1、I.How to allocate scarce resources among unlimited wantsII.How to decentralize marketsIII.How to decide what to produce, how to produce, and for whom to produceIV.How to set government production quotasA. onlyB. and onlyC. and onlyD. , , and onlyE. , , , and only2. Which of the following would neces
2、sarily cause a fall in the price of a product?A. An increase in population and a decrease in the price of an inputB. An increase in population and a decrease in the number of firms producing the productC. An increase in average income and an improvement in production technologyD. A decrease in the p
3、rice of a substitute product and an improvement in production technologyE. A decrease in the price of a substitute product and an increase in the price of an input3. The market equilibrium price of home heating oil is $1.50 per gallon. If a price ceiling of $1.00 per gallon is imposed, which of the
4、following will occur in the market for home heating oil?I.Quantity supplied will increase.II.Quantity demanded will increase.III.Quantity supplied will decrease.IV.Quantity demanded will decrease.A. onlyB. and onlyC. and onlyD. and onlyE. and only4. Suppose that a family buys all its clothing from a
5、 discount store and treats these items as inferior goods. Under such circumstances, this familys consumption of discount store clothing will necessarilyA. increase when a family member wins the state lotteryB. increase when a family member gets a raise in pay at workC. remain unchanged when its inco
6、me rises or falls due to events beyond the familys controlD. decrease when a family member becomes unemployedE. decrease when a family member experiences an increase in income5. Which of the following describes what will happen to market price and quantity if firms in a perfectly competitive market
7、form a cartel and act as a profit-maximizing monopoly? Price QuantityA. Decrease DecreaseB. Decrease IncreaseC. Increase IncreaseD. Increase DecreaseE. Increase No change6. Quantity Produced Total Cost 0 $5 1 17 2 28 3 41 4 61 5 91Barneys Bait Company can sell all the lures it produces at the market
8、 price of $14. On the basis of the cost information in the table above, how many lures should the bait company make?A. 1B. 2C. 3D. 4E. 57. A natural monopoly occurs in an industry ifA. economies of scale allow at most one firm of efficient size to exist in that marketB. a single firm has control ove
9、r a scarce and essential resourceC. a single firm produces inputs for use by other firmsD. a single firm has the technology to produce the product sold in that marketE. above-normal profits persist in the industry8. The typical firm in a monopolistically competitive industry earns zero profit in lon
10、g-run equilibrium becauseA. advertising costs make monopolistic competition a high-cost market structure rather than a low-cost market structureB. the firms in the industry do not operate at the minimum point on their long-run average cost curvesC. there are no restrictions on entering or exiting fr
11、om the industryD. the firms in the industry are unable to engage in product differentiationE. there are close substitutes for each firms product9. Which of the following inevitably causes a shift in the market demand for workers with a certain skill?A. An increase in the demand for goods produced by
12、 these workersB. A decrease in tax rates on the income of these workersC. An increase in the equilibrium wages received by these workersD. An increase in the supply of these workersE. The creation of a federally subsidized program to train new workers10. If hiring an additional worker would increase
13、 a firms total cost by less than it would increase its total revenue, the firm shouldA. not hire the workerB. hire the workerC. hire the worker only if another worker leaves or is hiredD. hire the worker only if the worker can raise the firms productivityE. reduce the number of workers employed by t
14、he firm11. If a firm wants to produce a given amount of output at the lowest possible cost, it should use each resource in such a manner thatA. it uses more of the less expensive resourceB. it uses more of the resource with the highest marginal productC. each resource has just reached the point of diminishing marginal returnsD. the marginal products of each resource are equalE. the marginal products per dollar spent on each resource are equal12. In which of t
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