midterm_mircoex
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midterm_mircoex

Course: MAN 6608, Spring 2011

School: FIU

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1. Question: Professional football players receive on average much higher wages than professional soccer players in the United States because _____ Your Answer: football is a more dangerous sport. professional football teams can charge high prices for tickets and draw huge crowds. professional football teams use a draft system. the soccer season is longer and so players will be unemployed for a smaller portion of...

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Professional 1. Question: football players receive on average much higher wages than professional soccer players in the United States because _____ Your Answer: football is a more dangerous sport. professional football teams can charge high prices for tickets and draw huge crowds. professional football teams use a draft system. the soccer season is longer and so players will be unemployed for a smaller portion of the year. CORREC T 2. Points 5 of 5 Received: Comments: Question: The tragedy of the commons occurs, when _____ Your Answer: demand exceeds supply. property rights to a scarce resource are not assigned CORREC or not enforced. T free riders are excluded from consuming a resource. individuals steal from each other. 3. Points 5 of 5 Received: Comments: Question: The term 'quantity supplied' means _____ Your Answer: the same things as 'supply'. the amount of a good that customers need. the amount of a good that consumers ultimately desire. the amount of a good sellers are willing to sell at a CORREC given price. T 4. Points 5 of 5 Received: Comments: Question: Economists believe that self-sufficiency _____ Your Answer: is needed, in order to guarantee national security. ensures an equitable distribution of resources. prevents exploitation of the working class, by limiting the power of capitalists. results in lower levels of output and consumption CORREC than would prevail under free trade. T 5. Points 5 of 5 Received: Comments: Question: Individuals engage in exchange, because they _____ Your Answer: disagree about the value of the items traded. CORRECT agree about the value of the items traded. want to maximize material wealth. none of the above 6. Points 5 of 5 Received: Comments: Question: Opportunity cost is _____ Your Answer: any lost opportunity. the value of the next-best opportunity that one foregoes when making a choice. used to exploit weaker parties to a transaction by stronger parties. the aggregate value of all foregone opportunities. CORREC T 7. Points 5 of 5 Received: Comments: Question: A price cap on a good or service will tend to _____ Your Answer: increase the amount of that good available at a fair price. eliminate price gouging and predatory pricing. lead to shortages of that good. increase the number of suppliers of that good. CORREC T 8. Points 5 of 5 Received: Comments: Question: Transaction costs in economic theory are _____ Your Answer: deadweight losses. necessary in the real world and often ignored in economic models. contributory factors and not actual costs in the narrow sense. interest paid on debt. CORREC T 9. Points 5 of 5 Received: Comments: Question: Economists argue that rent controls carry long-run unintended consequences such as _____ Your Register to View Answerfairer price for people who can't afford marketdetermined rents. improved quality of apartment units. fewer apartment units as landlords seek substitute uses of their property. a higher cost to landlords who discriminate through non-price criteria. CORREC T 10. Points 5 of 5 Received: Comments: Question: Other things constant, a lower price for corn tends to decrease _____ Your Answer: the supply of corn. the quantity supplied of corn. CORRECT the demand for corn. the quantity demanded for corn. 11. Points 5 of 5 Received: Comments: Question: Economists study _____ Your Answer: the choices individuals make, but not the consequences of their choices. the costs of production of goods and services, in order to set fair prices. the choices that individuals make under conditions CORREC of scarcity and uncertainty. and T theories ignore all the facts. 12. Points 5 of 5 Received: Comments: Question: Economic efficiency is achieved when _____ Your Answer: firms install all new equipment. workers are punctual, polite, and respectful of their employers. government expenditures equal taxes collected. all resources are fully employed. CORREC T 13. Points 5 of 5 Received: Comments: Question: Price gouging is _____ Your Register to View Answernatural response to a sudden increase in demand. irrational behavior that violates economic logic. not subject to economic analysis, because it is illegal. a precisely defined concept that leaves no room for dispute or disagreement. CORREC T 14. Points 5 of 5 Received: Comments: Question: The demand curve illustrates _____ Your Answer: the amount of a good people plan to purchase at CORREC given prices. T the amount of good people need. the amount of a good people want, regardless of price. the amount of a good people wish to have, but aren't willing to pay for. Points 5 of 5 Received: Comments: 15. Question: In equilibrium, when a thing becomes more popular, _____ Your Answer: demand increases. quantity demanded increases. quantity supplied increases. all of the above CORRECT 16. Points 5 of 5 Received: Comments: Question: Why would an economist say that the US government has never made a choice or a decision? Your Answer: Economists often deny the most obvious facts. The US government does not make choices; only firms make decisions and choices. Individuals within an organization, rather than the CORREC organization itself, make choices. T Economists' worldview is influenced by the interests of their social class. 17. Points 5 of 5 Received: Comments: Question: In the presence of a negative externality, such as pollution _____ Your Answer: the social cost of the good exceeds the private cost. the social benefit of the good exceeds the private benefit. the government must force the polluter to stop polluting. people must put up with the pollution, which is a natural byproduct of production. CORREC T 18. Points 5 of 5 Received: Comments: Question: A truly voluntary trade _____ Your Answer: has nothing to do with subjective values, but only with prices. is always an exchange of equal values. is giving up something of lesser value in exchange for something if greater value. is usually an exchange of equal values. CORREC T 19. Points 5 of 5 Received: Comments: Question: A legal floor set above the market-clearing price for a good would tend to ______ Your Answer: protect suppliers from unfair competition and predatory pricing. lead to a surplus of that good. lead to a shortage of that good. all of the above CORREC T 20. Points 5 of 5 Received: Comments: Question: The opportunity costs perceived by decision makers determine ______ Your Answer: both demand and supply curves. demand curves. either demand or supply curves, but not both in the same case. supply curves. CORREC T 21. Points 5 of 5 Received: Comments: Question: When wages increase, firms tend to ______ Your Answer: increase the supply of labor. decrease the demand for labor. look for substitutes such as automation. CORRECT accomplish all of the above. Points 5 of 5 Received: 22. Comments: Question: Entrepreneurs are those participants in the economic system who _____ Your Answer: accept ultimate responsibility for the projects that they undertake. are hired by others to manage business enterprises. work in government to set fair prices. own the resources used in the production process. CORREC T Points 5 of 5 Received: Comments:

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