51) Suppose the Busy Bee Café is the monopoly producer of hamburgers in Hugo, Oklahoma. The above figure represents the demand, marginal revenue, and marginal cost curves for this establishment. What price will the Busy Bee charge to maximize its profit? A) $5.00 for a hamburger B) $3.00 for a hamburger C) $2.00 for a hamburger D) $1.00 for a hamburger E) $4.00 for […]

    31) A tariff makes the total economy A) better off because it increases the domestic production of the good. B) better off because it decreases the deadweight loss from international trade. C) worse off because it creates a deadweight loss. D) worse off because it creates revenue for the government. E) worse off because it decreases both domestic consumer surplus and domestic producer […]

    31) Refer to Table 19-5. Select the statement that accurately interprets the data in the table. A) Madison has a greater opportunity cost than Austin for making tacos. B) Madison’s opportunity cost for making tacos is less than Austin’s. C) Austin has a greater opportunity cost than Madison for making empanadas. D) Austin’s opportunity cost for making tacos and making empanadas are both […]

          11) The table above shows a nation’s production possibilities frontier. If the nation wants to produce 4 robots and 34 pizzas, A) it will shift the production possibilities frontier. B) the opportunity cost is 9 pizzas. C) the nation will be producing inefficiently. D) it will be unable to do so because the production point is unattainable. E) the nation […]

  21) Economists refer to the general problem of ________ as a principal-agent relationship. A) moral hazard B) adverse selection C) negative externalities D) pecuniary externalities 22) Which of the following is an example of a principal-agent relationship? A) The relationship between two colleagues B) The relationship between a teacher and his student C) The relationship between an employer and a worker D) The relationship […]

  81.According to Mendenhall and Oddou, which of the following dimensions that predicts success in a foreign posting strengthens an expatriate’s self-esteem, self-confidence, and mental well-being?  A. Cultural toughness B. Others-orientation C. Perceptual ability D. Self-orientation E. Empathy 82.Mendenhall and Oddou identified that expatriates with _____, a dimension that predicts success, were able to adapt their interests in food, sport, and music.   A. perceptual ability B. self-orientation C. others-orientation D. cultural toughness E. empathy 83.According […]

  101) The fact that isoquants are downward sloping indicates A) the diminishing marginal productivity of a variable factor. B) the diminishing marginal productivity of a fixed factor. C) that each factor input has a negative marginal productivity. D) a change in relative factor prices, with output held constant. E) that a reduction in the use of one factor requires an increase in the use […]

    Silly Sally, Inc. Silly Sally, Inc. forecasts the following sales levels: January, $420; February, $435; March, $450; and April, $470. Historically, 40% of its sales are for cash. Of the remaining sales, 80% are collected in one month, 15% are collected in the second month, while the rest remain uncollected. November sales were $380 and December sales were $500. (all values $000)   […]

  11) In the circular flow model, producers A) sell goods and services in the input market. B) and households spend earnings from resource sales on goods and services in the factor market. C) hire resources sold by households in the factor market. D) spend earnings from resource sales on goods and services in the product market. 12) Which of the following is a flow […]

  9.1  Externalities 1) An externality occurs when ________. A) the quantity demanded of a good exceeds the quantity supplied B) the quantity supplied of a good exceeds the quantity demanded C) the government regulates production and consumption decisions D) an economic activity affects third parties not engaged in the activity 2) The market demand curve for a good shows ________ and the market supply […]