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# MBF_GE_Micro_TBII_Ch17

Course Number: ECON 302, Spring 2013

College/University: University of Sharjah

Word Count: 7803

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File: Chapter 17 Rent, Interest, and Profit Multiple Choice [QUESTION] 1. If a factor of production has a fixed total supply, then payments to that factor constitute: A) Wages B) Economic rent C) Normal profits D) Interest payments Answer: B Topic: Economic Rent Difficulty: 2 Medium Learning Objective: 17-01 Blooms: Level 1 Remember AACSB: Analytic [QUESTION] 2. Which of the following resources is a free and...

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14:10 The heart knoweth his own bitterness; and a stranger doth notintermeddle with his joy.14:11 The house of the wicked shall be overthrown: but the tabernacleof the upright shall flourish.14:12 There is a way which seemeth right unto a man
Assabet Valley Voc Hs - AP ENG - s
\/ n) \/ p forany integers m,n,p. This is called associativity of \/. State where you use this property.Hint: You may need to use the property that m \/ 0 = m for positive m. State whereyou use this property.Associative listsQ2 (35 points) This
Shanghai Jiao Tong University - ECE - 186
amily.Different people have different views on what is ethical and what is unethical, but I thinkmy motherâ€™s action is definitely ethical. Ethics is the sense of care and responsibility. It is ourhuman nature that drives us to do things like hel
University of Sharjah - ECON - 302
File: Chapter 18 Natural Resource and Energy EconomicsMultiple Choice[QUESTION]1. The key demand-side factors that affect the depletion of finite natural resources are:A) Population and productivityB) Productivity and per capita consumptionC) Per ca
University of Sharjah - ECON - 302
File: Chapter 19 Public Finance: Expenditures and TaxesMultiple Choice[QUESTION]1. Public finance is the sub-discipline of economics that studies the various ways in which:A) The general public acquire financing for their purchasesB) Governments rais
University of Sharjah - ECON - 302
File: Chapter 20 Asymmetric Information, Voting, and Public ChoiceMultiple ChoiceInformation Failures[QUESTION]1. Asymmetric information in a market transaction occurs when there is unequal knowledgepossessed by the:A) Buyer and the governmentB) Se
University of Sharjah - ECON - 302
File: Chapter 21 Antitrust Policy and RegulationMultiple ChoiceThe Antitrust Laws[QUESTION]1. Laws and government actions designed to prevent monopoly and to promote competition arethe focus of:A) Social regulationB) Industrial regulationC) Antitr
University of Sharjah - ECON - 302
File: Chapter 22 Agriculture: Economics and PolicyMultiple ChoiceEconomics of Agriculture[QUESTION]1. Farm commodities are usually sold in:A) Monopolistically competitive or oligopolistic markets, while food-product markets are highlycompetitiveB)
University of Sharjah - ECON - 302
File: Chapter 23 Income Inequality, Poverty, and DiscriminationMultiple ChoiceFacts about Income Inequality[QUESTION]1. The average household income in the United States in 2008 was:A) \$34,231B) \$51,999C) \$68,424D) \$80,250Answer: CTopic: Facts a
University of Sharjah - ECON - 302
File: Chapter 24 Health CareMultiple ChoiceThe Health Care Industry[QUESTION]1. The health care industry encompasses the following sectors, except:A) Medical laboratoriesB) Nursing homesC) Nonprescription drugsD) Health clubsAnswer: DTopic: The
University of Sharjah - ECON - 302
File: Chapter 25 ImmigrationMultiple ChoiceNumber of Immigrants[QUESTION]1. Between 2000 and 2009, legal immigration averaged about:A) 500,000 per yearB) 1 million per yearC) 1.5 million per yearD) 2.5 million per yearAnswer: BTopic: Number of I
University of Sharjah - ECON - 302
File: Content Options for Instructors (COI1) The United States in the Global EconomyMultiple Choice[QUESTION]1. When a U.S. business builds a manufacturing plant in another country, this situation would bean example of a:A) Trade flowB) Labor flowC
University of Sharjah - ECON - 302
Test Bank 3for use withMicroeconomics: Global EditionNineteenth EditionbyCampbell R. McConnellUniversity of Nebraska-LincolnStanley L. BruePacific Lutheran UniversitySean M. FlynnScripps Collegewith special contribution byRandy GrantLinfield
University of Sharjah - ECON - 302
CHAPTER 1Limits, Alternatives, and ChoicesA. Short-Answer, Essays, and Problems1. What is a brief definition of economics? What are the conditions that give rise to this definition?2. What are the three interrelated features of the economic perspectiv
University of Sharjah - ECON - 302
CHAPTER 2The Market System and the Circular FlowA. Short-Answer, Essays, and Problems1. Explain the term laissez faire capitalism.2. Explain what is meant by a command economy.3. Evaluate the statement: The government should have no place in a capita
University of Sharjah - ECON - 302
CHAPTER 3Demand, Supply, and Market EquilibriumA. Short-Answer, Essays, and Problems1. Explain what is meant by a competitive market.2. Define demand.3. State the law of demand and explain why the other-things-equal assumption is critical to it.4. G
University of Sharjah - ECON - 302
CHAPTER 4ElasticityA. Short-Answer, Essays, and Problems1. What is the main difference between the law of demand and the price elasticity of demand?2. The following data shows the relationship between price and quantity demanded at four different pric
University of Sharjah - ECON - 302
CHAPTER 5Market Failures: Public Goods and ExternalitiesA. Short-Answer, Essays, and Problems1. Explain the two types of market failure and given an example of each one.2. Define consumer surplus.3. Are consumer surplus and equilibrium price directly
University of Sharjah - ECON - 302
CHAPTER 6International TradeA. Short-Answer, Essays, and Problems1. What are the major imports and exports of the United States?2. Cite three important reasons why nations trade.3. The international flow of goods helps compensate for the internationa
University of Sharjah - ECON - 302
CHAPTER 7The Balance of Payments, Exchange Rates,and Trade DeficitsA. Short-Answer, Essays, and Problems1. Define international trade and international financial transactions. Give an example of each one.2. What are the major components of the curren
University of Sharjah - ECON - 302
CHAPTER 8The Economics of Developing CountriesA. Short-Answer, Essays, and Problems1. What is the extent of income inequality among nations? Explain, citing relevant data on incomes receivedby populations and total GDP in the United States and develop
University of Sharjah - ECON - 302
CHAPTER 9Consumer BehaviorA. Short-Answer, Essays, and Problems1. Describe the law of diminishing marginal utility. On what assumptions is this law based?2. What is the difference between total utility and marginal utility?3. Can marginal utility be
University of Sharjah - ECON - 302
CHAPTER 10Businesses and the Costs of ProductionA. Short-Answer, Essays, and Problems1. Why are costs important in economics?2. Why dont economists use the same cost data as accountants use?3. What is the real cost of putting an unemployed laborer to
University of Sharjah - ECON - 302
CHAPTER 11Pure Competition in the Short RunA. Short-Answer, Essays, and Problems1. How does pure competition differ from other basic market models?2. What are some examples of the four different market structures?3. What are four characteristics of p
University of Sharjah - ECON - 302
CHAPTER 12Pure Competition in the Long RunA. Short-Answer, Essays, and Problems1. What is the major difference between the long run and the short run in pure competition? Explain in termsof the number of firms and the flexibility of firms.2. Is there
University of Sharjah - ECON - 302
CHAPTER 13Pure MonopolyA. Short-Answer, Essays, and Problems1. What are the major characteristics of pure monopoly?2. What are the major barriers to entry that explain the existence of monopoly?3. What is the relationship between economies of scale a
University of Sharjah - ECON - 302
CHAPTER 14Monopolistic Competition and OligopolyA. Short-Answer, Essays, and Problems1. What are the major features of monopolistic competition compared to pure competition and puremonopoly?2. Pure competition or pure monopoly industries will tend to
University of Sharjah - ECON - 302
CHAPTER 14 WebTechnology, R&amp;D, and EfficiencyNote: This bonus web chapter is available on the Instructors Resource CD or in the Connect library(http:/connect.mcgraw-hill.com).A. Short-Answer, Essays, and Problems1. Give a definition of technological
University of Sharjah - ECON - 302
CHAPTER 15The Demand for ResourcesA. Short-Answer, Essays, and Problems1. What are four significant reasons for studying resource pricing?2. The theory of resource pricing is sometimes referred to by economists as the theory of income distribution.Wh
University of Sharjah - ECON - 302
CHAPTER 16Wage DeterminationA. Short-Answer, Essays, and Problems1. When economists refer to labor, what type of workers are they referring to?2. What do wages and wage rates mean in economics? How do they differ from labor earnings?3. What is the di
University of Sharjah - ECON - 302
CHAPTER 17Rent, Interest, and ProfitA. Short-Answer, Essays, and Problems1. What determines the economic rent for land? Explain from a supply and demand perspective.2. How does the supply of land differ from the supply of most labor? How will the effe
University of Sharjah - ECON - 302
CHAPTER 18Natural Resource and Energy EconomicsA. Short-Answer, Essays, and Problems1. Describe the changes in population and living standards since 1800. What implications do these changesraise about standards of living today?2. Explain the view of
University of Sharjah - ECON - 302
CHAPTER 19Public Finance: Expenditures and TaxesA. Short-Answer, Essays, and Problems1. Briefly describe the role of government in the economy. How are these government activities financed?2. The circular flow diagram below includes business, househol
University of Sharjah - ECON - 302
CHAPTER 20Asymmetric Information, Voting, and Public ChoiceA. Short-Answer, Essays, and Problems1. What are information problems affecting sellers? Give an example that illustrates how these types ofproblems are resolved.2. Why would the establishmen
University of Sharjah - ECON - 302
CHAPTER 21Antitrust Policy and RegulationA. Short-Answer, Essays, and Problems1. What are the basic purposes of antitrust policy?2. Briefly describe the historical background that gave rise to antitrust and regulation in the United States.3. What wer
University of Sharjah - ECON - 302
CHAPTER 22Agriculture: Economics and PolicyA. Short-Answer, Essays, and Problems1. Describe the diversity in the agriculture industry as it relates to farm commodities.2. What is the difference between farm commodities and food products? How does the
University of Sharjah - ECON - 302
CHAPTER 23Income Inequality, Poverty, and DiscriminationA. Short-Answer, Essays, and Problems1. How equal is the distribution of personal income by households in the United States?2. Complete the following table of the distribution of personal income
University of Sharjah - ECON - 302
CHAPTER 24Health CareA. Short-Answer, Essays, and Problems1. Describe the health care industry.2. What are the two major problems facing the health care system?3. Describe the major spending categories and percentage for health care spending.4. What
University of Sharjah - ECON - 302
CHAPTER 25ImmigrationA. Short-Answer, Essays, and Problems1. What is the difference between legal and illegal immigration?2. What are the two types of legal immigration in the United States?3. Describe the number of legal and unauthorized immigrants
University of Sharjah - ECON - 302
Pre-Test Chapter 1 McConnell 19thed. 1. When economists say that people act rationally in their self interest, they mean that individuals: A. look for and pursue opportunities to increase their utility. B. generally disregard the interests o
University of Sharjah - ECON - 302
Pre-Test Chapter 2 McConnell 19thed 1. Of the following countries, which one best exhibits the characteristics of a market economy? A. Canada. B. Cuba. C. North Korea. D. China. 2. Broadly defined, competition involves:
University of Sharjah - ECON - 302
Pre-Test Chapter 3 McConnell 19thed1. The relationship between quantity supplied and price is _ and the relationship betweenquantity demanded and price is _. A. direct, inverse B. inverse, direct C. inverse, inverse D. direct, di
University of Sharjah - ECON - 302
Pre-Test Chapter 4 McConnell 19ed 1. The basic formula for the price elasticity of demand coefficient is: A. absolute decline in quantity demanded/absolute increase in price. B. percentage change in quantity demanded/percentage change in price
University of Sharjah - ECON - 302
Pre-Test Chapter 6 1. Which of the following statements is most accurate about advanced economies? A. Economies experience a positive growth trend over the short run, but experience significant variability in the long run. B. Economies experien
University of Sharjah - ECON - 302
Pre-Test Chapter 7 1. Refer to the above data. The value for X is: A. 15. B. 5. C. 55.D. 10. 2. Refer to the above data. The value for Z is: A. -5. B. +5. C. 10. D. zero. 3. The above data
University of Sharjah - ECON - 302
Pre-Test Chapter 8 The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = \$50,000Annual lease on building = \$22,000Annual revenue from operations = \$380,000Payments to workers
University of Sharjah - ECON - 302
Pre-Test Chapter 9 1. An industry comprised of a small number of firms, each of which considers the potential reactionsof its rivals in making price-output decisions is called: A. monopolistic competition. B. oligopoly. C. pure monopol
University of Sharjah - ECON - 302
Pre-Test Chapter 13 1. Over the long run, real earnings per worker can increase only at about the same rate as theeconomy's rate of growth of: A. total output. B. stock of capital. C. output per worker. D. international trade.
University of Sharjah - ECON - 302
Pre-Test Chapter 14 1. The incentive function of prices: A. indicates that price increases bring forth more of a resource. B. is the idea that competitive markets will always clear. C. applies to all resources. D. only applies to l
FSU - STA - 5440
FSU - STA - 5440
Homework 2 SolutionsSeptember 22, 2012STA 4442/5440Solutions to the problems from Sheldon and Ross10. Let P (A) be the probability that a student wears a ring. Let P (B ) be the probabilitythat a student wears a necklace. Then from the information gi
FSU - STA - 5440
Homework 3 SolutionsSeptember 23, 2012STA 4442/5440Solutions of problems from Sheldon Ross book (8th Edition) Chapter 311. Let B be the event that both cards are aces, As the event that the ace of spades ischosen and A the event that at least one ace
FSU - STA - 5440
FSU - STA - 5440
FSU - STA - 5440
FSU - STA - 5440
Homework 7 SolutionsOctober 29, 2012STA 4442/5440Solutions of problems from Sheldon Ross book (8th Edition) Chapter 55.6.a) Apply integration by parts twice to obtain,E [X ] =14x2 ex/2 dx = 40b) By symmetry of f (x) about x = 0, E [X ] = 0.c)
FSU - STA - 5440
Homework 8 SolutionsNovember 14, 2012STA 4442/54406.24 (a)P (N = n) = pn 1 (1 p0 )0PP(b) P (X = j ) = 1 P (N = n, X = j ) = 1 pnn=1n=1 01pj =pj(1 p0 )(c)P (N = n, X = j ) = pn 1 pj = P (N = n)P (X = j )0(d) and (e) It might seem intuitivel
FSU - STA - 5440
FSU - STA - 5440
FSU - STA - 5440
STA 4442/5440 Midterm 1September 26, 2012Name:FSUID:Please sign the following pledge and read all instructions carefully before starting the exam.Pledge: I have neither given nor received any unauthorized aid in completing this exam, and I havecondu