Chapter 12Firms in Perfectly Competitive Markets
1. Perfectly competition is characterized by a large number of buyers and sellers with identical products
and no significant barriers to entry.
2. It is relatively easy for firms to
Chapter 2 The Economic Way of Thinking II
Chapter 2The Economic Way of Thinking
1. Scarcity is a problem faced by all but the wealthiest of citizens.
2. Tractors, shovels, copy machines, and computer programming expertise are all examples of scarce
Chapter 3Scarcity, Trade-Offs and Economic Growth
1. In a market economy, government officials make most production decisions in a centralized manner.
2. Consumer sovereignty means that consumers vote with their dollars in a marke
Chapter 15Oligopoly and Strategic Behavior
1. Oligopoly is an industry with a small number of firms producing homogeneous or differentiated goods
with minimal barriers to entry.
2. When making decisions on pricing and other behavi
Sexton 5e End of Chapter Study Guide Questions and Answers
Chapter 1: The Role and Method of Economics
True or False
1. When our limited wants exceed our unlimited resources, we face scarcity. F
2. Choices are costly because we must give up other opportun
Chapter 11The Firm: Production and Costs
1. Economic profit always exceeds accounting profit.
2. Ray Tucker has run his company, Tucker's Towing and Wrecking, for two years and has made an
accounting profit of $34,000 each year. A
Chapter 19Health Care
1. As a percentage of national income, the U.S. spends more money on health care than any other
2. Investment in health care does bear similarities to investment in human or physical ca
Chapter 5Bringing Supply and Demand Together
1. If the market for Rolex watches is in equilibrium, the quantity of Rolex watches demanded will equal
the quantity of Rolex watches supplied.
2. Price reductions will usually result w
Chapter 14Monopolistic Competition and Product Differentiation
1. Monopolistic competition is more similar to monopoly than any other industry model.
2. Monopolistic competition differs from perfect competition only with regard to
Chapter 16The Markets for Labor, Capital, and Land
1. The salaries of college professors are partly determined by the demand for college education.
2. The demand for cake decorators has no relationship to the demand for cakes.
Chapter 4Supply and Demand
1. When the price of steak falls, we would expect the quantity demanded of steak to rise.
2. If consumers were originally willing to buy 500 units of a good at a price of $20 are now willing to
buy 500 u
1. Control of a scarce resource or input can serve as an entry barrier.
2. A monopoly firm can sell as much output as it wants at whatever price it sets.
3. Monopolies will tend to produce a greate
1. Price elasticity is a measure of the relative responsiveness of the change in quantity demanded to a
change in price.
2. Price elasticity is a measure of the relative responsiveness of the change in price
Chapter 17Income and Poverty
1. Since the 1980s, the share of measured income received by the lowest fifth of families has risen.
2. At any moment in time, middle-age people tend to have higher incomes than both younger and older
Chapter 8Market Failure
1. A public good is nonrivalrous and excludable.
2. Since it is difficult to establish and enforce ownership rights over air, people have less incentive to
preserve air quality than if its ownership was cle
Chapter 7Market Efficiency and Welfare
1. If Ming is willing to pay $75 to attend the Broadway production of The Lion King but actually pays
$40, she receives a consumer surplus of $35.
2. If James is willing to sell an extra conc
Chapter 18The Environment
1. Positive externalities exist any time the social costs of producing a good or service exceed the private
2. If a good that features a negative externality is produced in an unregulated market, t
Gamma Ray Spectroscopy Using a Single Channel Analyzer and a NaI (Tl) Detector
The primary objective of this experiment is to investigate the use of a thallium activated sodium iodide detector (NaI(Tl) and a single channel an
Chapter 9Public Sector and Public Choice
1. Owners with property rights have a lesser incentive to maintain, improve, and even conserve their
property to preserve or increase its value.
2. Transfer payments are always cash payment
Chapter 2 The Economic Way of Thinking I
Chapter 3 Practice Assignments Scarcity, Trade-Offs, and Economic Growth I
4 out of 4 points
Which of the
following is not a
of the price
4 out of 4 points
If the measured
equals 0.6, then
Review Test Submission: Test 8 Chap 13 Sexton4
Test 8 Chap 13 Sexton4
48 out of 100 points
11 minutes, and 19 seconds out of 1 hour and 40 minutes allowed.
Read ALL options.
RADIATION COUNTING STATISTICS
OBJECTIVE To observe the variations in counting rate caused by random nuclear decay and to become familiar with some of the statistical tools used to evaluate the accuracy and precision of nuclear measureme