Homelessness can be caused by destroying cheap, low-quality housing through _____. a. building codes b. zoning c. urban renewal programs d. all of the above ANSWER d
Date: September 9th, 2020
A competitive market structure differs from the monopoly, oligopoly, and monopolistic competition structures in the A) producers’ ability to set price. B) profit maximization condition. C) amount of long run profit. D) entry conditions. ANSWER A
Date: September 9th, 2020
In Table 1, steaks are classified as a(n) A) normal good. B) positive good. C) inferior good. D) marginal good. ANSWER A
Date: September 9th, 2020
A dynamic game is a game A) in which the players are highly animated. B) that is sequential or repeated. C) where the payoffs change frequently. D) that has actions instead of strategies. ANSWER B
Date: September 9th, 2020
If a person is risk neutral, then she A) is indifferent about playing a fair game. B) will pay a premium to avoid a fair game. C) has a horizontal utility function. D) has zero marginal utility of wealth. ANSWER A
Date: September 9th, 2020
In Table 1, pizzas are classified as a(n) A) normal good. B) positive good. C) inferior goods. D) marginal good. ANSWER C
Date: September 9th, 2020
Oligopoly differs from monopolistic competition in that an oligopoly includes A) product differentiation. B) barriers to entry. C) no barriers to entry. D) downward-sloping demand curves facing the firm. ANSWER B
Date: September 9th, 2020
If a particular production process is subject to diminishing marginal returns to labor at every level of output, then at every level of output A) AC is upward sloping. B) MC exceeds AVC. C) AFC is constant. D) All of the above. ANSWER B
Date: September 9th, 2020
Which of the following is true about a monopoly? A) Its demand curve is generally less elastic than in more competitive markets. B) It will always earn economic profit. C) It will always produce the same as a perfectly competitive firm. D) It will always be subject to government regulation. E) None of the above […]
Date: September 9th, 2020
Which of the following is a dynamic game? A) rock-paper-scissors (Roshambo) B) flipping pennies C) chess D) None of the above. ANSWER C
Date: September 9th, 2020
