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Question : 21) Economists have used ________ and ________ in experiments designed : 1245189

Economics

 

 

21) Economists have used ________ and ________ in experiments designed to determine whether consumers care about fairness when they make decisions.

A) Giffen goods; luxury goods

B) the income effect; the substitution effect

C) the ultimatum game; the dictator game

D) network externalities; the endowment effect

 

22) Traditionally, economists have considered culture, customs, and religion as

A) very important influences on the choices consumers make.

B) relatively unimportant factors in explaining the choices consumers make.

C) important influences in explaining consumer choices in command economies but less important in market economies.

D) subject to normative economic analysis rather than positive economic analysis.

 

23) Which of the following statements describes economists’ attitudes regarding the influence of social factors on the choices consumers make?

A) Economists formerly believed they were very important but now they believe they are not important.

B) Economists believe social factors affect consumer choice in markets for public goods but not in markets for private goods.

C) Liberal economists believe social factors are very important; conservative economists do not believe social factors have any influence on consumers.

D) Economists traditionally believed they were unimportant, but many economists now believe social factors are important.

 

24) Economists Gary Becker and Kevin Murphy are associated with which of the following?

A) the discovery of the first example of a Giffen good

B) They have argued that social factors are not important in explaining the choices consumers make.

C) Consumers appear to receive utility from consuming goods they believe are popular.

D) They discovered that price changes have both income and substitution effects.

 

Article Summary

The article describes three key ways startup companies can get the most benefit from celebrity endorsements. One way is choosing a celebrity that can bring credibility to the company and then incorporating the celebrity into the company’s marketing strategy. Second, get public relations value from the celebrity by offering exclusive interviews, contests, and photos and videos of the celebrity with the product. Finally, make sure to choose a celebrity who will represent the product at all times, giving the product maximum exposure.

Source: Kevin Tighe II, “3 Ways Startups Can Turn Celebrity Endorsements Into Big Gains,” Forbes, March 8, 2013.

 

25) Refer to the Article Summary. Economists refer to an increase in sales due to celebrity endorsements as being the result of

A) network externalities.

B) the endowment effect.

C) social influence.

D) the ultimatum game.

26) Refer to the Article Summary. 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

 

27) Which of the following refers to the increase in the usefulness of a product as the number of consumers who use it increases?

A) positive externalities

B) network externalities

C) external marginal utility

D) the impact of celebrity endorsements

 

28) Which of the following is used to explain why a consumer’s willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?

A) network externalities

B) market failure

C) diminishing marginal utility

D) the income effect of a price change

 

29) The order of the letters along the rows of computer keyboards could be changed to allow users to type faster, but this would inconvenience the vast majority of people who learned to type with the current keyboard layout. The costs of switching to a new layout make this change unlikely. This is an example of

A) path dependency.

B) how social influences overwhelm the substitution effect of a price change.

C) how the elasticity of demand for typewriters has been affected by externalities.

D) how consumers sometimes do not behave rationally.

 

30) An advantage of Microsoft windows is its compatibility with the widest range of hardware and software. The dominance of Windows is self-reinforcing: hardware and software manufacturers ensure that their products are compatible with Windows in order to have access to the large number of Windows users. Which principle best describes this scenario?

A) endowment effects

B) endorsement effects

C) economies of scale

D) network externalities

 

 

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July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

default image
July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

default image
July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

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