Econ+12--hwk1--due+Aug+12

Econ+12--hwk1--due+Aug+12 - UCISummerII2011 Econ13/IS13

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UCI Summer II 2011 Econ 13 / IS 13 Homework 1 (Due Friday Aug 12 th  in class) Name___________________________________ ID___________________________________  Each question worth 3 pts.    MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question.  1) 
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If the  marginal  cost of  producing  television  is  constant  at $200,  then a  firm  should  produce  this item 
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1) 
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_______  A) 
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until the  marginal benefit it receives reaches zero.  B) 
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as long as its  marginal cost does not rise.  C) 
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as long as the  marginal benefit it receives is just equal to or greater than $200.  D) 
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only if the  marginal benefit it receives is greater than $200 plus an acceptable profit margin.    2) 
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Suppose  when the  price of  hybrid  automobil es rises,  consumer s buy  fewer  hybrid  automobil es. This  implies  that  
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2)  ____ ___  t h e r e   i s   a   p o s i t i v e   r e l a t i o n s h i p   b et w ee hy br id  au to m ob ile  pr ic es  an qu an tit ie pu rc ha se by  co ns u m er s.  th er is  on e - to - one relationship  between hybrid  automobile prices and  quantities purchased  by consumers. 
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there is a  negative relationship between hybrid automobile prices and quantities purchased by consumers.  D) 
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there is a direct  relationship between hybrid automobile prices and quantities purchased by consumers.    3) 
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Which of  the  following  statement s about  positive  economic  analysis is  true ? 
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3)  ____ ___  T h e r e   i s   m u c h   m o r e   d i s a g r e e m e n t   a m o n g   ec on o mi sts  ov er  po sit iv ec on o mi an al ys is  th an  ov er  no r m ati ve  ec on o mi an al ys is.  Po sit iv an alysis uses an  economic model to  estimate the costs and  benefits of different  course of actions. 
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There is much  less disagreement among economists over normative economic analysis than over positive economic analysis.  D) 
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Unlike positive  economic analysis, normative economic analysis can be tested.    4) 
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Which of  the  following  is a  positive  economic  statement ?  
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4)  ____ ___  T h e   g o v e r n m e n t   s h o u ld  su bs idi ze  so lar  po w er  fo ho m eo w ne rs.  Th minimum wage law  causes unemployment. 
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People should  not buy imported fruits and vegetables.   D) 
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The number of  work visas should not be limited by the government.    Figure 2 - 8 5) 
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Refer to  Figure 2 - 8.   In the  circular  flow  diagram,  economic  agents  represent 
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5)  ____ ___ 
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factor markets. 
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B)  fir ms. 
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households. 
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D)  pro duct    6) 
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In 18th  century  Europe,  governme nts gave  guilds  legal  authority  to limit  productio n of 
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Econ+12--hwk1--due+Aug+12 - UCISummerII2011 Econ13/IS13

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