101) Which of the following products would most easily lend itself to successful price discrimination by a monopolist? A) cellular phones B) electricity C) pianos D) restaurant meals E) transport trucks 102) If a monopolist is practising perfect price discrimination, we know that A) the firm is facing a perfectly elastic demand curve. B) the firm is facing a perfectly inelastic demand curve. C) […]

  21) The quantity theory of money can be written as A) MV = PY. B) M/V = PY. C) MV = P/Y. D) MP = VP.   22) Velocity is NOT constant if A) the money supply does not depend on the interest rate. B) the supply of money depends on the interest rate. C) the price level increases as aggregate output increases. D) […]

    21) In the goods market, firms ________ and households ________. A) purchase goods and services; supply goods and services B) supply land, labor, capital, and entrepreneurship services; hire land, labor, capital, and entrepreneurship services C) pay rent, wages, interest, and profit:; earn rent, wages, interest, and profit D) supply goods and services; purchase goods and services E) hire land, labor, capital, and entrepreneurship […]

    111.Using Figure 14.1, ceteris paribus, if the Federal Reserve increases the discount rate, this indicates a desire to _______ the money supply and will cause a shift from ______.    A. Expand; AD1 to AD2 B. Expand; AS1 to AS2 C. Contract; AD2 to AD1 D. Contract; AS3 to AS2 112.Refer to Figure 14.1. Ceteris paribus, which of the following Fed actions will shift the aggregate demand curve […]

  21.Acompetitivefirmhasbeensellingitsoutputfor$20perunitandhasbeenmaximizingitsprofit,whichispositive.Then,thepricefallsto$18,andthefirmmakeswhateveradjustmentsarenecessarytomaximizeitsprofitatthenow-lowerprice.Oncethefirmhasadjusted,its a.quantityofoutputislowerthanitwaspreviously. b.averagetotalcostislowerthanitwaspreviously. c.marginalcostishigherthanitwaspreviously. d.Alloftheabovearecorrect. 22.Acompetitivefirmhasbeensellingitsoutputfor$10perunitandhasbeenmaximizingitsprofit.Then,thepricerisesto$14,andthefirmmakeswhateveradjustmentsarenecessarytomaximizeitsprofitatthenow-higherprice.Oncethefirmhasadjusted,its a.marginalrevenueislowerthanitwaspreviously. b.marginalcostislowerthanitwaspreviously. c.quantityofoutputishigherthanitwaspreviously. d.Alloftheabovearecorrect. 23.Whenprofit-maximizingfirmsincompetitivemarketsareearningprofits, a.marketdemandmustexceedmarketsupplyatthemarketequilibriumprice. b.marketsupplymustexceedmarketdemandatthemarketequilibriumprice. c.newfirmswillenterthemarket. d.themostinefficientfirmswillbeencouragedtoleavethemarket. Table14-7 Supposethatafirminacompetitivemarketfacesthefollowingrevenuesandcosts:       Quantity   MarginalCost   MarginalRevenue 12 $5 $7.50 13 $6 $7.50 14 $7 $7.50 15 $8 $7.50 16 $9 $7.50 17 $10 $7.50 24.RefertoTable14-7.Ifthefirmiscurrentlyproducing14units,whatwouldyouadvisetheowners? a.decreasequantityto13units b.increasequantityto15units c.continuetooperateat14units d.increasequantityto16units 25.RefertoTable14-7.Ifthefirmismaximizingprofit,howmuchprofitisitearning? a.$0.50 b.$7.50 c.$10 d.Thereisinsufficientdatatodeterminethefirm’sprofit.   Table14-8 Supposethatafirminacompetitivemarketfacesthefollowingrevenuesandcosts:     Quantity TotalRevenue TotalCost 0 $0 $3 […]

    59) In the above, a marginal revenue curve for a perfectly competitive firm is shown in Figure ________. A) W B) X C) Y D) Z E) X and Figure Z 60) As a perfectly competitive firm produces more and more of a good, its economic profit A) constantly increases. B) constantly decreases. C) first decreases, then increases. D) first increases, then decreases. […]

    11) Suppose the local university charges $85 per credit hour. If tuition increases from $85 to $93 per credit hour, using the midpoint method, what is the percentage change in price? A) 8.99 percent B) 8.00 percent C) 9.41 percent D) 8.62 percent E) 9.12 percent   12) Using the midpoint method, if the price of an airline ticket from Orlando to Pittsburgh […]

    81) Which of the following is a characteristic of image recognition? A) converting images into text B) examining images and converting them into machine-readable code C) analyzing and enhancing photographic data D) scanning facial features and returning possible matches from a database 82) Which of the following knowledge management strategies should be used with compliance information? A) develop plans to experiment with and […]

  9.2   Winners, Losers, and Net Gains from Trades   1) International trade benefits A) only the exporter. B) only the importer. C) both the exporter and the importer. D) neither the exporter nor the importer. E) the exporter at all times and sometimes also the importer.   2) Who gains from international trade? A) only the exporting nation B) only the importing nation C) […]

    11.A juice or sports drink that contains no more than _____ carbohydrate may allow for better hydration and physical performance than those that are more concentrated. a.2-3% b.4-5% c.5-6% d.6-8% e.9-10%   Use the following nutrition label to answer questions 12-14.   Nutrition  Facts Serving Size 1 Drink Box (6.75 oz) Servings Per Container 1 Amount Per Serving Calories 100 Calories from Fat […]