Econ microe 3

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1.The value of the dependent variable depends on the value of the independent variable. True or False
2.Today, what percentage of women with children under 18 are in the work force? 20% 50% 60% 70%
3.A change in consumer likes and dislikes for a particular good would never shift that good’s demand curve. true or false
4.A price decrease makes consumers
more willing to substitute this good for other goods more able to buy the good because the lower price increases real income. do both of these
5.Demand is more elastic when
the greater the availability of substitutes the more narrowly the good is defined the larger the share of the consumer’s budget spent on the good the longer the time period consumers have to adjust to a change in price any of these happen
6.Utility is subjective because different people have different tastes. true or false
7.If a doubling or tripling of prices occurs (along with a doubling or tripling of money income), there will be a large change in consumer allocation true or false
8.Fixed resources can be easily altered. true or false
9.Long-run average cost curves are ______-shaped because of economies and diseconomies of scale.
W U L T None of these choices.
10.Demand under perfect competition is represented by a ___________ line at the market price. vertical horizontal squiggly up and down
11.The golden rule of profit maximization is that the firm maximizes profit by producing where marginal cost equals marginal revenue. true or false
12.Which of these is not a legal restriction on entry of new firms into an industry? Patents and Invention Incentives Patent: Awards exclusive right to produce a good or service for 20 years. Current market prices Licenses and Other Entry Restrictions Government sometimes confers monopoly rights.
13.As price declines, marginal revenue falls because; The amount of revenue received from selling an additional unit declines. The revenue forgone by selling all units at this lower price grows. both of the above
14.The price the monopolist can charge is not limited by consumer demand. True False
15.Sellers in monopolistic competition and in oligopoly differentiate their products through the use of which of these;
physical qualities sales locations services offered with the product the product image All of these are used.
16.Monopolistic competition is an intermediate market structure that displays characteristics of both perfect competition and monopoly. true or false
17.An oligopoly is an industry dominated by a few sellers. true or false
18.Game Theory is a model that analyzes oligopolistic behavior as a series of strategic moves and countermoves by rival firms. true or false
19.In a perfectly inelastic market, resources have no alternative use so all earnings are economic rent. true or false
20.Opportunity cost is what the resource could earn in its worst alternative use. true or false
21.When wages are lower, individuals have a greater opportunity cost of leisure and nonmarket work. true or false
22.The supply of labor depends on factors other than the wage, including: other sources of income job amenities the value of job experience worker tastes any of these
23.If you are willing to pay more to consume something now rather than later, you have a negative rate of time preference. true or false 24.As the duration of the loan increases, the risk decreases. true or false
25.The value of corporate stocks and bonds tends to vary directly with the firm’s profit prospects. true or false
26.According to Ronald Coase, firms arise when production is more efficient using the hierarchy of the firm than using market transactions. true or false
27.In economies of scope the average cost rises as a firm makes a range of different products rather than specializing in just one product. true or false
28.In the “winner’s curse,” the winning bidder for an asset of uncertain value usually overestimates the asset’s true value. true or false
29.Elected officials trying to maximize their political support may serve special interests at the expense of the public interest. true or false
30.An exhaustible resource can be drawn on indefinitely if used conservatively. true or false
31. About _______ percent of the nation’s garbage goes to landfills. 50 30 70 20 32..Money income in the United States has become less evenly distributed since 1990 1970 1980 1950
33.The three largest imports are industrial supplies and materials, consumer goods, and capital goods. true or false
34.The gold standard is an arrangement by which major currencies were convertible into gold at a fixed rate. true or false

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