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External link to Question : 15.4   Chapter Figures The figure above shows a firm’s total revenue : 1241207
Economics

Question : 15.4   Chapter Figures The figure above shows a firm’s total revenue : 1241207

  15.4   Chapter Figures   The figure above shows a firm’s total revenue and total cost curves.   1) Based on the figure above, when the firm maximizes its profit, it produces ________ cans per day. A) 0 B) more than 0 and less than 5 C) 5 or more but less than 10 D) 10 E) more than 10 2) To maximize its profit, […]

External link to Question : 31) Refer to Figure 14-2. Which of the following consistent : 1244747
Economics

Question : 31) Refer to Figure 14-2. Which of the following consistent : 1244747

    31) Refer to Figure 14-2. Which of the following is consistent with the graph depicted above? A) An expected expansion increases the profitability of new investment. B) The government runs a budget surplus. C) There is a shift from an income tax to a consumption tax. D) New government regulations decrease the profitability of new investment.   Figure 14-3   32) Refer to […]

External link to Question : 13.3   Shocks to the System Refer to the information provided in : 1381191
Economics

Question : 13.3   Shocks to the System Refer to the information provided in : 1381191

  13.3   Shocks to the System   Refer to the information provided in Figure 13.3 below to answer the questions that follow.   Figure 13.3   1) Refer to Figure 13.3. Cost-push inflation occurs if A) the economy moves from Point A to Point B on aggregate supply curve AS1. B) the economy moves from Point A to Point C on the aggregate supply curve […]

External link to Question : 56.If the number of units sold greater than the number : 1302748
Economics

Question : 56.If the number of units sold greater than the number : 1302748

    56.If the number of units sold is greater than the number of units produced, A.full costing and variable costing will yield the same net income. B.variable costing will assign some fixed manufacturing costs to the units in ending inventory. C.net income will be higher under variable costing than under full costing. D.inventory levels will increase. 57.Meow Foods had 2,000 25-pound bags of cat […]

External link to Question : 13.2  Nash Equilibrium 1) A Nash equilibrium occurs if ________. A) each : 1377510
Economics

Question : 13.2  Nash Equilibrium 1) A Nash equilibrium occurs if ________. A) each : 1377510

  13.2  Nash Equilibrium 1) A Nash equilibrium occurs if ________. A) each player chooses strategies that are mutual best responses B) each player chooses their dominant strategy C) each player chooses only a pure strategy D) each player chooses only a mixed strategy 2) Which of the following is true of Nash equilibrium? A) A game can have only one Nash equilibrium. B) No […]

External link to Question : 11) Which of the following NOT a major argument for : 1240681
Economics

Question : 11) Which of the following NOT a major argument for : 1240681

  11) Which of the following is NOT a major argument for restricting international trade? A) the promotion of dumping in America B) the national security argument C) the infant industry argument D) the prevention of dumping argument E) saves U.S. jobs argument   12) A flawed argument for protection from foreign trade is that i.tariffs save domestic jobs. ii.tariffs protect the national culture. iii.quotas […]

External link to Question : Multiple Choice – Section02: The Determinants of the Deadweight Loss 1.Supposeataxisimposedonbananas.Inwhichofthefollowingcaseswillthetaxcausetheequilibriumquantityofbananastoshrinkbythelargestamou : 1262565
Economics

Question : Multiple Choice – Section02: The Determinants of the Deadweight Loss 1.Supposeataxisimposedonbananas.Inwhichofthefollowingcaseswillthetaxcausetheequilibriumquantityofbananastoshrinkbythelargestamou : 1262565

  Multiple Choice – Section02: The Determinants of the Deadweight Loss 1.Supposeataxisimposedonbananas.Inwhichofthefollowingcaseswillthetaxcausetheequilibriumquantityofbananastoshrinkbythelargestamount? a.Theresponseofbuyerstoachangeinthepriceofbananasisstrong,andtheresponseofsellerstoachangeinthepriceofbananasisweak. b.Theresponseofsellerstoachangeinthepriceofbananasisstrong,andtheresponseofbuyerstoachangeinthepriceofbananasisweak. c.Theresponseofbuyersandsellerstoachangeinthepriceofbananasisstrong. d.Theresponseofbuyersandsellerstoachangeinthepriceofbananasisweak. 2.Supposeataxisimposedonbaseballbats.Inwhichofthefollowingcaseswillthetaxcausetheequilibriumquantityofbaseballbatstoshrinkbythesmallestamount? a.Theresponseofbuyerstoachangeinthepriceofbaseballbatsisstrong,andtheresponseofsellerstoachangeinthepriceofbaseballbatsisweak. b.Theresponseofsellerstoachangeinthepriceofbaseballbatsisstrong,andtheresponseofbuyerstoachangeinthepriceofbaseballbatsisweak. c.Theresponseofbuyersandsellerstoachangeinthepriceofbaseballbatsisstrong. d.Theresponseofbuyersandsellerstoachangeinthepriceofbaseballbatsisweak. 3.Thepriceelasticitiesofsupplyanddemandaffect a.boththesizeofthedeadweightlossfromataxandthetaxincidence. b.thesizeofthedeadweightlossfromataxbutnotthetaxincidence. c.thetaxincidencebutnotthesizeofthedeadweightlossfromatax. d.neitherthesizeofthedeadweightlossfromataxnorthetaxincidence. 4.Thesizeofthedeadweightlossgeneratedfromataxisaffectedbythe a.elasticitiesofbothsupplyanddemand. b.elasticityofdemandonly. c.elasticityofsupplyonly. d.totalrevenuecollectedbythegovernment. 5.Thesizeofataxandthedeadweightlossthatresultsfromthetaxare a.positivelyrelated. b.negativelyrelated. c.independentofeachother. d.equaltoeachother. 6.Buyersofaproductwillbearthelargerpartofthetaxburden,andsellerswillbearasmallerpartofthetaxburden,whenthe a.taxisplacedonthesellersoftheproduct. b.taxisplacedonthebuyersoftheproduct. c.supplyoftheproductismoreelasticthanthedemandfortheproduct. d.demandfortheproductismoreelasticthanthesupplyoftheproduct. 7.Sellersofaproductwillbearthelargerpartofthetaxburden,andbuyerswillbearasmallerpartofthetaxburden,whenthe a.taxisplacedonthesellersoftheproduct. b.taxisplacedonthebuyersoftheproduct. c.supplyoftheproductismoreelasticthanthedemandfortheproduct. d.demandfortheproductismoreelasticthanthesupplyoftheproduct. 8.Whenataxisimposedonagoodforwhichthesupplyisrelativelyelasticandthedemandisrelativelyinelastic, a.buyersofthegoodwillbearmostoftheburdenofthetax. b.sellersofthegoodwillbearmostoftheburdenofthetax. c.buyersandsellerswilleachbear50percentoftheburdenofthetax. d.bothequilibriumpriceandquantitywillincrease. 9.Whenataxisimposedonagoodforwhichthedemandisrelativelyelasticandthesupplyisrelativelyinelastic, a.buyersofthegoodwillbearmostoftheburdenofthetax. b.sellersofthegoodwillbearmostoftheburdenofthetax. c.buyersandsellerswilleachbear50percentoftheburdenofthetax. d.theeffectivepricepaidbybuyerswilldecreaseasaresultofthetax. 10.Whenataxisimposedonagoodforwhichbothdemandandsupplyareveryelastic, a.sellerseffectivelypaythemajorityofthetax. b.buyerseffectivelypaythemajorityofthetax. c.thetaxburdenisequallydividedbetweenbuyersandsellers. d.Noneoftheaboveiscorrect;furtherinformationwouldberequiredtodeterminehowtheburdenofthetaxisdistributedbetweenbuyersandsellers.    

External link to Question : 141) If a basket of goods costs $1000 in Canada : 1384553
Economics

Question : 141) If a basket of goods costs $1000 in Canada : 1384553

  141) If a basket of goods costs $1000 in Canada and the Canadian dollar exchange rate is $1.50 = 1 euro, then the same basket of goods in Europe should cost ________ euros. A) 150.00 B) 666.67 C) 1000.00 D) 1500.00 E) 6666.67 142) According to the theory of purchasing power parity (PPP), the exchange rate between two country’s currencies is determined by A) […]

External link to Question : 41. (p. 366) All of the following illustrate how products (product concepts) have : 1242094
Economics

Question : 41. (p. 366) All of the following illustrate how products (product concepts) have : 1242094

    41. (p. 366) All of the following illustrate how products (product concepts) have been rejected by cultures because they did not meet the norms, values, or behavior patterns of the culture EXCEPT:  A. many financial services in Muslim countries. B. body jewelry in Japan. C. pork and pork products in Scotland. D. filter cigarettes in Asia. E. whiskey and beer in Ireland. 42. (p. 368) From a sociological viewpoint, any idea perceived as new […]

External link to Question : 12.2   Money, the Price Level, and Inflation 1) In the long-run, : 1240487
Economics

Question : 12.2   Money, the Price Level, and Inflation 1) In the long-run, : 1240487

  12.2   Money, the Price Level, and Inflation   1) In the long-run, money market equilibrium determines A) the value of money. B) the nominal interest rate C) the real interest rate. D) real GDP. E) velocity.   2) The “value of money” A) is the quantity of goods and services that a unit of money can buy. B) is determined by Fed regulations. C) […]

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July 1, 2023
    

 

12.2   Money, the Price Level, and Inflation

 

1) In the long-run, money market equilibrium determines

A) the value of money.

B) the nominal interest rate

C) the real interest rate.

D) real GDP.

E) velocity.

 

2) The "value of money"

A) is the quantity of goods and services that a unit of money can buy.

B) is determined by Fed regulations.

C) increases during inflationary periods.

D) increases during economic expansions.

E) is directly related to the price level.

 

3) Which of the following applies to the "value of money"?

i.It is the inverse of the price level.

ii.The value of money falls during economic expansions.

iii.It is the quantity of goods and services that a unit of money will buy.

A) i and iii

B) i, ii and iii

C) iii only

D) ii and iii

E) i and ii

4) In the long run, what determines the value of money?

A) the government budget balance

B) international trade

C) money market equilibrium

D) equilibrium in the loanable funds market

E) real GDP

 

5) If the quantity of money supplied ________ the quantity demanded, in the long run the value of money ________.

A) exceeds; falls as people spend their surplus money

B) exceeds; rises as people buy bonds

C) is less than; falls as people spend their surplus money

D) is less than; does not change unless the Fed increases the money supply

E) equals; equals zero

 

6) The long-run money demand curve shows

A) that the value of money influences the quantity of money that households and firms plan to hold.

B) that the value of money is directly related to the quantity of money demanded.

C) the relationship between real GDP and money demand.

D) the relationship between potential GDP and money demand.

E) how the Fed determines the appropriate interest rate.

7) If the Fed increases the quantity of money, in the short run the ________ and in the long run the ________.

A) price level rises; the nominal interest rate falls

B) nominal interest rate falls; the price level falls

C) nominal interest rate rises; the price level falls

D) nominal interest rate falls; the price level rises

E) nominal interest rate rises; the price level rises

 

 

8) In the figure above, in the long run what happens if the Fed increases the quantity of money by 5 percent?

A) The value of money falls by 5 percent and there will be a movement down along the LRMD curve.

B) The real interest rate falls and the LRMD curve shifts rightward.

C) The nominal interest rate rises by 5 percent.

D) The price level rises by 5 percent and the LRMD shifts leftward.

E) The value of money rises by 5 percent.

9) In the figure above, what happens if the Fed increases the quantity of money by 8 percent?

A) The LRMD curve shifts rightward to restore equilibrium.

B) The value of money falls to 0.92 and there is a movement downward along the LRMD.

C) The price level falls to 1.08.

D) The interest rate rises to 1.08.

E) The value of money rises to 1.08.

 

10) In the long run, an increase in the quantity of money ________ the value of money and ________ the price level.

A) raises; raises

B) raises; does not change

C) lowers; lowers

D) lowers; does not change

E) lowers; raises

 

 

 

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July 1, 2023
    

 

15.4   Chapter Figures

 

The figure above shows a firm's total revenue and total cost curves.

 

1) Based on the figure above, when the firm maximizes its profit, it produces ________ cans per day.

A) 0

B) more than 0 and less than 5

C) 5 or more but less than 10

D) 10

E) more than 10

2) To maximize its profit, the firm in the figure above produces ________ cans per day and ________.

A) 0; incurs an economic loss of less than $20

B) between 3 to 5 cans; earns a normal profit

C) 10; earns an economic profit of $2.90

D) 10; earns an economic profit of $29

E) more than 10; earns an economic profit

 

The figure above shows a firm's marginal revenue and marginal cost curves.

 

3) Based on the figure above, the price of a can is $8; if the price increased to $12, then the firm would

A) produce zero cans.

B) decrease the amount of cans produces it but not to zero.

C) not change the amount of cans it produces.

D) increase the amount of cans it produces.

E) More information is needed to determine what action the firm will take.

4) Suppose the firm's marginal cost of producing a can increases by $1 per can. Then, based on the figure above, the firm would

A) produce zero cans.

B) decrease the amount of cans it produces but not to zero cans.

C) not change the amount of cans it produces.

D) increase the amount of cans it produces.

E) More information is needed to determine what action the firm will take.

 

The figure above shows the cost curves and marginal revenue curve for a perfectly competitive firm.

 

5) Based on the figure above, what is the price of a can?

A) $0.

B) $3.00 per can

C) $5.14 per can

D) None of the above prices is correct.

E) More information is needed to determine the price of a can.

6) Based on the figure above, if the firm produces 7 cans per day, the firm ________ maximizing its profit and is ________.

A) is; incurring an economic loss

B) is; making a normal profit

C) is; making an economic profit

D) is not; incurring an economic loss

E) is not; making a normal profit

 

7) Suppose the price of a can was $5.14. In this case, to maximize its profit, the firm illustrated in the figure above would

A) increase its production and would make an economic profit.

B) not change its production and would make a normal profit.

C) not change its production and would make an economic profit.

D) increase its production and would incur an economic loss.

E) not change its production and would incur an economic loss.

 

8) The firm in the figure above is ________ that is equal to ________.

A) making an economic profit; $5.14 × 7

B) making an economic profit; $3.00 × 7

C) incurring an economic loss; $5.14 × 7

D) incurring an economic loss; ($5.14 - $3.00) × 7

E) making an economic profit; ($5.14 - $3.00) × 7

The figure above shows some of a firm's cost curves and its marginal revenue curve.

 

9) Based on the figure above, what is the price of a can?

A) $0

B) $8.00 per can

C) $5.10 per can

D) None of the above prices is correct.

E) More information is needed to determine the price of a can.

 

10) Based on the figure above, if the firm produces 10 cans per day, the firm ________ maximizing its profit and is ________.

A) is; incurring an economic loss

B) is; making zero economic profit

C) is; making an economic profit

D) is not; incurring an economic loss

E) is not; making zero economic profit

 

 

 

default image
July 1, 2023
    

 

15.4   Chapter Figures

 

The figure above shows a firm's total revenue and total cost curves.

 

1) Based on the figure above, when the firm maximizes its profit, it produces ________ cans per day.

A) 0

B) more than 0 and less than 5

C) 5 or more but less than 10

D) 10

E) more than 10

2) To maximize its profit, the firm in the figure above produces ________ cans per day and ________.

A) 0; incurs an economic loss of less than $20

B) between 3 to 5 cans; earns a normal profit

C) 10; earns an economic profit of $2.90

D) 10; earns an economic profit of $29

E) more than 10; earns an economic profit

 

The figure above shows a firm's marginal revenue and marginal cost curves.

 

3) Based on the figure above, the price of a can is $8; if the price increased to $12, then the firm would

A) produce zero cans.

B) decrease the amount of cans produces it but not to zero.

C) not change the amount of cans it produces.

D) increase the amount of cans it produces.

E) More information is needed to determine what action the firm will take.

4) Suppose the firm's marginal cost of producing a can increases by $1 per can. Then, based on the figure above, the firm would

A) produce zero cans.

B) decrease the amount of cans it produces but not to zero cans.

C) not change the amount of cans it produces.

D) increase the amount of cans it produces.

E) More information is needed to determine what action the firm will take.

 

The figure above shows the cost curves and marginal revenue curve for a perfectly competitive firm.

 

5) Based on the figure above, what is the price of a can?

A) $0.

B) $3.00 per can

C) $5.14 per can

D) None of the above prices is correct.

E) More information is needed to determine the price of a can.

6) Based on the figure above, if the firm produces 7 cans per day, the firm ________ maximizing its profit and is ________.

A) is; incurring an economic loss

B) is; making a normal profit

C) is; making an economic profit

D) is not; incurring an economic loss

E) is not; making a normal profit

 

7) Suppose the price of a can was $5.14. In this case, to maximize its profit, the firm illustrated in the figure above would

A) increase its production and would make an economic profit.

B) not change its production and would make a normal profit.

C) not change its production and would make an economic profit.

D) increase its production and would incur an economic loss.

E) not change its production and would incur an economic loss.

 

8) The firm in the figure above is ________ that is equal to ________.

A) making an economic profit; $5.14 × 7

B) making an economic profit; $3.00 × 7

C) incurring an economic loss; $5.14 × 7

D) incurring an economic loss; ($5.14 - $3.00) × 7

E) making an economic profit; ($5.14 - $3.00) × 7

The figure above shows some of a firm's cost curves and its marginal revenue curve.

 

9) Based on the figure above, what is the price of a can?

A) $0

B) $8.00 per can

C) $5.10 per can

D) None of the above prices is correct.

E) More information is needed to determine the price of a can.

 

10) Based on the figure above, if the firm produces 10 cans per day, the firm ________ maximizing its profit and is ________.

A) is; incurring an economic loss

B) is; making zero economic profit

C) is; making an economic profit

D) is not; incurring an economic loss

E) is not; making zero economic profit

 

 

 

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Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

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Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

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Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

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Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

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Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

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