MECO Exam 1

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Increases amount of labor supplied, decreases labor demanded, decrease employment

Above market wage

Modern Economis

Adam Smith

Shift of the demand curve to the left

After widespread reports of "mad cow disease" by consuming beef from Canada, the likely economic effect on the U.S demand curve for Beef from Canada is?

Opportunity Cost

Attending college is a case where " " exceeds monetary cost?

economic agents' behavior is purposeful. goal directed and economic agents match means to ends in their minds

In economics the assumption of rationality is equivalent to assuming that:

Cuba

In which of the following countries will the national government have the greatest influence with respect to the nation's economy?

Luxury and Normal Good

Income elasticity of demand of a particular product is 1.5

Macro economics

Keynes

Marginal Utility

Menger, Walras, William Stanley

None of these

A decrease in the supply and an increase in demand will definitely result in

Quantity Demanded

A demand curve shows the relationship between price and " " on a graph

No effect

A minimum wage set below equilibrium market wage will?

Classical Economics

Favors free trade and free markets

lower costs of production

If a firm faces ________________________, while the prices for the output the firm produces remain unchanged, a firm's profits will increase.

Goods X and Y are complement goods

If an increase in the price of Good X causes a decrease in the demand for Good Y, can conclude that:

Equals 1

If the demand curve is a straight line, total revenue will be at its maximum when the elasticity of demand is

Increases wages

Improvements in the productivity of labor will tend to:

Is the area above the supply curve under the market price and is maximized when there are no restrictions on

Producer surplus

increase price in raw materials

Supply to the left

improvement in tech discovery of a new source of materials

Supply to the right

Lower

The lower the point on a straight line demand curve the " " the price elasticity of demand.

.12/-.2 = .6

The price elasticity of demand for good is -.2 By how much must the price of the good decrease in order for sales to rise 12%

any situation involving the allocation of scarce means to alternative uses.

The subject matter of economics is suited for the study of?

Price Floor

These are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling.

The plans of buyers to buy match the plans of sellers to sell

Which of the following best describes a situation of market equilibrium?

Collection Costs

Which of the following determines the point of collection of a per unit tax

Both subsidies and taxes have deadweight losses

Which of the following is true?

Increase in labor productivity

Which of the following will not result in a rightward shift of the market supply curve for labor?

An increase in demand for the firm's product

Which of the following will result in a rightward shift of the market demand curve for labor?

Because our unlimited wants exceed our limited resources

Why is there scarcity?

Inferior Good

e < 0

Necessity

e < 1

Normal

e > 0

Luxury

e >1

Private property and rule of law

most important precondition for economic development


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