Exam 1 Practice Problems answers

Exam 1 Practice Problems answers - G202 Practice Problems...

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Unformatted text preview: G202 Practice Problems for Exam 1 I will update these practice problems after any extra credit quizzes (that occur before exam 1) and I will also post some additional questions in here before the exam 1 date to make sure that you have at least 20 questions to practice for the exam with…so please check this file often. 1) Given an industry is producing the socially efficient output level, a tax placed on the industry will result in inefficiency because the market will produce a) too many units, as some units produced will have more costs than consumer value. b) too many units, as some units produced will have more consumer value than productive costs. c) too few units, giving up some units that have more consumer value than productive costs. d) too few units, giving up some units that have more productive costs than consumer value. 2) Which of the following is not one of Wal-Mart’s desired characteristics for new super center store expansion? a) High level of unemployment. b) Large population of high income households. c) Low union member density. d) Access to viable transportation and distribution centers. 3) “Pork-barrel legislation” refers to situations where legislators a) are willing to trade their political influence for bribes from special interest groups. b) bundle projects that benefit regional areas at the expense of a general population. c) exchange political votes on their regional issues. d) are biased towards projects with clearly defined current benefits and future unclear costs. 4) In which of the four stages of a political issue will the courts offer interpretations of the enacted law? a) Development stage b) Politicization stage. c) Legislative Stage d) Implementation Stage. 5) Part of the criteria to achieve allocative efficiency is for firms to avoid producing the units of output that a) give more surplus to consumers than to producers. b) have higher prices than the benefits of using the productive resources. c) have more quantity demanded than quantity supplied....
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This note was uploaded on 09/29/2008 for the course BUS-A 100 taught by Professor Tiller during the Spring '08 term at Indiana.

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Exam 1 Practice Problems answers - G202 Practice Problems...

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