1. The abundance of megafauna species in Africa relative to other continents is most likely due to the fact that sophisticated hunting techniques did not develop in Africa until much later than their appearance on other continents. A True B. False
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12. Although both perfectly competitive and monopolistically competitive firms earn only normal profits in the long run, monopolistically competitive firms will not operate where price equals marginal cost--which would be the case under perfect competition.
| True |
| False |
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Question 132.5 pts
13. In an oligopoly, a minimum efficient scale is large relative to the market.
| True |
| False |
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14. Ceteris paribus: if Ford raises the price of its automobiles, the demand curve for GM automobiles shifts to the right.
| True |
| False |
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Question 152.5 pts
15. It is harder to explain the behavior of firms in oligopoly than in other market structures because in oligopoly firms base their decisions on what their rivals do or might be expected to do in reaction to their decisions.
| True |
| False |
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True |
False |
Moral hazard exists when a person does not have high moral standards |
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True |
False |
Hope scholarship was aimed to make colleges more affordable |
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True |
False |
Companies who offer rebates for safe driving are trying to deal with the moral hazard problem |
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True |
False |
Past health history is an example of a hidden action |
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True |
False |
The market for lemons explains the adverse selection problem |
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True |
False |
An increase in wages increases productivity |
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True |
False |
Going to college increases your human capital |
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True |
False |
Political stability is an important factor in a country's standard of living |
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True |
False |
Immigration decreases productivity |
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True |
False |
Japan has a limited amount of natural resources |
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True |
False |
A future contract is beneficial to the farmer when prices of the commodity rise |
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True |
False |
Stocks are usually safer than bonds and have higher return rates |
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True |
False |
Value of bond increases as interest rates increase |
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True |
False |
The market efficiency hypothesis says that all stocks are fairly valued |
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True |
False |
One of the determinants of the stock price is the future profitability of a company |
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True |
False |
The majority voting rule is always better than the plurality voting rule |
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True |
False |
Politicians always agree with each other because they want to implement the same policies |
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True |
False |
The median voter decides the outcome of the election in case of a tie |
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True |
False |
Lobbyists promote policies supported by the majority of voters |
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True |
False |
The individual vote is most likely not going to determine the outcome of a major election |
"Assume that Country A and Country B use different floating currencies and trade exclusively with one another. There is a revaluation (appreciation) of Country A's currency against Country B's currency. Assume that just prior to the revaluation, Country A and Country B have a perfect balance of trade, where each country imports the exact same value of goods and services from the other. Holding all else constant, what is the most likely impact of the revaluation of Country A's currency on the balance of trade between the two countries?"
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Country A will develop a trade surplus while Country B will develop a trade deficit. |
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Country B will develop a trade surplus while Country A will develop a trade deficit. |
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Country A will develop a trade surplus in the short term while Country B will develop a trade surplus in the long term. |
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Because a simple change to the value of a currency is not likely to affect the balance of trade between two countries, the two countries will keep a perfect balance of trade. |
