Question : 11) All of the following products most likely to have : 1267116

11) All of the following products are most likely to have significant network externalities except

A) cat food.

B) cell phones.

C) popular board games.

D) fax machines.

12) Which of the following is used to explain why a consumer’s willingness to buy Microsoft Office increases as the number of other people who use Microsoft Office increases?

A) network externalities

B) market failure

C) diminishing marginal utility

D) the income effect of a price change

13) A good is path dependent when

A) consumers get utility from consuming goods that others are consuming, such as restaurants.

B) the first technology that was adopted has an advantage over a better technology that came later.

C) people who move location follow the path of people who moved before them.

D) it can only be used in one way.

14) A standard which came to the market first, such as the QWERTY letter layout in typewriters, can become entrenched (this layout is still used in computer keyboards today). What is this phenomenon called?

A) network externalities

B) path dependency

C) sunk cost

D) comparative advantage

15) Many economists do not believe that network externalities lock consumers into the use of products that have technology inferior to other, similar products. These economists believe that

A) consumers are always rational.

B) in practice, the gains from using a superior technology exceed the losses consumers incur from switching costs.

C) there is no good evidence that switching costs exist.

D) the government will prevent products with inferior technology from being sold to consumers.

16) Economists would refer to the increase in product sales because of celebrity endorsements as being the result of

A) network externalities.

B) the endowment effect.

C) social influence.

D) the ultimatum game.

17) One explanation for the increase in product sales because of celebrity endorsements is that people seem to receive ________ from goods they believe are popular.

A) more utility

B) diminishing utility

C) greater network externalities

D) increased path dependency

18) Many airlines have not reduced or eliminated fuel surcharges despite the price of oil dropping. A logical reason for this is that the decline in fuel prices

A) shifted the supply curve for airline tickets to the left, and at the same time an increase in demand for airline tickets shifted the demand curve to the right, so prices did not decline.

B) shifted the supply curve for airline tickets to the right, and at the same time a decrease in demand for airline tickets shifted the demand curve to the left, so prices still increased.

C) shifted the supply curve for airline tickets to the right, and at the same time an increase in demand for airline tickets shifted the demand curve to the right, so prices still increased.

D) shifted the supply curve for airline tickets to the left, and at the same time a decrease in demand for airline tickets shifted the demand curve to the left, so prices did not decline.

19) Research by Daniel Kahneman, Jack Knetch, and Richard Thaler has shown that companies like airlines were explicitly able to include a fuel surcharge in their prices because

A) consumers had no choice but to pay the price of the surcharges due to the lack of competition in the industry.

B) a government-imposed price ceiling on airline ticket prices left the airlines not other way to cover the increase in costs.

C) adding a separate fuel surcharge to the price of airline tickets did not actually increase the price of the tickets.

D) consumers see it as fair for firms to raise prices after an increase in costs.

20) For which of the following products is social influence likely to have the greatest impact?

A) toothpaste

B) restaurants

C) high-blood pressure medication

D) school textbook

Continue to order Get a quote

July 1, 2023

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.