Quiz 3 Part 1

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1.
1 point
Opportunity cost as defined in Economic theory as:
2.
1 point
Unregulated monopolies for essential goods and services result in:
3.
1 point
When a particular good/service is seen to be essential it is termed "inelastic". When a particular good is seen to be optional or a luxury it is termed to be relatively. Which of the following statements are true?
4.
1 point
A nation`s standard of living depends most on:
5.
1 point
Competition expanded markets work to:
6.
1 point
Inflation causes:
7.
1 point
In Economics, the consumer is assumed to:
8.
1 point
The PPC curve is a graphical depiction of:
9.
1 point
Trade should only occur if:
10.
1 point
Free trade increases the global output and consumption of goods in all participating nations.
11.
1 point
From Figure 1, which of the lines is generated by the Consumer and which by the Producer?
12.
1 point
With reference to figure 1, if the y axis is in dollars per item, what is the cost of the 10 items at market equilibrium?
13.
1 point
When the marginal utility of a product is less than zero, the consumer should:
14.
1 point
"Value in use" versus "value in exchange" is an explanation for:
15.
1 point
The main reason monopolies are better than competition for consumers is:
16.
1 point
From the above figure what distinguishes monopolies from perfect competition?
17.
1 point
Which of the above figures shows a perfectly elastic demand curve
18.
1 point
LAND
19.
1 point
labor
20.
1 point
Entrepreneurial Endeavor
21.
1 point
Capital
22.
1 point
Government
23.
1 point
Fifty items are produced at a total cost of $200.00. If the total variable cost (TVC) is $190.00, what is the average fixed cost (AFC)?
24.
1 point
A firm profits are maximized when:
25.
1 point
Most world output is produced by monopolies and oligopolies
26.
1 point
What is the Herfindahl Index for Canada's oil refining sector?
27.
1 point
Based on the Herfindahl score, Canada's oil refining sector so best described as:
28.
1 point
Petro-Canada Herfindahl Index:
29.
1 point
Best description of the nationalized oil-refining sector:
30.
1 point
Miss Cheng could spend two hours at a concert or tutoring a student at $100 per hour. She could use the time on painting instead and earn a total of $120. If the price of the concert ticket is $250, what is the opportunity cost of her choice of going to the concert?
31.
1 point
Mary has accumulated 20 Coupons. What is the opportunity cost (alternative users) to her if uses them exchange for one camera?
32.
1 point
A good example of an externality that can affect the marketplace is:
33.
1 point
Which of the following are opportunity costs of attending school?
1) Poor examination results
2) Wage income forgone
3) School fees
4) Expenditure on dinners
34.
1 point
Which of the following statements is/are false?
35.
1 point
Economics is:
36.
1 point
Societies that do not have scarce resources are termed:
37.
1 point
The figure below demonstrates that
38.
1 point
The figure below refers to the economics of non-renewable resources. What might cause the shift from the 2000 supply curve to 2010 curve?
39.
1 point
The fraction of Canada's annual health care budget that goes to people over 60 years old is:
40.
1 point
An increase in resource use is expected when:
41.
1 point
Economic decisions never involve trade-offs because desired resources are by definition available
42.
1 point
In Economic theory, the cost of a given good or service is what you pay for it
43.
1 point
Optimal consumers think at the margins
44.
1 point
Consumers and Suppliers are guided in their decisions by concern for the greatest good
45.
1 point
Competition and expanded markets work increase marker efficiency (lower cost and higher consumption)
46.
1 point
Adam Smiths "invisible hand" is the effect of government in increasing the efficiency and benefits of free markets
47.
1 point
Trade is good because it results in net benefits to both buyer and seller
48.
1 point
A nation's standard of living depends on its efficiency
49.
1 point
Price rise when there is too much inflation
50.
1 point
Unemployment falls when inflation increases but this may be a short term "lag" effect in the long term, wages will increase to accommodate inflation and employment will decline because of the increases cost labor