BECO 3
Consider the market for individual income tax preparation services. Demand for these services is given as Qd= 120-5p and supply as Qs=5p. In this market the expected market clearing price is __________ and producer surplus will be ___________. The price elasticity of supply at equilibrium is ______________
12, 360, 1
This question asks you to evaluate the price elasticity of demand for different products. The question is qualitative, asking you to rank from LEAST ELASTIC (i.e., MOST INELASTIC) to MOST ELASTIC the price elasticity of demand for different products under alternative circumstances.
1: retail motor gasoline in the very short term before driver can make any adjustments 2: retail motor gasoline over a longer time period, when a driver can change the type of vehicle 3: vehicle parking 4: valet parking
Chris coaches high school soccer. The pay for the coach is $7500 for the season (15 weeks). Chris has another job at the city dump. The soccer schedule allows the regularly-scheduled shifts but E3 preludes taking on overtime and extra shifts. Overtime and extra shifts usually provide Chris with about $300 each week. Based on this information, Chris' opportunity cost for coaching soccer is [300] per week. Given the season pay, the net gain from coaching soccer is $[200] per week for Chris.
300, 200
2) Demand for enchiladas: Qd= 25-3p, Supply for enchiladas: Qs= -3+p, at equilibrium, expected price is ______ and expected quantity is________.
7, 4
Which of the following statements is true of stereotype threat?
A person who experiences stereotype threat is well aware of stereotypical expectations for him or her as a member of a group.
23) In the following diagram, the most likely outcome of preventing legal price increases above Pmax is:
A shortage and rent dissipation equal to the shaded area
In the context of attribution theory, which of the following best illustrates a stable cause of behavior?
A woman, who loves children, breaks up with her boyfriend because he does not want children of his own.
The completion of a degree or course of study is a good labor market signal:
Because people who possess the traits that make them more productive in the workplace have an easier time completing an education than those who don't
Which of the following is proposed by self-perception theory?
Behavior can change and influence the attitude of a person.
11) Suppose there is currently a surplus of wheat on the whole market. The problem of excess supply may be removed from the market by:
Both A&B Lowering the market price, shifting the demand curve leftward
Identify a true statement about a similarity between social psychologists and personality psychologists.
Both are interested in understanding and predicting behavior.
Which of the following is a similarity between cognitive dissonance theory and self-perception theory?
Both theories suggest that behavior can change attitudes.
Carlos, a manager, wants to meet his team members—Megan, Aisha, Chang, and Jake—at 9.00 a.m. the following day. Aisha turns up 15 minutes late for the meeting. In this scenario, who among the following is committing the fundamental attribution error?
Chang, who thinks Aisha has a laid-back attitude toward work
Which of the following statements is true of the psychological and sociocultural factors in prosocial behavior?
Children from lower socioeconomic backgrounds are more generous than children from higher socioeconomic backgrounds.
Product is proved to not work:
Demand curve shifts to left
Which of the following statements is true of the biological factors associated with prosocial behavior?
Dopamine receptors in the brain are associated with prosocial behavior.
____ means coming up with a rationale for the amount of work a person puts into getting something, typically by increasing the value associated with things that are difficult to attain.
Effort justification
Identify a true statement about conformity.
Greater levels of conformity are at work in collectivistic cultures than in individualistic cultures.
Dave is a handsome and popular celebrity. He has been dating Gabriela, a beautiful and popular actress, for the past 2 months, but he doesn't feel strongly committed to their relationship. Recently, Dave has been working on a new movie and several women have expressed their interest in getting to know him better. Dave is now contemplating whether he should stay with Gabriela or explore the more tempting alternatives. According to the investment model, what will Dave probably do next?
He will ask Gabriela to move in with him.
Consider the following statements: I. Minimum wage laws benefit some workers II. Price ceilings may lead to dissipation of gains as buyers compete for a scarce resours
I and II are true
Consider the following two statements: I. Motel 6 has establishments across the country. Therefore the market for motel rooms is national II. Duke & Duke is a financial services firm that helps to create markets by buying securities when their prices are low for reselling them after the prices rise
I is false, Duke & Duke is an arbitrageur
Consider the following two statements. I. When the quantity supplied is greater than the quantity demanded at a particular price, the result is a surplus. II. An income elasticity of demand equal to 0.2 reflects a product for which decreases in income do not lower the quantity demanded as much, implying that the product is a necessity.
I is true , II is false
Which of the following would cause a shift to the left (down) of the U.S. demand curve for gasoline? I. A large decrease in the price of crude oil. II. A large decrease in the price of electric vehicles. III. An increase in household incomes across the United States.
II only
In the context of group identity, which of the following statements is true of ethnocentrism?
It implies that cultural outgroups are not only different but also worse than one's own group.
In the context of group identity, identify a true statement about ethnocentrism.
It involves asserting one group's superiority over other groups.
Labor force participation is important because:
It is a good proxy for the current supply of workers in the labor market
In the context of prosocial behavior, which of the following is true of empathy?
It is a person's feeling of oneness with the emotional state of another.
In the context of group identity, which of the following statements is true of prejudice?
It is an unjustified negative attitude toward an individual based on the individual's membership in a particular group.
Which of the following is true of obedience?
It is behavior that complies with the explicit demands of an individual in authority.
Identify a feature of social psychology.
It is connected to real-life events.
Which of the following statements is true of the concept of risky shift?
It is the tendency for a group decision to be riskier than the average decision made by the individual group members.
Which of the following is true of the weapons effect?
It is the tendency for the presence of firearms to enhance aggression.
Which of the following is true of the primacy effect?
It is the tendency of people to attend to and remember what they learned first.
In the context of close relationships, which of the following is true of affectionate love?
It is the type of love that occurs when individuals desire to have the other person near and have a deep, caring affection for the person.
Which of the following is true of implicit racism?
It must be measured with a method that does not require a person's awareness.
Which of the following statements is true of groupthink?
It refers to the impaired group decision making that occurs when making the right decision is less important than maintaining group harmony.
Which of the following is true of person perception?
It refers to the processes by which individuals use social stimuli to form impressions of others.
Which of the following statements is true of social psychology?
It refers to the study of how people think about, influence, and relate to other people.
Which of the following is true of social loafing?
It refers to the tendency of each person in a group to exert less effort in the group because of reduced accountability for individual effort.
Which of the following explanations could explain this supply and demand diagram representing the housing market?
Migration increases the number of buyers in the market but builders are not able to respond in the short run
Identify new equilibrium on graph
New intersection of D1 and S1
Which of the following statements about attraction between people is true?
People tend to shy away from the unknown, which is why similarity facilitates attraction.
9) ACME, Inc. offers loyal customers Wile E. Coyote a limited product warranty on the ACME Spring-Powered Shoes, promising a full refund in the event that the product malfunctions. The warranty is null and void in cases that the product is used for inappropriate purposes. Considering the warranty offer as an economic signal:
Reflects that ACME expects spring powered shoes to operate as expected and few returns for a refund to be initiated
16) In a competitive market equilibrium:
Sellers always take advantage of buyers, marginal cost and marginal value are equal for last unit transacted, both b and c
Gerald, a high school senior, sees another student stumble and drop her books in the hall. If Gerald makes the fundamental attribution error, how would he most likely explain the student's behavior?
She is a clumsy person.
_______ is the process by which an individual evaluates his or her thoughts, feelings, behaviors, and abilities in relation to those of others.
Social comparison
Which of the following statements is true of social comparison?
Social comparison provides distinctive characteristics of a person and helps in building an identity.
New environmental regulations make generating electricity with coal(substitute) much more expensive
Supply curve for natural gas is unchanged, demand curve for natural gas shifts up
Unusually mild winter in North America means customers need less energy for heating services
Supply curve for natural gas is unchanged, demand for natural gas shifts in
Geopolitical dispute interrupts the global flow of liquefied natural gas from major exporter
Supply curve for natural gas shifts in, demand for natural gas is unchanged
The following diagram depicts a tax imposed on the market: In this case, producers bear the brunt of the economic incidence of the tax because:
Supply is less elastic than demand
In the context of the pathways of persuasion identified by the elaboration likelihood model, which of the following statements is true of the central route?
The central route works by engaging the audience thoughtfully with a sound, logical argument.
_____ of close relationships examines the ways that commitment, contribution, investment, and the availability of attractive alternative partners predict satisfaction and stability in relationships.
The investment model
Consider the following diagram and choose the most accurate statement below:
The marginal willingness to pay for the second unit is 8
Which of the following is true of the minority in group decision making?
The minority in a group cannot win through normative pressure.
In the context of the pathways of persuasion identified by the elaboration likelihood model, which of the following statements is true of the peripheral route?
The peripheral route is most effective when people lack the time or energy to think about the message.
A new technology for producing natural gas is introduced that dramatically lowers the cost of producing natural gas.
The supply curve for natural gas shifts out; demand for natural gas is unchanged
At Q1 in the diagram below:
The value of the marginal unit to consumers is the same as the value to producers and there are gains from exchanging another unit
Identify a true statement about attitudes.
They are an individual's opinions and beliefs about people, objects, and ideas—how the person feels about the world.
Your friend Alex asks you for business advice. Alex paid a consultant to study the market and the consultant determined that the price elasticity of demand is -1.8. Alex has great confidence in the * consultant. Alex wants to increase revenue. Based on this information, your advice to Alex is:
To lower prices
Identify a true statement about the difference between social psychologists and sociologists.
Unlike sociologists, social psychologists are interested in studying how a person's thoughts, feelings, and behaviors are influenced by the actual presence of others.
In the context of the pathways of persuasion identified by the elaboration likelihood model, which of the following is a difference between the central and peripheral routes to persuasion?
When compared with the peripheral route, the central route is more effective when people have the ability and the motivation to pay attention.
Identify a true statement about social psychology.
Within psychology, it is most closely aligned with personality psychology.
Chris has a demand for popcorn given by Qd= 10 - 2p. At a current price of $3, Chris will consume [A] units of popcorn. Given the price and quantity, the individual price elasticity of demand at the observed purchase is [B]. Given this value for the elasticity, we can describe Chris' demand as [C].
[A] 10-2(3)=4 [B] elasticity is -2*3/4= -1.5 [C] since elasticity is greater than 1, it is elastic
Chuck is a highly ambitious graduate student who does not intend to let anything get in the way of excelling in each of his classes and graduating at the top of his class. When he learns that the professor for one of his course modules is an attractive young woman, he opts for a different module. He believes that attractive women cannot be good educators. Chuck's attitude toward attractive women best illustrates
a stereotype.
Several of Sheldon's friends suggest that the new girl in their class is very pretty. Sheldon does not think that she is pretty. If Sheldon is exhibiting conformity, he is probably going to
agree with his friends and say that she is very pretty.
The process by which individuals come to understand the causes of others' behavior and form an impression of them as individuals is called
attribution.
In the context of group decision making, which of the following actions is most likely to prevent groupthink?
avoiding isolation of the group
According to Gordon Allport, intergroup contact is likely to reduce prejudice when group members
believe friendships can emerge from interaction.
The ________ refers to the tendency of an individual who observes an emergency to help less when other people are present than when the observer is alone.
bystander effect
Gary's mother tells him that he must complete his homework before he goes out to play. Gary does not like to disobey his mother, but he really wants to play. He tells himself that he can disobey his mother just this one time without feeling guilty as she has been mean to him lately. In this scenario, Gary changes his attitude to fit his behavior to reduce
cognitive dissonance
An individual's psychological discomfort caused by having two inconsistent thoughts is known as
cognitive dissonance.
Chelsea is a chain-smoker. She plans to stop smoking because she knows that smoking will harm her health. In this scenario, Chelsea is trying to change her behavior to fit her attitude, which will most likely reduce her
cognitive dissonance.
Kylie knows that excessive drinking can adversely affect her health. Every time she engages in binge drinking, she tells herself that all her friends who binge drink seem healthy. In this scenario, Kylie is attempting to reduce
cognitive dissonance.
Zephyr is Nadia's favorite clothing brand. Recently, Zephyr was involved in a scandal for using child labor. Despite knowing about the scandal, Nadia continues to shop at Zephyr. This makes her feel uneasy as she is against child labor. In this scenario, Nadia's feeling of uneasiness is best explained by the concept of
cognitive dissonance.
Mia likes Rodrigo because they share similar interests. They both like reading, watching documentaries, and listening to classical music. In this case, Mia's attraction toward Rodrigo is best explained by the concept of
consensual validation
In the figure below, shaded area represents
consumer surplus
June is usually very quiet, but she recently discovered a different side of herself. She was at the Mardi Gras and found herself swept up in the festivities, doing things that the other partygoers were doing. These were not behaviors that she would have ever considered engaging in on her own. Social psychologists would most likely attribute June's behavior to
deindividuation.
Gregory is asked to perform a series of difficult and embarrassing tasks as initiation rites to a secret fraternity in his university. As a result of enduring these tasks, he is extremely loyal toward the fraternity. This strong group loyalty that Gregory feels is best explained by the concept of
effort justification.
Felicia tells her mother that she failed the biology test because her professor made the test too difficult. Felicia is attributing her performance to ________ causes.
external
Maria believes that her roommate did not clean the dirty dishes last night because she was exhausted after an unusually busy day at work. Maria is explaining her roommate's behavior through
external attribution.
Joey and Phillip are high school students in the same class. Joey imitates Phillip's stammer in front of his friends and laughs. When none of his friends comment on his imitation, Joey assumes that they find Phillip's stammer funny as well. This scenario best exemplifies the ________ effect.
false consensus
The ________ effect refers to individuals overestimating the degree to which everybody else thinks or acts the way those individuals do.
false consensus
Samuel walks up to Katie and asks if she would be willing to wear a ribbon to show support for his cause. Though the ribbon is unattractive, it is small, so Katie agrees to wear it. Once Katie has agreed to this request, Samuel asks her if she would be willing to make a donation of $15 to his cause. Katie cannot refuse because she feels that Samuel is relying on her. In the context of persuasion, this scenario best demonstrates the ________ technique.
foot-in-the-door
John Dollard's frustration-aggression hypothesis states that
frustration always leads to aggression.
One explanation for the effects of deindividuation in groups is that groups
give people anonymity.
Lauren is watching a live golf tournament on television and sees a golfer frown after he makes his shot. Lauren would make the fundamental attribution error if she assumed that the golfer
has a volatile personality.
Jane attends a quiz competition and bags the first prize. According to self-serving bias, she is most likely to attribute her success to
her intelligence.
Daniel scores a goal in a soccer match. According to self-serving bias, Daniel is most likely to attribute his success to
his ability
Joseph does exceptionally well in his math exam. Which of the following represents an internal attribution as an explanation for Joseph's good performance?
his hard work
It is the tendency for a group decision to be riskier than the average decision made by the individual group members.
independent variable
Unlike cognitive dissonance theory, self-perception theory states that
individuals make inferences about their attitudes by observing their behavior.
In a study based on Tajfel's theory of social identity, Cathy is randomly assigned to Group A and Sara is randomly assigned to Group B. When asked to award money to other study participants, both Cathy and Sara award money only to members of their own groups. This behavior is predicted by Tajfel's theory and best exemplifies
ingroup favoritism
According to research on aggressive behavior, which of the following personality factors is mostly associated with aggression?
low levels of conscientiousness
Which of the following is the best way to decrease social loafing?
making individuals' contributions more unique
Unlike the foot-in-the-door strategy of persuasion, the door-in-the-face technique involves
making the biggest pitch first, and then making a smaller demand.
According to Darley and Latané's five steps to helping in an emergency, the actor must first
notice the event.
In a recent softball game, Cindy misplayed a ground ball, which was scored as an error, causing her team to lose the game. According to the self-serving bias, Cindy is likely to reason that she misplayed because
of a bad bounce.
According to the elaboration likelihood model, the ________ route involves factors such as the source's attractiveness or the emotional power of an appeal.
peripheral
Despite evidence to the contrary, Denise thinks she is smarter than most of the people in her class. Denise's unfounded attitude about herself is an example of a(n)
positive illusion.
Dymatrix Inc., a real estate firm that has been around for over 50 years, is recruiting personnel for its management positions. The senior management at Dymatrix interviews people from different ethnic backgrounds: Whites, Blacks, Hispanics, and others. Ultimately, the senior management hires only White candidates, even though some of the Black candidates have better qualifications. This apparent discrimination in the hiring process at Dymatrix is most likely facilitated by the attitude of
prejudice.
John, a student, is traveling back home from his college in a bus. He sees a pregnant woman in the bus standing and gives up his seat to her. In the context of altruism, which of the following acts does this scenario best exemplify?
prosocial behavior
Betty sent Christmas cards to everyone in her address book and received Christmas cards in return from most of the recipients. This result is consistent with the social behavior known as
reciprocity.
Adeline is a jury member in a criminal case. After hearing the attorneys, she decides that the accused in the case must be sentenced to life in prison without parole. However, after deliberating the case with the other members of the jury, she decides that the accused must be sentenced to death. Which of the following aspects of group decision making is best exemplified in this scenario?
risky shift
Mr. and Mrs. Lee warn their new babysitter that their son, Dennis, is very aggressive and mischievous and must be strictly disciplined. As a result, Alison is strict with Dennis and does not let him out of her sight. This facilitates Dennis's aggressive and mischievous behavior. This scenario best illustrates
self-fulfilling prophecy.
In the context of attitudes, ________ theory contends that behaviors can influence attitudes.
self-perception
Juanita returned home after being away for several years. When she saw her father, whom she thought she disliked, she hugged him and cried. Based on her behavior when she met him, she determined that she must like him more than she thought. This is most consistent with the ________ of attitudes.
self-perception theory
If Cathy blames her history teacher for her poor performance on a history test, she is most likely engaging in
self-serving bias.
Chloe's 3-year-old son, Dave, is very excited about his first day at playschool. He leaves home in a happy mood and enjoys the 20-minute drive to school. At the school, he starts crying when he sees all the other children around him crying. This scenario best illustrates
social contagion.
According to ________, social relationships involve an exchange of goods, the objective of which is to minimize costs and maximize benefits.
social exchange theory
Melissa and John have been happily married for 30 years because they have ensured that they have no opportunities to fight. Both of them have jobs, so they contribute proportionately to the household income and equally share all other responsibilities. Melissa and John's happy marriage can best be explained by
social exchange theory.
Jasmine believes that she is a poor basketball player, yet she plays with her friends whenever they ask her. Jasmine claims that when she is with her friends she feels like a different person and can play much better than when she practices on her own. Jasmine's change in ability when she is with her friends can best be attributed to the group influence phenomenon known as
social facilitation.
Mickey is a pop star. His fans observe that his live stage performances are better than his studio recorded songs. Mickey explains that he performs better on a live stage because the presence of the audience increases his enthusiasm to perform. Mickey's improved performance in the presence of an audience best illustrates the concept of
social facilitation.
Rob and Deena are strong supporters of the football team The Dallas Cowboys. Their self-esteem is greatly affected by the performance of the Cowboys. Which of the following theories best explains this scenario in the context of intergroup relations?
social identity theory
Dr. McCall found that student performance was poor when students worked in groups compared to when each student worked on an individual project. In the context of group influence, this difference in performance can be best explained with the concept of
social loafing.
Jeremy, a psychologist, is writing a research paper on how overt racism is replaced by subtle forms of racial microaggression. In this case, Jeremy's research paper is most likely to be published in the field of
social psychology.
The hormone that is typically implicated in aggressive behavior is
testosterone
Kiara, a high school student, is an avid supporter of the practice of meditation and yoga. She starts a school club for yoga and meditation thinking there are many students like her who believe in the health benefits of such practices. On the contrary, only a few students share her beliefs and join the club. Which of the following is best exemplified in this scenario?
the false consensus effect
Kaylee is in her car at a traffic light waiting for the light to turn green. Just as it does, a man driving a red truck goes speeding past Kaylee and just about misses crashing into her car. Kaylee abuses him and thinks to herself that his license should be revoked. What Kaylee does not know is that the truck's brakes have failed. In this scenario, Kaylee is demonstrating ________ while attempting to explain the man's behavior.
the fundamental attribution error
Unlike sociologists, social psychologists are most likely to focus on
the immediate social situation to understand what causes people to behave as they do
Susan drives by an unusually colorful apartment building each day on her way to and from work. Initially, she does not think much of the structure and has a mild dislike for it. However, after several months of commuting, she starts to like the apartment building and is even considering renting an apartment there. This change in Susan's feelings about the building best demonstrates
the mere exposure effect.
From the perspective of the investment model of close relationships, long-term relationships are most likely to continue when
there are few tempting alternatives for the partners.
Fiona was late for her friend's wedding because her flight was delayed because of bad weather conditions. According to attribution theory, the outcome in this case is attributed to a(n)
uncontrollable cause.
Greg yells at his wife. He later apologizes to her and says that he had a rough day at work. According to attribution theory, Greg is attributing his behavior to
unstable causes.
Kate takes the bus to work every day. She envies those who have their own car. Which of the following is best exemplified in this scenario?
upward social comparison
In a study by Patricia Devine and her colleagues on reducing implicit prejudice, which of the following was included in the training to introduce new habits of the mind?
urging participants to seek out contact with members of the outgroup
