21) Refer to Figure 5-4. With insurance and a third-party payer system, what price do consumers pay for medical services? A) $25 B) $40 C) $55 D) >$55   22) Refer to Figure 5-4. With insurance and a third-party payer system, the equilibrium quantity of medical services is A) 200. B) 500. C) 700. D) >700.   23) Refer to Figure 5-4. The […]

    11) Consider the following actions undertaken by a firm: a.charging the same price for products of different quality b.charging different prices to different consumers for the same product when the variation cannot be explained by cost differences c.charging different prices for products of different qualities d.charging a lower price to match a competitor’s price   Which of the above will be considered price […]

  31) The basic cause of deadweight losses from the existence of common resources and externalities is A) a lack of clearly defined and enforceable property rights. B) the self-interested rationality of human beings. C) the use of a market system to deal with scarcity. D) the absence of government intervention.     32) Global warming refers to the effect of global pollutants such as […]

  131.Whichofthefollowingeventscouldshiftthedemandcurveforgasolinetotheleft? a.Theincomeofgasolinebuyersrises,andgasolineisanormalgood. b.Theincomeofgasolinebuyersfalls,andgasolineisaninferiorgood. c.Publicserviceannouncementsrunontelevisionencouragepeopletowalkorridebicyclesinsteadofdrivingcars. d.Thepriceofgasolinerises. 132.You watch a lot of HGTV during your summer vacation, and you notice that most housing buyers list granite countertops in their “must have” lists when buying a new or existing house. You expect the demand for a.granitecountertopstoshifttotheleft. b.granitecountertopstoshifttotheright. c.substituteproductssuchasmarblecountertopstoshifttotheright. d.substituteproductssuchasmarblecountertopstobeunaffectedbybuyers’preferencesforgranite. 133.Anincreaseinthenumberofcollegescholarshipsissuedbyprivatefoundationswould a.increasethesupplyofeducation. b.decreasethesupplyofeducation. c.increasethedemandforeducation. d.decreasethedemandforeducation. 134.Today,peoplechangedtheirexpectationsaboutthefuture.Thischange a.cancauseamovementalongademandcurve. b.canaffectfuturedemandbutnottoday’sdemand. c.canaffecttoday’sdemand. d.cannotaffecteithertoday’sdemandorfuturedemand. 135.IfMiguelexpectstoearnahigherincomenextmonth,hemaychooseto a.savemorenowandspendlessofhiscurrentincomeongoodsandservices. b.savelessnowandspendmoreofhiscurrentincomeongoodsandservices. c.decreasehiscurrentdemandforgoodsandservices. d.movealonghiscurrentdemandcurvesforgoodsandservices. 136.Youlovepeanutbutter.Youhearonthenewsthat50percentofthepeanutcropintheSouthhasbeenwipedoutbydroughtandthatthiswillcausethepriceofpeanutstodoublebytheendoftheyear.Asaresult,yourdemandforpeanutbutter a.willincreasebutnotuntiltheendoftheyear. b.increasestoday. […]

    31. Which of the following statements is true regarding a cost driver? A. Once a particular cost driver has been used for an activity, it may not be used again.B. Employees should never be made aware of the cost drivers for their department.C. There may be more than one potential cost driver for a particular activity.D. Choosing the wrong cost driver should not impact the determination of a product’s […]

    61) As a curve approaches a maximum point, the slope will A) be positive and then negative after the maximum point. B) be negative and then positive after the maximum point. C) remain constant on either side of the maximum point. D) increase before and after the maximum point. E) decrease before and after the maximum point. 62) In the figure above, the […]

  4.3   Market Equilibrium 1) Market equilibrium occurs when A) all markets become equal. B) the quantity demanded equals the quantity supplied. C) opposing forces pull demand and supply apart. D) demand and supply move in opposite direction. E) demand and supply change so that they are equal at all possible prices. 2) Market equilibrium occurs when A) the quantity demanded equals the quantity supplied. […]

  131.IfcountriesthatimportedgoodsandservicesfromtheUnitedStateswentintorecession,wewouldexpectthatU.S.netexportswould a.rise,makingaggregatedemandshiftright. b.rise,makingaggregatedemandshiftleft. c.fall,makingaggregatedemandshiftright. d.fall,makingaggregatedemandshiftleft. 132.Inwhichcasecanwebesureaggregatedemandshiftsleftoverall? a.peoplewanttosavemoreforretirementandtheFedincreasesthemoneysupply. b.peoplewanttosavemoreforretirementandtheFeddecreasesthemoneysupply. c.peoplewanttosavelessforretirementandtheFedincreasesthemoneysupply. d.peoplewanttosavelessforretirementandtheFeddecreasesthemoneysupply. 133.AttheendofWorldWarIImanyEuropeancountrieswererebuildingandsowereeagertobuycapitalgoodsandhadrisingincomes.Wewouldexpectthattherebuildingincreasedaggregatedemandin a.boththeUnitedStatesandEurope. b.theUnitedStatesbutnotEurope. c.Europe,butnottheUnitedStates. d.neithertheUnitedStates,norEurope. 134.Ifthedollarappreciates,perhapsbecauseofspeculationorgovernmentpolicy,thenU.S.netexports a.increasewhichshiftsaggregatedemandright. b.increasewhichshiftsaggregatedemandleft. c.decreasewhichshiftsaggregatedemandright. d.decreasewhichshiftsaggregatedemandleft. 135.Ifthedollardepreciatesbecauseofspeculationorgovernmentpolicy,U.S. a.aggregatedemandshiftsleft.U.S.aggregatedemandalsoshiftsleftifothercountriesexperienceanincreaseinrealGDP. b.aggregatedemandshiftsleft.U.S.aggregatedemandshiftsrightifothercountriesexperienceanincreaseinrealGDP. c.aggregatedemandshiftsright.U.S.aggregatedemandalsoshiftsrightifothercountriesexperienceadecreaseinrealGDP. d.aggregatedemandshiftsright.U.S.aggregatedemandshiftsleftifothercountriesexperienceadecreaseinrealGDP. 136.Otherthingsthesame,whichofthefollowingiscorrect? a.Adecreaseinthepricelevelcausesthedollartoappreciate.Aggregatedemandshiftsright. b.Adecreaseinthepricelevelcausesthedollartodepreciate.Aggregatedemandshiftsright. c.IfspeculatorsloseconfidenceintheAmericaneconomy,thedollarappreciates.Aggregatedemandshiftsright. d.IfspeculatorsloseconfidenceintheAmericaneconomy,thedollardepreciates.Aggregatedemandshiftsright. 137.Atagivenpricelevel,anincreaseinwhichofthefollowingshiftsaggregatedemandtotheright? a.consumption b.investment c.governmentexpenditures d.Alloftheabovearecorrect. 138.Whichofthefollowingiscorrect? a.Anincreaseinthemoneysupplycausestheinterestratetodecreasesothataggregatedemandshiftsleft. b.Anincreaseinstockpricesreducesconsumptionspendingsothataggregatedemandshiftsleft. c.Anincreaseinthepricelevelcausestheexchangeratetorisesothataggregatedemandshiftsleft. d.ArecessioninothercountriesreducesU.S.netexportssothatU.S.aggregatedemandshiftsleft. 139.IfspeculatorslostconfidenceinforeigneconomiesandsowantedtobuymoreU.S.bonds a.thedollarwouldappreciatewhichwouldcauseaggregatedemandtoshiftright. b.thedollarwouldappreciatewhichwouldcauseaggregatedemandtoshiftleft. c.thedollarwoulddepreciatewhichwouldcauseaggregatedemandtoshiftright. d.thedollarwoulddepreciatewhichwouldcauseaggregatedemandtoshiftleft. 140.IfspeculatorsgainedgreaterconfidenceinforeigneconomiessothattheywantedtobuymoreassetsofforeigncountriesandfewerU.S.bonds, a.thedollarwouldappreciatewhichwouldcauseaggregatedemandtoshiftright. b.thedollarwouldappreciatewhichwouldcauseaggregatedemandtoshiftleft. c.thedollarwoulddepreciatewhichwouldcauseaggregatedemandtoshiftright. d.thedollarwoulddepreciatewhichwouldcauseaggregatedemandtoshiftleft.    

  11) If the market price is $50 per unit for a good produced in a perfectly competitive market and the firm’s average total cost is $52, then the firm A) incurs an economic loss of $2 per unit. B) makes an economic profit of $2 per unit. C) makes zero economic profit. D) incurs a total economic loss of $52. E) More information is […]

  31.Oculesics, Haptics, Proxemics, Chronemics, and Chromatics are all forms of _____. a.affective communication b.communication barriers c.commonly spoken foreign languages d.nonverbal communication (pages 75-77, easy) 32.One area of nonverbal communication in which there seems to be universal agreement cross-culturally is  _____. a.body language b.emotional expression (page 74-75, moderate) c.proxemics d.usage of time 33.For most people in the US, communication within a distance of 18 inches […]