Quiz No 3 Omer Ch
Question # 1 of 15 ( Start time: 02:25:39 AM ) Total Marks: 1
If the total product of labor per day is as shown in the chart below and the price of the product is $10/unit, how many employees will be hired if the wage rate is $99/day? Labor Total output 1 10 2 25 3 35 4 40 5 41
Select correct option:
1
2
3
4
Question # 2 of 15 ( Start time: 02:26:53 AM ) Total Marks: 1
According to economy is always at full employment level. Economy would automatically find the new equilibrium in the short run.
Select correct option:
True
False
(Well this question seems to be incomplete, the question is "According to...", now according to what/who? I think this question is taken from Revised handouts, page 110, which says, "According to classicals, economy is always at full employment level. Economy would automatically find the new equilibrium in the long run; they did not talk about short run". So according to this statement, the correct answer to this question should be option # 2 "False")
Question # 3 of 15 ( Start time: 02:28:12 AM ) Total Marks: 1
In monopolist market, a new entrant firm should produce where:
Select correct option:
Marginal Cost < Marginal Revenue.
Marginal Cost > Marginal Revenue.
Marginal Cost = Marginal Revenue.
Marginal Cost = Average Revenue.
(I got confused after reading the statement of the question... Coz according to my knowledge if a new entrant enters a market, it no longer remains a monopoly...? Right? Can someone explain this question please...?)
Question # 4 of 15 ( Start time: 02:29:14 AM ) Total Marks: 1
We know that the demand for a product is elastic if:
Select correct option:
When price rises, revenue rises
When price rises, revenue falls
When price rises, quantity demanded rises
When price falls, quantity demanded rises
Question # 5 of 15 ( Start time: 02:29:57 AM ) Total Marks: 1
A partial explanation for the inverse relationship between price and quantity demanded is that a:
Select correct option:
Lower price shifts the supply curve to the left
Higher price shifts the demand curve to the left
Lower price shifts the demand curve to the right
Higher price reduces the real incomes of buyers
Question # 6 of 15 ( Start time: 02:30:56 AM ) Total Marks: 1
According to the model of aggregate supply and aggregate demand, in the long run, an increase in the money supply should cause
Select correct option:
Prices to rise and output to rise.
Prices to fall and output to remain unchanged
Prices to fall and output to fall.
Prices to rise and output to remain unchanged
Question # 7 of 15 ( Start time: 02:32:03 AM )
Which of the following is a flow variable?
Select correct option:
The value of the house in which you live
The balance in your savings account
Your monthly consumption of hamburgers
The number of hamburgers in your refrigerator at the beginning of the month
(Option # 3 seems more appropriate "Your monthly consumption of hamburgers".)
Question # 8 of 15 ( Start time: 02:33:12 AM ) Total Marks: 1
Other things equal, expected income can be used as a direct measure of well-being:
Select correct option:
No matter what a person's preference to risk.
If and only if individuals are not risk-loving.
If and only if individuals are risk averse.
If and only if individuals are risk neutral.
Question # 9 of 15 ( Start time: 02:34:23 AM ) Total Marks: 1
Cartels are:
Select correct option:
Organizations of independent firms, producing similar products, that work together to raise prices and restrict output
Organizations of interdependent firms
Oligopolies
All of the above
Cartels are organization of independent firms, producing similar products, that work together to raise prices and restrict output. For the most part, cartels are illegal in the United States
Question # 10 of 15 ( Start time: 02:35:10 AM ) Total Marks: 1
One explanation why the economy does not self correct quickly is
Select correct option:
With less consumption and more savings the interest rate will drop
In the short run workers are fully employed and cannot produce enough to get to long run equilibrium
Wages and prices are flexible
Wages and prices are sticky
Question # 11 of 15 ( Start time: 02:36:19 AM ) Total Marks: 1
Which of the following events shifts the short-run aggregate supply curve to the right?
Select correct option:
A decrease in the money supply
A drop in oil prices
An increase in government spending on military equipment
An increase in price expectations
Question # 12 of 15 ( Start time: 02:37:35 AM ) Total Marks: 1
In pure capitalism, freedom of enterprise means that:
Select correct option:
Businesses are free to produce products that consumers want
Consumers are free to buy goods and services that they want
Resources are distributed freely to businesses that want them
Government is free to direct the actions of businesses
(I selected option # 3, and it seems to be correct, Read page # 1 here: http://facstaff.gpc.edu/~poyofo/OldChapters/Chapter4.pdf)
Question # 13 of 15 ( Start time: 02:38:48 AM ) Total Marks: 1
The AD Curve is downward sloping because of all of the following reasons except that:
Select correct option:
The Fed raises real interest rates as inflation increases
The Fed raises nominal interest rates as inflation rises
The Fed intentionally tries to reduce the level of aggregate demand when inflation rises.
The Fed intentionally tries to increase the level of output as unemployment increases
Question # 14 of 15 ( Start time: 02:40:03 AM ) Total Marks: 1
If there is a price ceiling, there will be:
Select correct option:
Shortages
Surpluses
Equilibrium
None of the given options.
Question # 15 of 15 ( Start time: 02:40:42 AM ) Total Marks: 1
A schedule which shows the various amounts of a product consumers are willing and able to purchase at each price in a series of possible prices during a specified period of time is called:
Select correct option:
Supply
Demand
Quantity supplied
Quantity demanded
Other Quiz
Question # 1 of 15 ( Start time: 09:35:51 AM ) Total Marks: 1
Which of the following events shifts the short-run aggregate supply curve to the right?
Select correct option:
A decrease in the money supply
A drop in oil prices
An increase in government spending on military equipment
An increase in price expectations
Question # 2 of 15 ( Start time: 09:37:09 AM ) Total Marks: 1
In the long run, competitive firms MUST be profit maximizes, because if they do not maximize profits:
Select correct option:
They will attract new competitors.
They will not be price takers.
The profits that they do earn will only cover variable costs.
They will not survive.
Question # 3 of 15 ( Start time: 09:37:47 AM ) Total Marks: 1
The demand for chicken is downward-sloping. Suddenly the price of chicken rises from $130 per kilo to $140 per kilo. This will cause:
Select correct option:
The demand curve to shift to the left
The demand curve to shift to the right
Quantity demanded to increase
Quantity demanded to decrease
Question # 4 of 15 ( Start time: 09:38:28 AM ) Total Marks: 1
Our economy is characterized by:
Select correct option:
Unlimited wants and needs
Unlimited material resources
No energy resources
Abundant productive labor
Question # 5 of 15 ( Start time: 09:38:59 AM ) Total Marks: 1
Those who hold the classical view of the labour market are likely to believe that
Select correct option:
Monetary, but not fiscal policy will have an effect on output and employment
Fiscal but not monetary policy will have an effect on output and employment.
Both monetary and fiscal policy will have an effect on output and employment.
Neither monetary nor fiscal policy will have an effect on output and employment.
Saving...
Question # 6 of 15 ( Start time: 09:40:29 AM ) Total Marks: 1
A function that indicates the maximum output per unit of time that a firm can produce, for every combination of inputs with a given technology, is called:
Select correct option:
An isoquant
A production possibility curve
A production function
An isocost function
Question # 7 of 15 ( Start time: 09:41:25 AM ) Total Marks: 1
Which of the following is not a stock variable?
Select correct option:
Government debt
The labor force
The amount of money held by the public
Inventory investment
Question # 8 of 15 ( Start time: 09:42:40 AM ) Total Marks: 1
At the equilibrium price:
Select correct option:
There will be a shortage
There will be neither a shortage nor a surplus
There will be a surplus
There are forces that cause the price to change
Question # 9 of 15 ( Start time: 09:43:38 AM ) Total Marks: 1
A self-employed accountant spends a lot of money identifying clients and advertising her services. These activities are an example of:
Select correct option:
External costs
Transaction costs
Fixed inputs
Marginal returns
Question # 10 of 15 ( Start time: 09:44:26 AM ) Total Marks: 1
Moving from left to right, the typical production possibilities curve:
Select correct option:
Has a constant negative slope
Has a constant positive slope
Illustrates increasing opportunity costs
Illustrates decreasing opportunity costs
Question # 11 of 15 ( Start time: 09:45:29 AM ) Total Marks: 1
A schedule which shows the various amounts of a product consumers are willing and able to purchase at each price in a series of possible prices during a specified period of time is called:
Select correct option:
Supply
Demand
Quantity supplied
Quantity demanded
Question # 12 of 15 ( Start time: 09:46:54 AM ) Total Marks: 1
If a sales tax on beer leads to reduced tax revenue, this means:
Select correct option:
Elasticity of demand is < 1.
Elasticity of demand is > 1.
Demand is upward-sloping.
Demand is perfectly inelastic.
Saving...
Question # 13 of 15 ( Start time: 09:47:34 AM ) Total Marks: 1
In the complete classical model, a rightward shift of the labor supply curve will:
Select correct option:
Decrease the price level and increase the nominal wage
Decrease the nominal wage and increase the price leve
Decrease both the price level and the nominal wage
Increase both the price level and the nominal wage
Question # 14 of 15 ( Start time: 09:49:01 AM ) Total Marks: 1
If marginal product is equal to average product:
Select correct option:
The total product will fall
The average product will not change
Average variable costs will fall
Total revenue will fall
Question # 15 of 15 ( Start time: 09:49:27 AM ) Total Marks: 1
The level of aggregate demand will decrease if the level of:
Select correct option:
Consumption spending increases
Imports decreases
Investment spending decreases
Government spending increases
NOTE: - We always try our best to upload 100% correct solution BUT it is requested that you kindly review it before submission, please BEST OF LUCK,
Thanks to those students those send me Assignments and quizzes. If you have any Assignment and quiz kindly send at jamilbookcenter@yahoo.com
No comments:
Post a Comment