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:


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.



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:




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

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  1. 44. a

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  2. d

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  4. 1: A

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