21) When the price rises and the supply curve does not shift, the firms’ producer surplus ________. When the price falls and the supply curve does not shift, the firms’ producer surplus ________. A) increases; decreases B) decreases; increases C) decreases; decreases D) increases; increases E) does not change; does not change 22) The producer surplus of making and selling 10 chairs is found […]

  11.3   The Equilibrium Interest Rate   Refer to the information provided in Figure 11.3 below to answer the questions that follow.     Figure 11.3   1) Refer to Figure 11.3. At an interest rate of 6%, there is a A) shortage of money and the interest rate will decline. B) shortage of money and the interest rate will rise. C) surplus of money […]

  41. (p. 166) All of the following are instances of how nationalism can be manifested EXCEPT:  A. membership in bilateral trade treaties B. call to buy our country’s products C. restrictions on import D. restrictive tariffs E. focus on national security 42. (p. 166) The phrase “Buy American” would most closely be associated with which of the following?  A. Socialism B. Jingoism C. Nationalism D. Mercantilism E. Polarism 43. (p. 167) Which of the following is NOT true of nationalism?  A. Economic nationalism has […]

    15.1   A Firm’s Profit-Maximizing Choices   1) A market with a large number of sellers A) can only be a perfectly competitive market. B) might be an oligopoly or a perfectly competitive market. C) might be a monopolistically competitive or a perfectly competitive market. D) might be a perfectly competitive, monopolistically competitive, oligopoly, or monopoly market. E) can only be a monopolistically competitive […]

    71) According to the text, what is the best way to encourage managers to coach employees? A) Integrating coaching into a strategic plan B) Showing the effectiveness of coaching C) Setting specific times for coaching D) Paying overtime for coaching 72) Sam, a data anaylst, has not been completing tasks as quickly as his manager, Elizabeth, would like. Elizabeth has scheduled a meeting […]

    11) If the price of milk was $1.25 a gallon and it is now $2.25 a gallon, what is the percentage change in price? A) 4.4 percent B) 8 percent C) 44 percent D) 80 percent   12) If the price of pineapple juice was $4.50 a gallon and it is now $5.75 a gallon, what is the percentage change in price? A) […]

  11) The unemployment rates during the last 10 years in the Eurozone was A) constantly lower than the unemployment rate in the United States and not rising toward the U.S. unemployment rate. B) constantly lower than the unemployment rate in the United States but were rising toward the U.S. unemployment rate. C) more or less constant at 3 percent. D) generally higher than the […]

    41) If the production possibilities frontier between two goods were a straight line, then the opportunity cost of one good in terms of another would be A) constant. B) increasing. C) decreasing. D) zero. E) either constant, increasing, or decreasing but more information is needed to determine which.   42) If the production possibilities frontier between two goods is a straight line, then […]

  13.2   Aggregate Demand 1) A rise in the price level A) decreases aggregate demand. B) increases aggregate demand. C) decreases the quantity of real GDP demanded. D) increases the quantity of real GDP demanded. E) has no effect on aggregate demand or on the quantity of real GDP demanded. 2) Which of the following statements is correct? A) The price level does not affect […]

  15.2   Short-Run and Long-Run Phillips Curves   1) The curve that shows the relationship between inflation and unemployment when the economy is at full employment is the A) short-run Phillips curve. B) long-run Phillips curve. C) long-run Okun’s curve. D) aggregate demand curve. E) aggregate supply curve.   2) In the long run, the unemployment rate A) is zero. B) is equal to the […]