ashworth college C13V full course

ashworth college C13V
online exam 1 latest 2015 jan.
Part 1 of 1 – 85.0/ 100.0 Points
Question 1 of 20
5.0/ 5.0 Points
Steven lives in a big city where there is a
shortage of parking. He has a parking spot in his driveway where he parks his
car. Which of the following statements is most correct?
A. Steven has a lower opportunity cost of owning
a car than his neighbor, who must rent a parking spot.
B. The opportunity cost of using the spot is
zero, because Steven owns the house.
C. The opportunity cost of using the parking
spot is the price he could charge someone else for using the spot.
D. The opportunity cost depends on how much
Steven’s mortgage payment is.
Question 2 of 20
5.0/ 5.0 Points
Which of the following is a question answered
with normative economic reasoning?
A. If the college offers free textbooks for
students, will more students read their textbooks?
B. If the college provided less financial aid
for out-of-state students, would more in-state students benefit?
C. If the college increased its enrollment
requirements, would class size decline?
D. Should the college increase tuition to fund
its athletic programs?
Question 3 of 20
0.0/ 5.0 Points
Jacinda quit her job as a blackjack dealer where
she made $42,000 per year to start her own florist business. Her business
expenses are $14,000 per year on rent, $21,000 per year on supplies, and $9,000
per year on part-time help. As for her personal expenses, her apartment costs
her $12,000 per year and her personal bills are an extra $6,000 per year. What is
Jacinda’s opportunity cost of running the business?
A. $104,000
B. $86,000
C. $62,000
D. $44,000
Question 4 of 20
5.0/ 5.0 Points
Which of the following is an example of a
normative question?
A. How will an increase in the inheritance tax
affect tax revenues?
B. What fraction of an income tax cut will be
spent on imported goods?
C. Should Florida implement a state income tax
to reduce its deficit?
D. How will an increase in unemployment benefits
affect the unemployment rate?
Question 5 of 20
5.0/ 5.0 Points
Resources are all of the following EXCEPT
__________ .
A. unlimited and in abundance
B. the things we use to produce goods and
services
C. limited in quantity and can be used in
different ways
D. scarce and therefore require choices to be
made
Question 6 of 20
5.0/ 5.0 Points
The principle that the cost of something is
equal to what is sacrificed to get it is known as the __________ .
A. marginal principle
B. principle of opportunity cost
C. principle of diminishing returns
D. reality principle
Question 7 of 20
5.0/ 5.0 Points
The effort used to coordinate the factors of
production is a description of __________ .
A. physical capital
B. human capital
C. labor
D. entrepreneurship
Question 8 of 20
0.0/ 5.0 Points
?Angelina,
age seven, decides to dress up like Princess Fiona for Halloween. What is the
opportunity cost of her decision?
A. the cost of the costume
B. the fact that she can’t dress up like Dora
the Explorer, her second choice
C. zero, because seven-year-olds don’t have
opportunity costs
D. the cost of the Lady Gaga costume which she
did not want
Question 9 of 20
5.0/ 5.0 Points
Tradeoff is __________ .
A. allowing the government and other
organizations to choose for us
B. sacrificing one thing for another
C. deciding who consumes the products produced
in an economy
D. holding other variables fixed
Question 10 of 20
5.0/ 5.0 Points
The saying that “There’s no such thing as a
free lunch” refers to the __________ .
A. marginal principle
B. spillover principle
C. principle of opportunity cost
D. reality principle
Question 11 of 20
5.0/ 5.0 Points
The knowledge and skills acquired by a worker
through education and experience is a description of which factor of
production?
A. physical capital
B. human capital
C. labor
D. entrepreneurship
Question 12 of 20
5.0/ 5.0 Points
You rent a DVD of The Dark Knight Rises. The
rental is for seven days and you watch the movie on the first day. You tell a
friend about the film and your friend asks to come over and watch the movie
with you before it is due back. What is your opportunity cost if you decide to
watch the movie a second time instead of going to a football game?
A. the entire cost of the movie rental, since
you have already watched the movie
B. one half the rental cost, because you have
already watched the movie one time
C. The answer depends on how much you liked the
movie in the first place.
D. the football game you forego by watching the
movie again
Question 13 of 20
5.0/ 5.0 Points
Which of the following is a question answered
with positive economic analysis?
A. Should the college reduce tuition for
out-of-state residents?
B. Should the college charge higher tuition for
part-time students?
C. If the college increased its eligibility
requirements for enrollment, will class sizes decline?
D. Should the college eliminate its athletic
program to cut its costs?
Question 14 of 20
5.0/ 5.0 Points
The opportunity cost of going to college
__________ .
A. is zero if your parents pay your tuition
B. is equal to the cost of tuition, room and
board, and other expenses
C. includes wages you lose by going to school
instead of working
D. is the same for all students at a particular
school who pay full tuition
Question 15 of 20
5.0/ 5.0 Points
Normative economics __________ .
A. is the focus of most modern economic
reasoning
B. answers the question “What ought to
be?”
C. predicts the consequences of alternative
actions
D. answers the question “What is?”
Question 16 of 20
5.0/ 5.0 Points
An arrangement that allows buyers and sellers to
exchange things is called __________ .
A. a contract
B. a market
C. money
D. efficient
Question 17 of 20
5.0/ 5.0 Points
Because resources are limited, __________ .
A. only the very wealthy can get everything they
want
B. firms will be forced out of business
C. the availability of goods will be limited but
the availability of services will not
D. people must make choices
Question 18 of 20
5.0/ 5.0 Points
All of the following are considered natural
resources EXCEPT __________ .
A. a coral reef
B. gold
C. labor
D. a redwood forest
Question 19 of 20
0.0/ 5.0 Points
Suppose that your tuition to attend college is
$24,000 per year and you spend $8,000 per year on room and board. If you were
working full time, you could earn $30,000 per year. What is your opportunity
cost of attending college for one year?
A. $32,000
B. $38,000
C. $54,000
D. $62,000
Question 20 of 20
5.0/ 5.0 Points
The principle of opportunity cost __________ .
A. is more relevant for firms than for
individuals
B. only refers to monetary payments
C. is only relevant in economics
D. is applicable to all decision-making

ashworth
college C13V online exam 2 latest 2015 jan.
Part 1 of 1 – 75.0/ 100.0 Points
Question 1 of 20
5.0/ 5.0 Points
The market demand curve __________ .
A. shows the relationship between the price of a
good and the quantity that all consumers together are willing to buy
B. is drawn assuming that variables such as
income and tastes are variable
C. is drawn assuming that the number of
consumers is variable
D. is drawn assuming that the selling price is
fixed
Question 2 of 20
5.0/ 5.0 Points
When demand increases and the demand curve
shifts to the right, equilibrium price __________ and equilibrium quantity
__________ .
A. increases; increases
B. increases; decreases
C. decreases; increases
D. decreases; decreases
Question 3 of 20
5.0/ 5.0 Points
?The
midpoint formula for elasticity of demand solves the problem of __________ .
A. whether elasticity of demand is really
positive or negative
B. whether to use quantity or price in the
numerator
C. which price or quantity to use as the initial
value of the variable
D. whether to use quantity demanded or supplied
Question 4 of 20
5.0/ 5.0 Points
?Suppose
that in a month the price of oranges increases from $.75 to $1. At the same
time, the quantity of oranges demanded decreases from 100 to 80. The price
elasticity of demand for oranges (calculated using the initial value formula)
is __________ .
A. 0.75
B. 0.6
C. 0.25
D. 20
Question 5 of 20
0.0/ 5.0 Points
The price of apples increases from $1 to $1.10.
At the same time, the quantity of apples demanded decreases from 100 to 90. The
price elasticity of demand for apples (calculated using the initial value
formula) is __________ .
A. 0.02
B. 0.9
C. 1
D. 1.1
Question 6 of 20
5.0/ 5.0 Points
The Law of Demand can be explained as __________
.
A. a lot of people wanting the same thing
B. the higher the price, the smaller the
quantity demanded, ceteris paribus
C. people willing to make limited sacrifices to
acquire products
D. legal reasons people make purchases in the
marketplace
Question 7 of 20
0.0/ 5.0 Points
The ratio of the percentage change in quantity
demanded to the percentage change in price is known as the __________ .
A. demand-side shift factor
B. income elasticity of demand
C. price elasticity of demand
D. cross elasticity of demand
Question 8 of 20
5.0/ 5.0 Points
When there is a change in the quantity demanded
it means that __________ .
A. the hours the customer can buy products each
day have increased
B. the number of products in inventory have
increased
C. the quantity a consumer is willing to buy
changes when the price changes
D. the selling price of the products has not
changed
Question 9 of 20
5.0/ 5.0 Points
Suppose that there are only three consumers of a
product. At a price of $6 per unit, the first consumer would buy 12 units of
the product, the second consumer would buy 8 units, and the third consumer
would buy 3 units of the product. If you drew a market demand curve for this
product, the quantity demanded at a price of $6 would be __________ .
A. 23 units
B. 20 units
C. 12 units
D. 11 units
Question 10 of 20
0.0/ 5.0 Points
The price elasticity of demand is calculated by
__________ .
A. the change in price divided by the change in
quantity demanded
B. the change in quantity demanded divided by
the change in price
C. the percentage change in price divided by the
percentage change in quantity demanded
D. the percentage change in quantity demanded
divided by the percentage change in price
Question 11 of 20
5.0/ 5.0 Points
If a competitive market operates perfectly, it
relies on __________ .
A. the number of people buying goods
B. the laws of supply and demand
C. how many products can be produced for sale
D. how much people are willing to pay for the
products
Question 12 of 20
0.0/ 5.0 Points
The quantity demanded of a product increases as
__________ .
A. consumer income rises
B. the prices of other products fall
C. the price of the product rises
D. the price of the product falls
Question 13 of 20
0.0/ 5.0 Points
When supply increases and the supply curve
shifts to the right, equilibrium price __________ and equilibrium quantity
__________ .
A. increases; increases
B. increases; decreases
C. decreases; increases
D. decreases; decreases
Question 14 of 20
5.0/ 5.0 Points
The quantity of TVs sold is 100 at the unit
price $200. Suppose the price elasticity of demand for TVs by the initial value
method is 2.0, and you would like to decrease the unit price for TVs to $150.
Then the new quantity sold must be __________ .
A. 125
B. 150
C. 200
D. 250
Question 15 of 20
5.0/ 5.0 Points
Suppose that in a month the price of a gallon of
milk increases from $2 to $2.50. At the same time, the quantity of gallons of
milk demanded decreases from 100 to 80. The price elasticity of demand for
gallons of milk (calculated using the midpoint formula) is approximately
__________ .
A. 0.11
B. 0.2
C. 1
D. 1.2
Question 16 of 20
5.0/ 5.0 Points
The quantity of pencils sold is 1000 at the unit
price $0.5. Suppose the price elasticity of demand for pencils by the initial
value method is 2, and you would like to increase the quantity sold to 1200.
Then the new price for pencils must be __________ .
A. $0.05
B. $0.25
C. $0.30
D. $0.45
Question 17 of 20
5.0/ 5.0 Points
Suppose that in a month the price of tulips
increases from $1 to $1.50. At the same time, the quantity of tulips demanded
decreases from 200 to 190. The price elasticity of demand for tulips
(calculated using the initial value formula) is __________ .
A. 0.1
B. 0.5
C. 10
D. 20
Question 18 of 20
5.0/ 5.0 Points
A change in the quantity demanded of a product
is the result of a change in __________ .
A. the price of the product
B. the price of related goods
C. consumer income
D. the cost of producing the product
Question 19 of 20
5.0/ 5.0 Points
The price elasticity of demand reflects the
responsiveness of __________ .
A. firms to changes in demand
B. demand to a change in price of a substitute
good
C. demand to a change in price
D. quantity demanded to a change in price
Question 20 of 20
5.0/ 5.0 Points
In considering the relationships between price
and quantity demanded, ceteris paribus directs the economist to assume that
__________ .
A. price increases affect quantity
B. quantity increases affect prices
C. neither price nor quantity affect demand
D. all other variables remain unchanged

ashworth
college C13V online exam 3 latest 2015 jan.
Part 1 of 1 – 70.0/ 100.0 Points
Question 1 of 20
5.0/ 5.0 Points
Jody’s bakery makes cakes and would be willing
to sell each cake for $12.50. If Jody’s bakery sells 10 cakes for $13 each, the
total producer surplus for Jody’s bakery would be equal to __________ .
A. $5.00
B. $12.50
C. $125.00
D. $130.00
Question 2 of 20
5.0/ 5.0 Points
Which of the following would result from a quota
imposed on the quantity of cars that can be imported into the United States?
A. an increase in the total surplus
B. an increase in producer surplus
C. an increase in prices for consumers
D. an increase in consumer surplus
Question 3 of 20
0.0/ 5.0 Points
If the government sets a minimum price above the
equilibrium price for soybeans, which of the following statements will be
correct?
A. There will be an efficient level of output
produced.
B. There will be excess supply.
C. There will be excess demand.
D. all of the above
Question 4 of 20
0.0/ 5.0 Points
Consumer surplus can be defined as the
__________ .
A. value a consumer receives from a good minus
the price paid for that good
B. maximum amount the consumer would pay for a
good
C. actual amount paid for a good minus the benefit
of using that good
D. marginal utility of a good divided by its
price
Question 5 of 20
5.0/ 5.0 Points
In the market equilibrium, with a price of $500
there are 2000 apartments. If the government decides to enact a rent control
policy, with a maximum price of $400, it reduces the quantity to 1500
apartments. Due to the rent control decreasing the total surplus of the market,
the policy generates a(n) __________ .
A. excess supply
B. equilibrium
C. higher price
D. deadweight loss
Question 6 of 20
5.0/ 5.0 Points
You would be willing to pay a maximum of $1,000
for an airplane ticket to London during the summer, and you can buy an airplane
ticket for $890. Your consumer surplus is __________ .
A. $90
B. $190
C. $110
D. $100
Question 7 of 20
5.0/ 5.0 Points
Assume that production costs rise and demand
remains constant. The equilibrium price will __________ and the producer
surplus will __________ .
A. increase; increase
B. increase; decrease
C. decrease; decrease
D. decrease; increase
Question 8 of 20
5.0/ 5.0 Points
The difference between the maximum amount a
person is willing to pay for a good and its current market price is known as
__________ .
A. the paradox of value
B. profits
C. revealed preferences
D. consumer surplus
Question 9 of 20
5.0/ 5.0 Points
Taxes may cause deadweight losses because
__________ .
A. they transfer purchasing power from buyers to
the government
B. they lower the surplus in the market
C. they increase consumer surplus at the expense
of producer surplus
D. they transfer purchasing power from sellers
to the government
Question 10 of 20
5.0/ 5.0 Points
The conclusion that the level of output is
efficient at the market equilibrium rests on all of the following assumptions
EXCEPT that __________ .
A. buyers and sellers are well-informed
B. there are no external costs or benefits
C. the government regulates price and output
D. the market is perfectly competitive
Question 11 of 20
0.0/ 5.0 Points
At the market equilibrium, resources are
allocated efficiently because __________ .
A. the marginal cost of producing another unit
is equal to zero
B. the price buyers pay accurately reflects the
marginal cost of the resources used to produce the good
C. the price buyers pay is greater than sellers’
willingness to sell
D. all of the above
Question 12 of 20
5.0/ 5.0 Points
?Tom would
be willing to pay a maximum of $2,500 to attend the Super Bowl this year, and
he can buy a ticket for $2,050. His consumer surplus is __________ .
A. $25
B. $50
C. $275
D. $450
Question 13 of 20
5.0/ 5.0 Points
Assume that linen pants are a normal good and
consumer income rises. If the supply of linen pants remains constant, producer
surplus __________ .
A. will decrease
B. will increase
C. will remain constant
D. may increase or decrease depending on the
amount of the price increase
Question 14 of 20
5.0/ 5.0 Points
If the government imposes a maximum price for
milk that is above the equilibrium price __________ .
A. this maximum price for milk will have no
economic impact
B. quantity demanded of milk will be less than
quantity supplied
C. demand for milk will be greater than supply
D. the available milk supply will have to be
rationed
Question 15 of 20
0.0/ 5.0 Points
If the government sets a maximum price for
gasoline above the equilibrium price, __________ .
A. quantity demanded of gasoline will be equal
to quantity supplied of gasoline
B. there will be excess demand for gasoline
C. there will be excess supply of gasoline
D. demand for gasoline will be less than supply
of gasoline
Question 16 of 20
5.0/ 5.0 Points
Producer surplus is equal to __________ .
A. the area under the supply curve
B. the area above the supply curve below the
good’s price
C. the area under the supply curve below the
good’s price
D. the good’s price times the quantity purchased
Question 17 of 20
5.0/ 5.0 Points
Recall the application about price controls and
the candy bars. During World War II, the U.S. government imposed price controls
to set maximum prices on all different products, including candy bars. How did
the candy bar producers respond to maximum prices?
A. Producers increased the supply of candy bars.
B. Producers shrank the weight of the candy
bars.
C. A lot of the producers dropped out of candy
bar market.
D. none of the above
Question 18 of 20
5.0/ 5.0 Points
Suppose you receive a consumer surplus of $50.
The $50 represents __________ .
A. a monetary payment from the store
B. a monetary payment from the government
C. a reduction in the original price of the good
D. the fact that you paid $50 less than you were
willing to pay for the good
Question 19 of 20
0.0/ 5.0 Points
Suppose that you are willing to pay $25 for a
new shirt and the market price is $35. In this case __________ .
A. you will not buy the good
B. you will buy the good and receive a consumer
surplus of $5
C. you will buy the good and receive a consumer
surplus of –$10
D. you will buy the good and receive a consumer
surplus of –$35
Question 20 of 20
0.0/ 5.0 Points
At the free market equilibrium, the efficient
level of output is produced because __________ .
A. government regulates the output level that
must be produced
B. firms are maximizing profit
C. willingness to pay is the same for all
consumers
D. total surplus is maximized

ashworth
college C13V online exam 5 attempt 1 latest 2015 jan.
Part 1 of 2 – Lesson 4 Questions 37.5/ 50.0 Points
Question 1 of 40
2.5/ 2.5 Points
Chris buys pizza for his football party and he
gets to decide who will have a slice of his pizza. This means his pizza is
__________ .
A. nonrival and nonexcludable
B. a private good
C. a public good
D. rival, but nonexcludable
Question 2 of 40
2.5/ 2.5 Points
Based on society’s perspective, what are the
benefits from pollution abatement?
A. better health
B. increased enjoyment of the natural
environment
C. lower production costs
D. all of the above
Question 3 of 40
2.5/ 2.5 Points
Public goods are __________ .
A. rival in consumption and their benefits are
excludable
B. nonrival in consumption and their benefits
are excludable
C. nonrival in consumption and their benefits
are nonexcludable
D. rival in consumption and their benefits are
nonexcludable
Question 4 of 40
2.5/ 2.5 Points
Which of the following would NOT be considered a
public good?
A. national defense
B. radio broadcasts
C. police protection
D. a newspaper
Question 5 of 40
2.5/ 2.5 Points
Which of the following would be typically
classified as?a public
good?
A. postal delivery
B. national defense
C. toll roads
D. college education
Question 6 of 40
2.5/ 2.5 Points
Which of the following is an example of an
external cost?
A. a loud, crying baby in a public restaurant
B. emissions of methane into the atmosphere
C. a homeowner who likes to mow the lawn at 7
a.m. on Saturday morning
D. all of the above
Question 7 of 40
2.5/ 2.5 Points
Private goods are __________ .
A. rival in consumption and their benefits are
excludable
B. nonrival in consumption and their benefits
are excludable
C. nonrival in consumption and their benefits
are nonexcludable
D. rival in consumption and their benefits are
nonexcludable
Question 8 of 40
2.5/ 2.5 Points
Reductions in pollution from a specific starting
level of existing pollution is called __________ .
A. abatement
B. the EPA
C. command and control
D. usage tax
Question 9 of 40
0.0/ 2.5 Points
The biggest problem with using a tax as a way to
solve an externality problem is that __________ .
A. the tax sometimes increases the external cost
B. damages must be estimated in financial terms
to determine the correct level of the tax
C. the firm will pass the entire tax onto the
consumer
D. the commerce clause forbids such taxes
Question 10 of 40
0.0/ 2.5 Points
Markets that have external costs will produce
__________ output than the socially efficient level, whereas markets that have
external benefits will produce __________ output than the socially efficient
level.
A. less; less
B. more; more
C. more; less
D. less; more
Question 11 of 40
2.5/ 2.5 Points
A harbor lighthouse that guides approaching
ships is an example of __________ .
A. a public good
B. a private good
C. a monopoly
D. a good that is rival
Question 12 of 40
2.5/ 2.5 Points
The study of external costs is a major concern
of __________ .
A. labor economics
B. international economics
C. environmental economics
D. macroeconomists
Question 13 of 40
2.5/ 2.5 Points
Sirens located around a town to warn citizens of
the approach of a tornado are an example of __________ .
A. an external cost
B. a private good
C. a common resource
D. a public good
Question 14 of 40
2.5/ 2.5 Points
When the government imposes a tax on a firm that
generates external costs, the tax is __________ .
A. always borne entirely by the firm
B. always borne entirely by the consumer
C. usually borne by both the firm and the
consumer
D. borne only by the government
Question 15 of 40
2.5/ 2.5 Points
Jamal and Lauren live in the countryside 30
minutes from a city in Virginia. They moved there because they wanted to enjoy
the fresh air. After a year of living in their house, the 200 acres that
surround their neighborhood were zoned for an industrial property. A paper mill
was built on the land and now emits strong gases that can be smelled from miles
away. The paper mill’s emission of gases is an example of a(n. __________ .
A. public good
B. good that imposes an external cost
C. good that provides an external benefit
D. efficient good
Question 16 of 40
0.0/ 2.5 Points
If, while producing goods and services, a
factory is producing pollution and not incurring the cost of this pollution,
then a(n) __________ exists.
A. government failure
B. market failure
C. acceptable outcome
D. none of the above
Question 17 of 40
2.5/ 2.5 Points
?If a
producer is imposing an external cost on society, the best response would be to
__________ .
A. lower the producer’s taxes to offset
pollution
B. increase the production
C. internalize the externality
D. subsidize the producer
Question 18 of 40
0.0/ 2.5 Points
When the government taxes a firm that generates
an external cost, the profit maximizing firm will produce __________ .
A. more units of output than before the tax was
imposed
B. the same number of units of output as before
the tax was imposed
C. fewer units of output than before the tax was
imposed
D. either more or fewer units of output than
before the tax was imposed
Question 19 of 40
2.5/ 2.5 Points
Recall the application about the marginal cost and
marginal benefit of reducing methane emissions. What does the optimal level of
methane abatement depend on?
A. the level at which the polluting firms are
able to maximize their profits
B. the total cost of abatement
C. the marginal benefit of abatement
D. It is not possible to determine an optimal
level of methane.
Question 20 of 40
0.0/ 2.5 Points
In the absence of government, an
under-allocation of resources generally exists for __________ .
A. goods with external costs
B. imported goods and services
C. public goods
D. all of the above
Part 2 of 2 – Lesson 5 Questions 50.0/ 50.0
Points
Question 21 of 40
2.5/ 2.5 Points
You are the owner and only employee of a company
that repairs computers. Last year, you earned total revenues of $75,000. Your
costs for equipment, rent, and supplies were $10,000. To start this business
you quit a job at another computer software firm that paid $40,000 a year.
During the year, your economic costs were __________ .
A. $10,000
B. $40,000
C. $50,000
D. $75,000
Question 22 of 40
2.5/ 2.5 Points
Utility can be thought of as the same as
__________ .
A. opportunity cost
B. satisfaction
C. choice
D. none of the above
Question 23 of 40
2.5/ 2.5 Points
Consumers should allocate their scarce income so
that __________ .
A. the marginal utility for all goods consumed
is zero
B. the marginal utility for all goods consumed
is equal
C. the marginal utility divided by price is
equal for all goods consumed
D. the marginal utility divided by price is
maximized for all goods consumed
Question 24 of 40
2.5/ 2.5 Points
?Marginal
utility is the __________ .
A. total amount of satisfaction gained by the
consumption of a good or service
B. additional satisfaction gained by the
consumption or use of one more unit of something
C. price of a good relative to the prices of
other goods and services
D. comparison of utility between two different
people
Question 25 of 40
2.5/ 2.5 Points
A firm’s objective is to maximize its economic
profit, which is __________ .
A. total revenue minus economic cost
B. total profit minus total cost
C. economic cost minus profit
D. economic cost minus total revenue
Question 26 of 40
2.5/ 2.5 Points
?Which of
the following statements about fixed costs is correct?
A. Fixed costs are not opportunity costs.
B. Fixed costs must be paid even if the firm’s
output is zero.
C. Fixed costs are always the largest portion of
total costs.
D. none of the above
Question 27 of 40
2.5/ 2.5 Points
Mario has a company that produces plastic
freezer bags. His company objective is to maximize __________ .
A. his company’s revenues
B. his company’s total out-of-pocket costs
C. his company’s opportunity costs of each
factor of production
D. his company’s economic profits, the
difference between total revenue and total cost
Question 28 of 40
2.5/ 2.5 Points
Suppose that MUx / Px < MUy / Py . This implies that __________ . A. spending a dollar less on Y and spending a dollar more on X increases utility B. spending a dollar less on X and spending a dollar more on Y increases utility C. X is more expensive than Y D. Y is more expensive than X Question 29 of 40 2.5/ 2.5 Points Dan owns a factory that manufactures smartphones. He has many costs every month to keep his factory running. Which of the following is one of Dan's fixed costs? A. plastic used to make the smartphones B. his electricity bill for the factory C. his mortgage on the factory D. memory devices used to store music and video on the smartphones Question 30 of 40 2.5/ 2.5 Points ?Total economic costs include __________ . A. a normal rate of return B. out-of-pocket costs C. opportunity costs of all inputs D. all of the above Question 31 of 40 2.5/ 2.5 Points The period of time when a firm is unable to change all inputs, or factors of production, is called the __________ . A. economic term B. short run C. accounting term D. long run Question 32 of 40 2.5/ 2.5 Points Juan is consuming three sandwiches and six sodas. If a sandwich costs twice as much as a soda, then __________ . A. Juan should buy more sodas B. Juan should buy more sandwiches C. Juan is maximizing his utility if he derives twice as much utility from the last soda as from the last sandwich D. Juan is maximizing his utility if he derives twice as much utility from the last sandwich as from the last soda Question 33 of 40 2.5/ 2.5 Points The principle of opportunity cost is __________ . A. what someone sacrifices to get something B. the satisfaction of obtaining the best next alternative C. the choice someone has to make between two different goods D. the cost of paying for something someone needs Question 34 of 40 2.5/ 2.5 Points You are the owner and only employee of a company that repairs computers. Last year, you earned total revenues of $75,000. Your costs for equipment, rent, and supplies were $10,000. To start this business you quit a job at another computer software firm that paid $40,000 a year. Last year, your economic profits were __________ . A. $100,000 B. $75,000 C. $50,000 D. $25,000 Question 35 of 40 2.5/ 2.5 Points From 1998 to 2010, the cost of electricity produced with nuclear power has __________ and the cost of electricity produced with solar power has __________ . A. increased; increased B. increased; decreased C. decreased; increased D. decreased; decreased Question 36 of 40 2.5/ 2.5 Points The short run can be defined as any period of time __________ . A. less than one year B. in which some inputs are fixed C. in which all inputs are variable D. in which price is fixed Question 37 of 40 2.5/ 2.5 Points If marginal product is negative, then __________ . A. total product will decrease if more of the input is hired B. total product is equal to zero C. marginal product will increase if more of the input is hired D. average product will increase if more of the input is hired Question 38 of 40 2.5/ 2.5 Points The satisfaction experienced from consuming a good or service is referred to as __________ . A. utility B. marginal utility C. the law of diminishing marginal utility D. all of the above Question 39 of 40 2.5/ 2.5 Points As more of any one good is consumed in a given period, its __________ . A. total utility decreases, then remains constant B. marginal utility decreases C. total utility decreases, then increases D. marginal utility increases Question 40 of 40 2.5/ 2.5 Points The budget line shows __________ . A. the different combinations of two goods that a consumer can buy B. the quantity of a single good that a consumer is willing to buy at different prices C. the maximized utility from a good D. none of the above ashworth college C13V online exam 5 attempt 2 latest 2015 jan. Part 1 of 2 - Lesson 4 Questions 27.5/ 50.0 Points Question 1 of 40 2.5/ 2.5 Points Reductions in pollution from a specific starting level of existing pollution is called __________ . A. abatement B. the EPA C. command and control D. usage tax Question 2 of 40 0.0/ 2.5 Points Markets that have external costs will produce __________ output than the socially efficient level, whereas markets that have external benefits will produce __________ output than the socially efficient level. A. less; less B. more; more C. more; less D. less; more Question 3 of 40 0.0/ 2.5 Points When the government taxes a firm that generates an external cost, the profit maximizing firm will produce __________ . A. more units of output than before the tax was imposed B. the same number of units of output as before the tax was imposed C. fewer units of output than before the tax was imposed D. either more or fewer units of output than before the tax was imposed Question 4 of 40 2.5/ 2.5 Points Public goods are __________ . A. rival in consumption and their benefits are excludable B. nonrival in consumption and their benefits are excludable C. nonrival in consumption and their benefits are nonexcludable D. rival in consumption and their benefits are nonexcludable Question 5 of 40 0.0/ 2.5 Points If, while producing goods and services, a factory is producing poll