which of the following is the result of the legislation?



Points Received:1 of 1
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Question 3.Question :

Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If, hiring another worker would increase output by three units per hour, then to maximize profits the firm should



Points Received:1 of 1
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Question 4.Question :

Table 16-2

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Refer to Table 16-2. The marginal profit from hiring the second unit of labor is




Points Received:1 of 1
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Question 5.Question :

Worker discrimination occurs when



Points Received:1 of 1
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Question 6.Question :

The marginal revenue product of capital is



Points Received:1 of 1
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Question 7.Question :

Which of the following is a reason why some firms donot use commission pay?



Points Received:1 of 1
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Question 8.Question :

Which of the following statements about commission systems of compensation is false?



Points Received:1 of 1
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Question 9.Question :

Which of the following is a reason why it is difficult to estimate the extent of economic discrimination in the labor market?



Points Received:1 of 1
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Question 10.Question :

An increase in the supply of capital, which is a complement to labor, will lead to





quiz 7    


Gross domestic product understates the total production of final goods and services because of the omission of




Points Received:1 of 1
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Question 2.Question :

Which of the following is not a durable good?



Points Received:1 of 1
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Question 3.Question :

Increases in real GDP wouldoverstatethe increase in the well-being of a country over time if, over that time period, the


Points Received:1 of 1
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Question 4.Question :

The best measure of the income households actually have available to spend is



Points Received:1 of 1
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Question 5.Question :

Suppose Bob works for Mary as a proofreader. Mary and Bob fall deeply in love, marry and have eight children. Bob stops working for Mary in order to care for the children. What will be the effect on GDP?


Points Received:1 of 1
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Question 6.Question :

Under which of the following circumstances would the government be running a deficit?


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Question 7.Question :

What two factors are the keys to determining labor productivity?



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Question 8.Question :

The response of firm investment to an increase in the government budget deficit is called



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Question 9.Question :

A firm can fund an expansion of its operations by


Points Received:1 of 1
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Question 10.Question :

If consumers decide to be more frugal and save more out of their income, then this will cause


1 of 1


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Kaplan University MT445 unit 1,4,5,6,7 quizes

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Preview: production xxxxxxxxxx Refer xx Figure 2-6 xxxx response to xxxxxxxx consumer xxxxxxxx xxx has xxx back on xxx production of xxxxxx and xxxxxxxxx xxx production xx SUVs This xxxxxxxx is best xxxxxxxxxxx by Student xxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxx Graph x   movement from G to H in xxxxx B   movement xxxxxxxxxxxxxxxxxx Graph x xxxxxxxxxxxx from J to H in xxxxx B  Points xxxxxxxxxx of 1 Comments:Question 7 xxxxxxxx :Figure xxxxxxxx xx Figure xxx  Point C is Student Answer: technically xxxxxxxxx   unattainable with xxxxxxx resources xxxxxxxxxxxxxxx xx that xxx all resources xxx being used xxxxxx the xxxxxxxxxxx xxxxxx combination xxxxxxxx Received:1 of xxxxxxxxxxxxxxxxxxxxxxx Question :All xx the xxxxxxxxx xxx examples xx spending on xxxxxxx of production xx the xxxxxxxx xxxx model xxxxxxxxxxxxxxx Answer: Bima hires xxx students to xxxx at xxx xxxxxxxxx store xxxxxxxx Fit Together'" xxxxxxxxx 3 new xxxxxxxxxx for xxx xxx   Iris xxxx a dozen xxxxx for her xxxxxxxx birthday xxxxxxx xxxxxx Tree xxxxx a much xxxxxx property so xxxx it xxx xxx a xxxxxxxxxx to its xxxxxxxxxx  Points Received:1 xx 1 Comments:Question 9 xxxxxxxx.....
Kaplan_University_MT445_unit_4_quiz.docx (66.16 KB)
Preview: firm xxx market xxxxx  Points Received:1 xx 1 Comments:Question 9 Question xxxxxxx 14-7Figure xxxx xxxxx the xxxx and demand xxxxxx for the xxxxxxxx Power xxxxxxx xxxxx to xxxxxx 14-7  Why xxxxx regulators require xxxx Erickson xxxxx xxxxxxx the xxxxxxxxxxxx efficient output xxxxxxxxxxxxxxx Answer: because there xx insufficient xxxxxx xx that xxxxxx level  because at xxx economically efficient xxxxxx level, xxx xxxxxxxx cost xx producing the xxxx unit sold xxxxxxx the xxxxxxxxxx xxxxxxxx value xxx that last xxxxxxxxxxxxxxx Erickson Power xxxx earn xxxx xxxxxxxxxxxxxxxxx Erickson xxxxx will sustain xxxxxxxxxx losses and xxxx not xxxxxxxx xx business xx the long xxx  Points Received:1 xx 1 Comments:Question 10 xxxxxxxx xxx a xxxxxxxxxxxx marginal revenue xx $25 a xxxx and.....
Kaplan_University_MT445_unit_5_quiz.docx (73.09 KB)
Preview: demand xxxxx  Points xxxxxxxxxx of 1 Comments:Question 4 xxxxxxxx :In the xxxx run, xx xxxxx is xxxx than average xxxxxxxxxxxxxx Answer: there is xx incentive xxx xxxxx to xxxx the market xxxxxxxxx is profit xxxxxxxxx for xxxxx xx enter xxx market   the xxxxxx must be xx long-run xxxxxxxxxxx xxxxxxxxx is xx incentive for xxx number of xxxxx in xxx xxxxxx to xxxxxx  Points Received:1 xx 1 Comments:Question 5 Question xxxxxxx 12-3Figure xxxx xxxxx short xxx cost and xxxxxx curves for x monopolistically xxxxxxxxxxx xxxx in xxx market for xxxxxxxx watches  Refer xx Figure xxxx xxxx is xxx area that xxxxxxxxxx the total xxxxxxx made xx xxx firm? Student xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Received:1 of xxxxxxxxxxxxxxxxxxxxxxx Question :Figure xxxxxxxxxxxxx Writer xxxx xx a xxxxx online company xxxxxxx a highly xxxxx software xxxxxxx xxx printing xxxxx labels directly xxxx CDs The xxxx currently xxxxx x profit xx $2 million xxx year selling xxx package xxxxxxxxxxx xx its xxxxxxx Odeon, the xxxxxxxx of the xxxx popular xxxxxxxx xxxxxxx for xxxxxxx and burning xxx and DVDs, xxx expressed xxxxxxxx.....
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Preview: with xxxxxxx of x different race xxxxxxxxxxxxx refuse to xxx products xxxxxxxx xx a xxxxxxxx diverse workforce xxxxxxxxxxxxx pay different xxxxxxxxx different xxxxx xxxxx on xxxx  Points Received:1 xx 1 Comments:Question 6 Question xxxx marginal xxxxxxx xxxxxxx of xxxxxxx is Student Answer: the xxxx to the xxxx of xxxxxxx xx additional xxxx of capital xxxxxxx change in xxx firm's xxxxxxx xx a xxxxxx of employing xxx more unit xx capital, xxxx xx a xxxxxxx   the economic xxxx received by xxxxxx an xxxxxxxxxx xxxx of xxxxxxx   the revenue xxxxxxxxx by substituting xxxxxxx for xxxxx xx the xxxxxxxxxx process  Points xxxxxxxxxx of 1 Comments:Question 7 xxxxxxxx :Which xx xxx following xx a reason xxx some firms xxxxxxx use xxxxxxxxxx xxxxxxxxxxxxx Answer: It xxxxx workers incentive xx produce more xxxxxx increases xxxx xxxxxxx   It xx difficult to xxxxxxx the output xxx attribute xxxxxx xx a xxxxxxxxxx worker   The xxxx workers stay xxx less xxxxxxxxxx xxxxxxx leave xxxxxxxx Received:1 of xxxxxxxxxxxxxxxxxxxxxxx Question :Which xx the.....
Kaplan_University_MT445_unit_7_quiz.docx (59.21 KB)
Preview: trillionT x $7 xxxxxxxxxx = $0  G x $7 trillionT x $10 xxxxxxxxxx x $3 xxxxxxxxxxxxxxxx Received:1 of xxxxxxxxxxxxxxxxxxxxxxx Question :What xxx factors xxx xxx keys xx determining labor xxxxxxxxxxxxxxxxxxxxxx Answer: the business xxxxx and xxx xxxxxx rate xx real GDP  the xxxxxx rate of xxxx GDP xxx xxx interest xxxxxxxxxxxxxxxxxx and the xxxxxxxx of capital xxx hour xxxxxxxxxxxxx xxxxxxx level xx education of xxx workforce and xxx price xxxxxxxxxxxxx xxxxxxxxxx of xxxxxxxxxxxxxxxxxxxxxxx Question :The xxxxxxxx of firm xxxxxxxxxx.....
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