OC userin Economics·22 Dec 2017Firm B Produce 1000 Units Produce 2000 Units Produce 1000 Units (100, 100) (10, 150) Firm A Produce 2000 Units (150, 10) (30,30) TABLE 11-3 33) Refer to Table 11-3. From the payoff matrix we can infer that A) it is optimal for Firm A to produce 1000 units of output regardless of what Firm B is doing. B) both firms are indifferent between an equilibrium (Produce 1000 units, Produce 1000 units) and (Produce 2000 units, Produce 2000 units). C) it is optimal for Firm A to produce 2000 units of output regardless of what Firm B is doing D) it is optimal for Firm B to produce 1000 units of output regardless of what Firm A is doing. E) there is no Nash equilibrium in the game.
OC userin Economics·21 Dec 20172) A production quota A) is a lower limit to the quantity of a good that can be produced in a specified period. B) is an upper limit to the quantity of a good that can be produced in a specified period. C) is a payment made by a consumer to a producer. D) is a payment made by a producer to a consumer. E) is a payment made by the government to a producer.
OC userin Economics·23 Dec 2017Suppose the government places a per-barrel unit tax on suppliers of oil. The oil market has a positively sloped supply curve and a negatively sloped demand curve. Who will bear the economic incidence (burden) of this tax? A. The suppliers of oil will bear the entire burden. B. If supply is relatively more price elastic than demand, then suppliers will bear most of the burden. C. If supply is relatively more price elastic than demand, then consumers will bear most of the burden. D. The consumers of oil will bear the entire burden. E. Suppliers and consumers will share the burden equally,
OC userin Economics·23 Dec 2017Use the figure below to answer the following question. Output (teapots per day) F_Total product 0 1 2 3 4 5 6 Labour (workers per day Figure 5 26) Refer to Figure 5 which illustrates Tania's total product curve. Average product of labour reaches its maximum for the worker. A) first B) second C) third D) fourth E) fifth
OC userin Economics·22 Dec 2017Soybeans Oil (bushels) (barrels) 60 24 18 10 Canada Mexico TABLE 33-3 6) Refer to Table 33-3. The opportunity cost of a barrel of oil in Canada is A) 16.67 bushels of soybeans. B) 6 bushels of soybeans. C) 2.5 bushels of soybeans. D) 1.25 barrels of oil. E) 0.8 barrels of oil.
OC userin Economics·21 Dec 201757) At point a Lorne chooses to work A) 7 hours B) 8 hours C) 10 hours D) 11 hours E) 18 hours
OC userin Economics·21 Dec 201720. The scale effect of trade arises because A. trade leads to in increase in the level of production B. trade leads to a reduced demand for environmental quality C. trade leads to a change in the composition of production D. trade leads to a geographical separation of production and consumption
OC userin Economics·21 Dec 2017Use the table below to answer the following question. laba Table 4 chau ar people des v Wage Rate (dollars per hour) Quantity Supplied (hours per week) 1,000 800 600 400 Quantity Demanded (hours per week) 200 400 600 800 16) Table 4 gives the supply and demand schedules for teenage labour in Genoa City. Suppose the Genoa City Council sets a minimum wage of $4 per hour. Teenage unemployment is A) 400 hours B) 800 hours Czero hours. D) 200 hours E) 600 hours
OC userin Economics·23 Dec 20171. Now you are told that the economy is producing efficiently and has chosen to produce and consume 2.5 units of X. At this point on the production possibilities frontier, you can use calculus to obtain the opportunity cost of Y as: A) 12/5 B) 5/12 C)2 D) 1/2 E) 1 F) 14/5 G) 5/14 H) 16/5 175/36 26/5
OC userin Economics·20 Dec 20172. If an ecosystem provides no direct benefits to humans then it has no value from an economic perspective. A. True B. False
OC userin Economics·21 Dec 201712) A medical clinic has 10 workers. Each worker can produce a maximum of either 2 units of medical services or 5 units of secretarial services a day. The opportunity cost of one more unit of medical services is A) 5 units of secretarial services. B) 0.4 units of secretarial services. C) 2 units of secretarial services. D) 2.5 units of secretarial services E) dependent on the level of services.
OC userin Economics·22 Dec 201738. Suppose that the price elasticity of demand for apples is 0.75. Which of the following is true? (a) An increase in the supply of apples will increase total revenue from apple sales. (b) There is not enough information to conclude whether total revenue will increase or decrease. (c) An increase in the supply of apples will no affect total revenue from apple sales. (d) An increase in the supply of apples will decrease total revenue from apple sales.
OC userin Economics·23 Dec 201715) Suppose we observe a rise in the price of good A and a decrease in the quantity of good A bought and sold. Which one of the following is a likely explanation? A) The law of supply is violated. B) The demand for A decreased. C) The supply of A decreased. D) The demand for A increased. E) The supply of A increased.
OC userin Economics·20 Dec 201714. If the price of X is set at $24.00 per unit, the consumer surplus gained by this consumer each month through purchasing X will be: A) $0 B) $22 C) $28 D) $42 E) $49 F) $52 G) $56 H) $72 1) $90 J) $98 K) $100 L) $121 M) $144 N) $168 0) $196 P) $200 Q) $222 R) $242 S) $260 T) $267 U) $300 V) $338 W) none of the above
OC userin Economics·23 Dec 201727) Which one of the following statements is true? A) When the average product curve is rising, marginal product is less than average product. B) The highest value of average product occurs where average product is greater than marginal product. C) When the average product curve is falling, marginal product is greater than average product. D) The highest value of average product occurs where average product equals marginal product. E) The maximum total product occurs at minimum marginal product.