The majority of elementary and secondary school expenditures is financed by federal and state income taxes. Indicate whether the statement is true or false ANSWER F
Date: September 9th, 2020
The problem of production in multi-plant firms with asymmetric information can be solved by paying the manager A) a piece rate, some constant amount per unit of output produced. B) a larger amount for each unit than was paid for the previous unit, to reflect increasing marginal cost. C) a smaller amount for each unit […]
Date: September 9th, 2020
Generally, long-run elasticities of supply are A) greater than short-run elasticities, because existing inventories can be exploited during shortages. B) greater than short-run elasticities, because consumers have time to find substitutes for the good. C) greater than short-run elasticities, because firms can make alterations to plant size and input combinations to be more flexible in […]
Date: September 9th, 2020
There are good summary measures of how large and how important differences are in black and white educational facilities. Indicate whether the statement is true or false ANSWER F
Date: September 9th, 2020
BioMed Pharmaceutical has held a patent on an important heart medication called Heartex, but the patent will expire in the coming year. After the patent expires, other firms can legally sell the same medication as a generic drug product. What will happens to the demand for Heartex and to the Lerner index for this product […]
Date: September 9th, 2020
Refer to Scenario 8.2. The result of the tax in the long run will be that A) Q falls from 30,000; P rises by less than $20,000. B) Q falls from 30,000; P rises by $20,000. C) Q falls from 30,000; P does not change. D) Q stays at 30,000; P rises by $20,000. E) […]
Date: September 9th, 2020
If Boring were able to move first in a sequential version of the game in Scenario 13.15, the equilibrium would be A) an $80 price for Simple and a $70 price for Boring. B) an $80 price for Simple and a $25 price for Boring. C) a $35 price for Simple and a $70 price […]
Date: September 9th, 2020
The expectation that increased employment improves one’s chances of escaping poverty is fully supported by available data. Indicate whether the statement is true or false ANSWER T
Date: September 9th, 2020
Refer to Scenario 15.6. The expected NPV of the computer purchase is approximately A) $3,200. B) $5000. C) $10,000. D) $68,000. E) $96,000. ANSWER A
Date: September 9th, 2020
Suppose there are seven firms in a market where the three largest firms supply 20% of the market-clearing quantity and the other four firms supply 10% of the market-clearing quantity. What is the five-firm concentration ratio (i.e. , the share of total sales controlled by the five largest firms in the market)? A) 60% B) […]
Date: September 9th, 2020
