ECON 4346



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

asked by Randy
  1. 44. a

    posted by Anonymous
  2. d

    posted by Anonymous
  3. 42 A

    posted by Anonymous
  4. 1: A

    posted by Anonymous

Respond to this Question

First Name

Your Response

Similar Questions

  1. Economics

    What is the difference between a shortage and a scarcity? A. A shortage can be temporary or long-term, but scarcity always exists. B. A shortage results from rising prices; scarcity results from falling prices. C. A shortage is a
  2. History

    Why does scarcity exist?
  3. Social Studies

    what would be the most likely method for a game store to distribute a popular new video game to customers A.First come first served B.Levels C.Needs D.Auction which these states a basic economic question A.What job is best B.How
  4. Social Studies

    what would be the most likely method for a game store to distribute a popular new video game to customers A. First come first served B. Levels C. Needs D. Auction which these states a basic economic question A. What job is best B.
  5. Social Studies

    Anya got $10 for her birthday. She considers buying a DVD of her favorite movie for $9. She also thinks about buying a new T-shirt for $12. Then she decides to buy a CD for $8. What is the most likely opportunity cost of her
  6. Social studies

    I am learning about scarcity in my SS 6th grade and I am unsure about this question. Which sentence best tells the effect of scarcity on economics? A. Scarcity shapes decisions about how to distribute goods B. because resources
  7. Social studies

    Could you please check these other sets of terms. Here are the terms: scarcity cost benefit analysis marginal revenue needs incentives economy opportunity cost variable costs capitalism marginal cost food, clothing,shelter, and
  8. Social Studies

    A refugee who had just arrived in Canada from a destitute country in the economically-developing world might easily feel that there is no scarcity in this country. In a paragraph, explain to this person why there is, in fact,
  9. physics

    Two charges, qA and qB, are separated by a distance, d, and exert a force, F, on each other. Analyze Coulomb's law and answer the following questions. (a) What new force will exist if qA is doubled? (b) What new force will exist
  10. Microeconomics

    Since all economies are faced with scarcity, how might nations attempt to minimize the human hardship associated with scarcity?
  11. Microeconomics

    Since all economies are faced with scarcity, how might nations attempt to minimize the human hardship associated with scarcity?

More Similar Questions