11) The aggregate quantity of land supplied A) varies depending on its price. B) depends on the buying and selling decisions of individuals. C) is constantly increasing. D) is fixed. E) is perfectly elastic.   12) The market for land A) has an elastic supply. B) has a perfectly inelastic supply. C) determines the equilibrium interest rate. D) has an upward sloping supply curve. […]

    34.              A firm that makes extensive use of long-term liabilities to meet its financing needs is A)using financial leverage B)likely to default on these liabilities C)could be more profitable for its owners than one that doesn’t use long-term liabilities D)both a and c are correct   35.                 If a firm’s bonds payable are issued at a discount, it is apparent that A)at […]

  11) Which of the following is NOT a major argument for restricting international trade? A) the promotion of dumping in America B) the national security argument C) the infant industry argument D) the prevention of dumping argument E) saves U.S. jobs argument 12) Suppose the United States subsidizes domestic chicken production and then sells surpluses on the world market at a price below the […]

  21.“You never get a second chance to make a first impression” exemplifies the principle of a.inevitability. b.irreversibility. c.unrepeatability. d.ambiguity. 22.Which of the following is an example of psychological noise while in class? a.someone coughing next to you b.worrying about your grade on a test c.having hearing loss d.being confused by the meaning of a word 23.Which of the following is NOT true in relation […]

    11.The partial pressure of helium in a gaseous mixture of helium and nitrogen trifluoride is a.the pressure that the helium would exert in the absence of the nitrogen trifluoride b.the percentage of the total pressure of the mixture that is contributed by helium c.equal to the total pressure divided by helium’s molar mass d.equal to the total pressure divided by the number of […]

  11) For which type of good is it necessary to sum the marginal benefit curves vertically in order to obtain the economy’s marginal benefit curve? A) public goods B) mixed goods C) private goods D) goods that are subject to the exclusion principle E) common resources   12) Suppose a public good is provided in an economy with only two consumers, Popeye and Captain […]

  8.2  The Basis for Trade: Comparative Advantage 1) The ability of an individual, firm, or country to produce a certain good at a lower opportunity cost than other producers is referred to as: A) marginal advantage. B) absolute advantage. C) cardinal advantage. D) comparative advantage. 2) In Lithasia, the opportunity cost of producing a chair is two tables and in Barylia, the opportunity cost […]

    21) The CPI market basket is determined by A) tax return data of households. B) supermarket purchases recorded by scanner technology. C) profit releases of the largest companies. D) a consumer survey. E) surveys asking large retail companies, such as Walmart, about their sales of consumer goods and services.   22) For the CPI, the market basket of good and services is modified […]

    What is the value of the Herfindahl-Hirschman Index and how is the industry categorized? A) 1700; moderately concentrated B) 1425; moderately concentrated C) 1600; moderately concentrated D) 2600; highly concentrated 12) A possible advantage of a horizontal merger for the economy is that A) the merging firms could avoid losses. B) the merged firm might reap economies of scale which could translate into […]

  Your car broke down while you were driving to the office one morning. You took it to the nearest service center and were told by the mechanic that you need to pay $500 for the repair. You are confused whether or not to trust him. If you do not trust him, you have to take it to another service center which is far and […]