Chapter_12 - YourResultsfor:"SelfStudyQuiz" SiteTitle:

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 12 > Self-Study Quiz Date/Time  Submitted: February 7, 2012 at 11:37 AM  (UTC/GMT) Summary of Results 38% Correct  of 40 Scored items: 15 Correct:  38% 25 Incorrect:  63% 3 questions not scored. 40 scored questions. More information about scoring 1. Output and input markets are  connected. For example, if product  demand increases, what happens to  marginal revenue product and  the  MRP  curve? Your Answer:   Correct. If product demand increases, product price will rise and marginal revenue product  (factor demand) will increase—the  MRP  curve will shift to the right. 2. The process of examining the  equilibrium conditions in individual  markets and for individual  households and firms separately is  called: Your Answer: Efficiency. Correct Answer: Partial equilibrium analysis.   Incorrect. The process in question is called partial equilibrium analysis.
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3. The condition that exists when all  markets in an economy are in  simultaneous equilibrium is called: Your Answer: Partial equilibrium. Correct Answer: General equilibrium.   Incorrect. The process of examining the equilibrium conditions in individual markets and for  individual households and firms separately is called partial equilibrium analysis. 4. When an economic system  produces what people want and  does so at the least possible cost,  the economy has achieved: Your Answer:   Correct. Efficiency is the condition in which the economy is producing what people want at  least possible cost. 5. Refer to the figure below. If the  market below is a perfectly  competitive market, what could have  caused the shift in the market supply  curve?
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Your Answer: The willingness of producers to of Correct Answer: Lower costs, the potential for prof firms.   Incorrect. This would have caused a move along the supply curve, not a shift. 6. The effects of technological changes  on costs, firm entry, and market  price in a given industry can be  considered: Your Answer: A total equilibrium analysis. Correct Answer: A partial equilibrium analysis.   Incorrect. This term does not exist. This chapter studies partial and general equilibrium  analysis 7. When a significant technological  change affects one industry, which  of the following is likely to be  affected?
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Your Answer: Costs, output, and prices are likel question, but probably not in othe Correct Answer: The change could affect many ma labor and capital.  
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This note was uploaded on 02/09/2012 for the course ECONOMY 101 taught by Professor Zaier during the Spring '11 term at Qatar University.

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Chapter_12 - YourResultsfor:"SelfStudyQuiz" SiteTitle:

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