Question : 4.1 Demand 1) A market defined as A) a physical place where : 1240798

Economics

4.1 Demand

1) A market is defined as

A) a physical place where people buy only goods.

B) a physical place where people buy both goods and services.

C) a store where people buy physical goods.

D) any arrangement that brings buyers and sellers together.

E) a place where one good is bartered for another.

2) EBay

A) will be considered a market when the Internet firms are profitable.

B) is a market because buyers and sellers are brought together to buy and sell.

C) would be a market if there was only one physical location.

D) cannot function as a market.

E) is not a market because buyers can buy from only one seller at any point in time.

3) Which of the following statements is true about a competitive market? A competitive market

A) must have a physical location.

B) includes markets for goods and services but not for inputs.

C) has so many buyers and sellers that no one can influence the price.

D) has one seller competing to sell his or her product.

E) has a handful of sellers but always has many buyers.

4) If Mark tries to purchase a new refrigerator in a perfectly competitive market, then

A) he will find himself constantly haggling with sellers over the price.

B) he will have only a few sellers available to him.

C) he will have a very limited ability to negotiate over the price.

D) he will see large differences in the types of refrigerators sold across sellers.

E) None of the above is correct.

5) In a perfectly competitive market, an individual ________ has ________ influence over the market price of the good or service being sold.

A) buyer; basically no

B) seller; basically no

C) buyer; a great deal of

D) seller; a great deal of

E) Both A and B are correct.

6) Assume that the market for consumer gasoline is perfectly competitive. When one additional seller (gas station) enters the market,

A) the price of gasoline increases.

B) the price of gasoline decreases.

C) the price of gasoline is left unaffected.

D) then at least one other seller must exit the market.

E) None of the above is correct.

7) What is the “quantity demanded”?

A) the amount of a good people desire

B) the amount of a good people are able and willing to buy during a specific time period and at a given price

C) the amount of a good people are able and willing to buy at all possible prices

D) the maximum amount of a good that can be consumed during a specific time period

E) the minimum amount of a good that people are willing to buy during a specific time period and at a given price

8) The “quantity demanded” of any good or service is ________ during a specified time period and at a specified price.

A) the amount people are willing to buy

B) the amount people are able to buy

C) the amount people are willing and able to offer

D) the amount people are willing and able to buy

E) the amount people are willing to buy because it is the amount sellers are willing to sell

9) The “law of demand” refers to the fact that, other things remaining the same, when the price of a good rises,

A) the demand curve shifts rightward.

B) the demand curve shifts leftward.

C) there is a movement down along the demand curve to a larger quantity demanded.

D) there is a movement up along the demand curve to a smaller quantity demanded.

E) the demand curve shifts rightward and there is a movement up along the demand curve to a smaller quantity demanded.

10) The law of demand refers to how

A) demand changes when people’s incomes change.

B) demand changes when the prices of substitutes and complements change.

C) the quantity demanded changes when the price of the good changes.

D) the price of the good changes when people’s demand for the good changes.

E) the quantity demanded changes when the demand for the good changes.

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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?