47) The above figure shows the U.S. market for wheat. When there no international trade, the U.S. price of wheat is ________ per ton and the U.S. equilibrium quantity is ________ tons. A) $14; 300,000 B) $14; 500,000 C) $16; 500,000 D) $16; 300,000 E) $16; 700,000 48) The above figure shows the U.S. market for wheat. With international trade, the […]

    41) Economies of scale will create a barrier to entry in an oligopoly industry when A) a firm’s minimum efficient scale occurs where long-run average total costs are constant. B) the typical firm’s long-run average total cost curve reaches a minimum at a level of output that is a large fraction of total industry sales. C) the typical firm’s long-run average total cost […]

  71.Which of the following statements is true about the late influential political scientist Samuel Huntington’s vision of the new world?   A. Samuel Huntington maintained that as societies continue modernizing they will also become more Western. B. Samuel Huntington theorized that modernization in non-Western societies can result in a retreat toward the traditional. C. Samuel Huntington predicted that the universalization of Western liberal democracy will be the final form […]

  11) Assume someone organizes all farms in the nation into a monopoly. Which of the following occurs? i.Consumer surplus decreases. ii.Economic profit increases. iii.A deadweight loss is created. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii   12) When a perfectly competitive industry is taken over by a monopoly, some consumer surplus is transferred […]

  8.2   The Natural Unemployment Rate   1) The unemployment rate at full employment is A) zero. B) the natural unemployment rate. C) equal to the rationed rate of unemployment. D) undefined because the economy is never at full employment. E) equal the amount of unemployment caused by job search.   2) Which of the following explain the natural rate of unemployment? i)job search ii)the […]

    31.Hydrogenation, with a catalyst, of which of the following compounds would produce a four-carbon alcohol? a.butanal b.2-butanone c.diethylketone d.more than one correct response e.no correct response       32.In which of the following pairings of compound types does the first listed compound type contain more alkoxy groups than the second listed compound type? a.acetal, hemiacetal b.hemiacetal, acetal c.aldehyde, hemiacetal d.more than one […]

  63) Consider a Social Security tax on workers versus a Social Security tax on employers. In comparing the outcomes of each type of tax, we see that A) workers receive a higher take-home wage when the tax is imposed on employers than when the tax is imposed on workers. B) workers receive the same take-home wage when the tax is imposed on workers and […]

  Use the following to answer questions 46-48: The TLC Motel, which uses the high/low method to estimate its total cost formula, gathered the following data for the first six months of its current fiscal year:   Housekeeping Costs Number of Room Rentals May $19,970 1,300 June 21,500 1,560 July 23,240 1,740 August 24,760 1,890 September 18,380 1,180 October 16,930 1,020         […]

    121) Ceteris paribus when graphing a relationship refers to A) letting all the variables change at once. B) changing the origin of the graph. C) holding constant all but two variables. D) rescaling the coordinates. E) swapping the axes so that the x-axis is the vertical axis and the y-axis is the horizontal axis. 122) When two variables in a graph are related […]

  51.Whenthereisareserverequirement,banks a.mustholdexactlytherequiredquantityofreserves. b.mayholdmorethan,butnotlessthan,therequiredquantityofreserves. c.mayholdlessthan,butnotmorethan,therequiredquantityofreserves. d.mustseektheFed’spermissionwhenevertheywishtoexpandorcontracttheirloanstocustomers. 52.Ifthereserverequirementis10percent,whichofthefollowingpairsofchangeswouldbothallowabanktolendoutanadditional$10,000? a.theFedbuysa$10,000bondfromthebankorsomeonedeposits$10,000inthebank b.theFedbuysa$10,000bondfromthebankortheFedlendsthebank$10,000 c.theFedsellsa$10,000bondtothebankorsomeonedeposits$10,000inthebank d.theFedsellsa$10,000bondtothebankortheFedlendsthebank$10,000 53.In1991,theFederalReserveloweredthereserverequirementfrom12percentto10percent.Otherthingsthesamethisshouldhave a.increasedboththemoneymultiplierandthemoneysupply. b.decreasedboththemoneymultiplierandthemoneysupply. c.increasedthemoneymultiplieranddecreasedthemoneysupply. d.decreasedthemoneymultiplierandincreasedthemoneysupply. 54.Atonetime,peopleinacertaincountryhadnoaccesstobanks;theyreliedexclusivelyoncurrency.Then,afractional-reservebankingsystemwascreated.Asaresult,themoneysupply a.increased.Thecentralbankcouldhavereducedthesizeofthisincreasebybuyingbonds. b.increased.Thecentralbankcouldhavereducedthesizeofthisincreasebysellingbonds. c.decreased.Thecentralbankcouldhavereducedthesizeofthisdecreasebybuyingbonds. d.decreased.Thecentralbankcouldhavereducedthesizeofthisdecreasebysellingbonds. 55.Inafractional-reservebankingsystemwithnoexcessreservesandnocurrencyholdings,ifthecentralbankbuys$100million worth of bonds, a.reservesandthemoneysupplyincreasebylessthan$100million. b.reservesincreaseby$100millionandthemoneysupplyincreasesby$100million. c.reservesincreaseby$100millionandthemoneysupplyincreasesbymorethan$100million. d.bothreservesandthemoneysupplyincreasebymorethan$100million. 56.ThemoneysupplyincreaseswhentheFed a.buysbonds.Theincreasewillbelarger,thesmalleristhereserveratio. b.buysbonds.Theincreasewillbelarger,thelargeristhereserveratio. c.sellsbonds.Theincreasewillbelarger,thesmalleristhereserveratio. d.sellsbonds.Theincreasewillbelarger,thelargeristhereserveratio. 57.ThemoneysupplydecreasesiftheFed a.sellsTreasurybonds.Thelargerthereserverequirement,thelargerthedecreasewillbe. b.sellsTreasurybonds.Thesmallerthereserverequirement,thelargerthedecreasewillbe. c.buysTreasurybonds.Thelargerthereserverequirement,thelargerthedecreasewillbe. d.buysTreasurybonds.Thesmallerthereserverequirement,thelargerthedecreasewillbe. 58.ThemoneysupplyincreaseswhentheFed a.lowersthediscountrate.Theincreasewillbelargerthesmallerthereserveratiois. b.lowersthediscountrate.Theincreasewillbelargerthelargerthereserveratiois. c.raisesthediscountrate.Theincreasewillbelargerthesmallerthereserveratiois. d.raisesthediscountrate.Theincreasewillbelargerthelargerthereserveratiois. 59.TheFedpurchases$200worthofgovernmentbondsfromthepublic.Thereserverequirementis12.5percent,peopleholdnocurrency,andthebankingsystemkeepsnoexcessreserves.TheU.S.moneysupplyeventuallyincreasesby a.$25. b.between$200and$300. c.$1,600. d.$2,500. 60.TheFedincreasesthereserverequirement,butitwantstooffsettheeffectsonthemoneysupply.Whichofthefollowing shouldit do? a.sellbondstoincreasereserves b.sellbondstodecreasereserves c.buybondstoincreasereserves d.buybondstodecreasereserves