21) Refer to Figure 10-15. If the government regulates Erickson Power Company so that the firm can earn a normal profit, the price would be set at ________ and the output level is ________. A) P1, Q4 B) P2, Q3 C) P2, Q2 D) P3, Q2   22) Refer to Figure 10-15. What is the economically efficient output level and what is the price […]

  81.Economists refer to knowledge “spillovers” that occur when companies in the same industry are located in the same area as:  A. technology flows. B. overlaps. C. corporate espionage. D. externalities. E. a free rider problem. 82.Silicon Valley in California is the world center for the computer and semiconductor industry and has many of the world’s major computer and semiconductor companies located close to each other, thus offering the location-specific […]

  11) The key idea behind price discrimination is to convert consumer surplus into A) a barrier to entry. B) economic profit. C) deadweight loss. D) monopoly power. E) total cost.   12) If a firm successfully price discriminates, it increases i.consumer surplus. ii.deadweight loss. iii.economic profit. A) i only B) ii only C) iii only D) i and iii E) i and ii   […]

  61.              Which of the following is NOT included in the set of activities discussed in your text on how to manage the relationship with your boss? a.Assess yourself and your needs. b.Assess the needs of the organization as they relate to customers or the external/market environment. c.Develop and maintain a relationship that is based on dependability and honesty. d.Make sure you understand your boss […]

  41. George’s Ice Cream Shop believes most of its utilities costs are mixed. George has collected the following data on gallons of ice cream used and related utilities costs for the past six months:    Number ofgallons used Utilities cost May 20 $   700 June 30      850 July 40   1,100 August 30      975 September 25      900 October 22      720   […]

    11) Which of the following describes the infant industry argument for protectionism? A) An industry must be protected in its early stages of development so that firms can compete with government-subsidized foreign competition. B) Some strategic industries must be protected to ensure adequate supplies of resources needed for national defense in emergencies. C) Domestic producers in high-wage countries must be protected from foreign […]

  81) Refer to Table 13-1. How many units of this factor of production would the profit-maximizing firm hire if the price of each unit of the factor was $140? A) 11 B) 12 C) 13 D) 14 E) It is not possible to determine with the data given. 82) Refer to Table 13-1. How many units of this factor of production would the profit-maximizing […]

  7.3   Nominal and Real Values 1) The difference between nominal and real is A) nominal is measured in current dollars and real is measured in dollars of a given year. B) real is measured in current dollars and nominal is measured in dollars of a given year. C) nominal is a number stated in dollars and real is stated with an index number. D) […]

  MULTIPLE CHOICE 1.Which of the following is true about channels of distribution? a.Their role is limited to providing essential linkages that connect raw material suppliers with manufacturers. b.They are independent agents who work to achieve individual, personal goals. c.They are the partners with whom marketing efforts are planned and implemented. d.They are temporary market-entry vehicles. 2.The term “_____” refers to the length and width […]

    31.When a sample of aqueous hydrochloric acid was neutralized with aqueous sodium hydroxide in a calorimeter, the temperature of 100.0 g of water surrounding the reaction increased from 25.0°C to 31.5°C. If the specific heat of water is 1.00 cal/(g?°C), calculate the quantity of energy in calories involved in this neutralization reaction. A)  1000 cal    B)  100.0 cal    C)  6.50 cal    D)  1250 […]