Efficient voting outcomes would assign weights to each vote that are: A) equal. B) egalitarian. C) higher for the median voter and lower for other voters. D) proportional to the voter’s strength of preference. ANSWER D
Date: September 9th, 2020
An important factor that contributes to labor productivity growth is: A) growth in the capital stock. B) technological change. C) the standard of living. D) A and B only E) A, B, and C are correct. ANSWER D
Date: September 9th, 2020
When the interest rate is R, the formula for finding the future value of $M two years from now is A) M (1 + R)2. B) M (1 + R2). C) M / (1 + R)2. D) M / (1 + R2). ANSWER A
Date: September 9th, 2020
Refer to Figure 8.1. At the profit-maximizing level of output, AVC is A) $22. B) $26. C) $30. D) $32. E) $40. ANSWER B
Date: September 9th, 2020
The completion of a degree or course of study is a good labor market signal A) only if what is learned in that educational process relates directly to the job the individual is being considered for. B) only if there is a positive correlation between academic success and wage income. C) primarily because individuals develop […]
Date: September 9th, 2020
Nash equilibria are stable because A) they involve dominant strategies. B) they involve constant-sum games. C) they occur in noncooperative games. D) once the strategies are chosen, no players have an incentive to negotiate jointly to change them. E) once the strategies are chosen, no player has an incentive to deviate unilaterally from them. […]
Date: September 9th, 2020
A certain magazine offers its subscribers the opportunity to “Buy Now and Save.” If at the time their subscription renewal is due they agree to pay for 2 years rather than 1, the renewal price will be $50 per year rather than the usual $60 per y At what interest rate will the consumer, who […]
Date: September 9th, 2020
Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor). What is the average product of labor? A) AP = […]
Date: September 9th, 2020
Suppose the market demand curve for cable internet service is completely elastic. At the market equilibrium price under perfect competition, the consumer surplus in this market equals: A) total consumer expenditures. B) total sales revenue. C) zero. D) an amount slightly more than total consumer expenditure. ANSWER C
Date: September 9th, 2020
Refer to Figure 8.1. At the profit-maximizing level of output, ATC is A) $26. B) $30. C) $31. D) $40. E) $44. ANSWER C
Date: September 9th, 2020
