Question : 32) Bill owns a lawn-care company in Windermere, Florida, whose : 1241200

Economics

32) Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. At this price, how many lawns will Bill mow per week?

A) more than 10 and less than 30

B) 30

C) 40

D) 50

E) 0

33) Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. Bill’s average total cost curve is ATC, so his total cost of production equals

A) $0 because Bill shuts down.

B) more than $0 and less than $1,200 per week.

C) more than $1,200 and less than $1,400 per week.

D) more than $1,400 per week and less than $1,800 per week.

E) more than $1,800 per week.

34) Bill owns a lawn-care company in Windermere, Florida, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. If Bill’s average total cost curve is ATC, his total economic ________ equals ________.

A) loss; $800 per week

B) profit; $1,280 per week

C) profit; $480 per week

D) loss; $1,280 per week

E) profit; $32 per week

35) If the market supply curve and market demand curve for a good intersect at 600,000 units and there are 10,000 identical firms in the market, then each firm is producing

A) 600,000 units.

B) 60,000,000,000 units.

C) 60,000 units.

D) 60 units.

E) 10,000 units.

36) In the short run, a perfectly competitive firm

A) must make an economic profit.

B) must incur an economic loss.

C) must make zero economic profit.

D) might make an economic profit, zero economic profit, or incur an economic loss.

E) None of the above answers is correct.

37) A perfectly competitive firm definitely makes an economic profit in the short run if price is

A) equal to marginal cost.

B) equal to average total cost.

C) greater than average total cost.

D) greater than marginal cost.

E) greater than average variable cost.

38) If a perfectly competitive firm is maximizing its profit and is making an economic profit, which of the following is correct?

i.Price equals marginal revenue.

ii.Marginal revenue equals marginal cost.

iii.Price is greater than average total cost.

A) i only

B) i and ii only

C) ii and iii only

D) i and iii only

E) i, ii, and iii

39) The market for watermelons in Alabama is perfectly competitive. A watermelon producer making zero economic profit could make an economic profit if the

A) average total cost of selling watermelons does not change.

B) average total cost of selling watermelons rises.

C) average total cost of selling watermelons falls.

D) marginal cost of selling watermelons does not change.

E) marginal cost of selling watermelons rises.

40) Juan’s Software Service Company is in a perfectly competitive market. Juan has total fixed cost of $25,000, average variable cost for 1,000 service calls is $45, and marginal revenue is $75. Juan’s makes 1,000 service calls a month. What is his economic profit?

A) $5,000

B) $25,000

C) $45,000

D) $75,000

E) $50,000

41) If a perfectly competitive firm finds that price is less than its ATC, then the firm

A) will raise its price to increase its economic profit.

B) will lower its price to increase its economic profit.

C) is making an economic profit.

D) is incurring an economic loss.

E) is making zero economic profit.

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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.