ECON 4346

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4-The three fundamental economic questions of what, how, and for whom:

a-exist because of scarcity.

b-are much more serious in a socialist system.

c-are not serious in a capitalistic system.

d-are not relevant in the industrialized world of today.


5-When the market price is established where demand and supply curves intersect:

a-consumer buying tends to exceed the quantity producers supply.

b-the quantity consumers demand generally fall short of the quantity producers supply.

c-the quantity demanded and the quantity supplied are equal.

d-all of the above will result.


8-The costs incurred by a firm in its use of variable factors of production are:

a-total costs.

b-marginal costs.

c-variable costs.

d-fixed costs.


9-An example of capital is:

a-cash.

b-a factory building.

c-money in a checking account.

d-the existing state of technology.


15-In a perfectly competitive labor market, each firm can hire:

a- only a fixed amount of labor at the going wage.

b-all the labor it wants, but only by outbidding its competitors.

c- larger quantities of labor at rising wages per worker.

d-larger quantities of labor at going market wages per worker.


25-The fact that a Giffen good might exist:

a-negates the law of demand.

b-does not negate the law of demand.

c-meas that the law of demand is fine in theory but not valid in the real world.

d-negates the law of increasing cost.


26-When supply and demand are in equilibrium, the price of a good is:

a-greater than the marginal utility of the good.

b-equal to the marginal utility of the good.

c-less than the marginal utility of the good.

d-not necessarily any of the above.

30-A monopolist is a:

a-price taker.

b-price setter.

c-cost maximizer.

d-quantity taker.


38-In perfectly competitive markets, if the price is _______ , the firm will _______ .

a-greater than ATC; make an economic profit

b-less than the minimum AVC; shut down

c-greater than the minimum AVC but less than ATC; continue to produce and incur a loss.

d-all of the above are true.


40- variable that responds to a change in another variable is called a(n) _______ variable.
a-independent

b-dependent

c-theoretical

d-all of the above are true


42-In dealing with utility, we assume that the ability of consumers to purchase goods and services is:
a-infinite.

b-irrelevant.

c-limited.

d-infinitesimal.

44-The scientific method is more difficult for economists than, say, chemists, because:
a-controlled laboratory conditions are more problematic in economics.

b-it is difficult to hold other factors that may affect the variables being studied constant in economics.

c-economic conditions may change quickly and unexpectedly.

d-all of the above.


49-A determinant of the demand for a factor of production is the:
a-price of the factor.

b-marginal cost of the factor.

c-productivity of the factor.

d-quantity of the factor supplied

  • ECON 4346 -

    44. a

  • ECON 4346 -

    d

  • ECON 4346 -

    42 A

  • ECON 4346 -

    1: A

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