Question : 61) Refer to Figure 17-4. Ignore the horizontal line at : 1384323

Economics

61) Refer to Figure 17-4. Ignore the horizontal line at t. Suppose the government requires each firm to reduce pollution by the same amount, QR. The result will be

A) fair and just because both firms are facing the same requirements.

B) economically inefficient because Firm X is not producing as much pollution as Firm Y and therefore should not be faced with the same requirements.

C) economically efficient because even though their marginal costs of abatement differ, the marginal cost for the last unit of abatement is equal.

D) economically inefficient because Firm Y is then abating pollution at a higher marginal cost than Firm X.

E) economically efficient because the maximum amount of pollution will be abated.

62) Refer to Figure 17-4. Ignore the horizontal line at t. Suppose Firms X and Y are each abating QR units of pollution. If Firm X then reduces pollution by one unit and Firm Y increases pollution by one unit, then

A) total pollution remains the same but the total cost of abatement falls.

B) total pollution remains the same but the total cost of abatement increases.

C) the total cost of abatement remains the same but pollution falls.

D) the total cost of abatement remains the same but pollution increases.

E) the total costs of abatement and the amount of pollution do not change.

63) Refer to Figure 17-4. Ignore the horizontal line at t. The optimal amount of pollution abatement for these two firms together is

A) QR for X + QR for Y.

B) QR for X + Qy for Y.

C) Qx for X + QR for Y.

D) Qx + Qy.

E) impossible to tell without the marginal benefit of abatement curve.

64) Refer to Figure 17-5. If the government requires each firm to abate Q3 units of pollution, the social costs of this abatement

A) would be minimized.

B) could be reduced further if each firm was required to abate more.

C) could be reduced further if Firm 1 increased its abatement and Firm 2 reduced its abatement by the same amount.

D) could be reduced further if Firm 2 increased abatement and Firm 1 reduced its abatement by the same amount.

E) could be reduced further if each firm was allowed to pollute more.

65) Refer to Figure 17-5. Suppose the government requires that each firm abate pollution to the level Q3. The outcome would be efficient because

A) the marginal costs of abatement are equated for the two firms.

B) the maximum amount of pollution is being abated at the lowest cost.

C) the marginal cost and marginal benefit of pollution abatement are equated.

D) all of the above.

E) none of the above; the outcome would be inefficient.

66) Two firms, A and B, are legally required to reduce their toxic emissions. If Firm A’s marginal cost of abatement is $5 and Firm B’s marginal cost of abatement is $3,

A) their joint total cost of abatement is at a minimum.

B) their joint total cost of abatement is at a maximum.

C) the socially optimal joint level of abatement is not being achieved.

D) Firm A should abate more and Firm B should abate less in order to reduce total abatement costs.

E) Firm B should abate more and Firm A should abate less in order to reduce total abatement costs.

67) Two firms, A and B, are legally required to reduce their toxic emissions. If Firm A’s marginal cost of abatement is $5 and Firm B’s marginal cost of abatement is $5,

A) their joint total cost of abatement is at a minimum.

B) their joint total cost of abatement is at a maximum.

C) the socially optimal joint level of abatement is not being achieved.

D) Firm A should abate more and Firm B should abate less.

E) Firm B should abate more and Firm A should abate less.

68) Direct pollution controls are usually inefficient because they

A) do not minimize the total cost of a given amount of abatement.

B) lead all firms to abate more pollution than the socially optimal amount.

C) lead all firms to abate less pollution than the socially optimal amount.

D) do not achieve the targeted amount of pollution abatement.

E) are controlling quantities of pollution abatement as opposed to prices.

69) Refer to Figure 17-4. Ignore the horizontal line at t. If the government wanted to impose an emissions tax, efficiency requires that it

A) levy a tax at the same rate to both firms.

B) choose a different tax rate for each firm so that each firm abates QR units of pollution.

C) impose the same tax on both firms and also fix the amount of pollution abatement at QR for each firm.

D) tax only the high-cost firm (Firm Y) and fix the amount of pollution abatement for the low-cost firm (Firm X).

E) tax only the low-cost firm (Firm X) and fix the amount of pollution abatement for the high-cost firm (Firm Y).

70) Refer to Figure 17-4. Firms X and Y have an emissions tax of $t imposed on each unit of pollution they produce. Firm X will choose to abate pollution of ________ units and Firm Y will choose to abate pollution of ________ units.

A) QX; QY

B) 0; 0

C) QR; QR

D) QX; QR

E) QR; QY

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July 1, 2023

41) The above figure shows the production possibility frontier for an economy. The point or points that are attainable and production efficient are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

42) The above figure shows the production possibility frontier for an economy. The point or points that are attainable are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

43) The above figure shows the production possibility frontier for an economy. The point or points that are NOT attainable are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

44) In order for Ireland to grow more potatoes, wool production must decrease. This situation is an example of

A) producing at a point that lies beyond the PPF.

B) zero opportunity cost.

C) opportunity benefit.

D) a free lunch.

E) a tradeoff.

45) As we move along the production possibilities frontier,

A) the production of one good increases as the production of the other good decreases.

B) the possibilities of tradeoffs diminish.

C) a tradeoff is not possible because nations need all goods.

D) more of both goods can be produced.

E) less of both goods can be produced.

46) Which of the following statements is correct?

A) If capital is idle, the economy is producing at its full potential.

B) The production possibilities frontier shows that there are no limits to production.

C) A tradeoff is a limit that forces an exchange or a substitution of one thing for something else.

D) Any point on or within the PPF is production efficient.

E) None of the above answers is correct.

47) When a nation is producing on its production possibilities frontier, if more resources are used to produce one good, then the production of other goods

A) must increase.

B) must decrease.

C) must remain the same.

D) must change, but they might increase or decrease.

E) might increase if the nation can produce more efficiently.

48) The negative slope of the production possibilities frontier represents the idea

A) that free lunches are possible.

B) of tradeoffs, that in order to produce more of one good, the nation must produce less of another.

C) of unemployment.

D) of inefficient production.

E) that prices rise as less is produced.

49) A movement from one point on a production possibilities frontier to another represents

A) a tradeoff.

B) a free lunch.

C) full employment of labor but not capital.

D) unemployment.

E) an advance in technology.

50) The saying "There's no such thing as a free lunch," applies

A) when there is some unemployment.

B) on the production possibilities frontier.

C) to unattainable combinations of goods and services.

D) when more of one good can be produced without decreasing production of another.

E) at all points inside the PPF.

July 1, 2023

31) Steve, an HR supervisor at APEX construction, has recently noticed a shortage of skilled workers due to a building boom in the area. He must find new workers quickly because it is uncertain how long the boom will last. He decides to hire nontraditional laborers. The most likely disadvantage of using nontraditional laborers is the:

A) high costs of making reasonable accommodations.

B) additional training that will be necessary.

C) extensive involvement of the EEOC.

D) high advertising costs.

32) Which of the following is primarily associated with hiring external candidates?

A) Lowers training costs

B) Provides new ideas and perspectives

C) Decreases recruitment time and expense

D) Motivates other workers to strive for advancement

33) One of the advantages of promoting internal candidates is:

A) rejuvenating work units.

B) reducing training costs.

C) fostering innovative ideas.

D) reducing employee turnover.

34) Tatiana needs to hire a line manager and has a very small recruiting budget. The firm's current employees don't feel they have many advancement opportunities. It would be best for Tatiana to recruit:

A) internally.

B) externally.

C) former military members.

D) nontraditional workers.

35) Which of the following is most likely a true statement about recruiting?

A) Internal recruiting enhances organizational communication.

B) External recruiting fills positions quickly and inexpensively.

C) External recruiting promotes innovation and new perspectives.

D) Internal recruiting requires developing new organizational policies.

36) Which of the following is most likely a true statement about recruiting employees in a protected class?

A) The recruiting message should be targeted to specific minority groups.

B) All private sector firms are legally required to have an affirmative action policy.

C) Using media that focuses on minorities is an effective way to recruit protected group members.

D) Intense minority competition for jobs ensures a large pool of qualified and motivated applicants.

37) Which of the following must have written affirmative action plans?

A) Non-profit groups

B) Government contractors

C) Privately-held corporations

D) Publicly-held corporations

38) In human resource planning the answer to the question, "How many candidates should we recruit?":

A) is based on the firm's affirmative action plan.

B) comes from the yield ratio calculated in the forecast.

C) is directed by EEO consideration and the size of the labor pool.

D) depends on the state of the labor pool and the current economy.

39) The offer-to-acceptance ratio at Central Manufacturing is 6:1. How many offers will the firm need to make in order to fill 80 positions?

A) 120

B) 240

C) 480

D) 540

40) After an extensive recruiting effort, your company has contacted 225 interested individuals. At the application deadline, you have received 75 applications. What is your contact-to-applicant ratio?