microeconomics

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There are nontariff barriers in the form of _______________ regulations, in which certain textiles are made in the United States, shipped to other countries, combined in making apparel with textiles made in those other countries—and then re-exported back to the United States at a lower tariff rate.

"rules of origin"

A monopolistic competitor has the following information about cost and demand.

A monopolistic competitor has the following information on cost and demand. What will the firm's profits equal in the long run?

If a firm holds a pure monopoly in the market and is able to sell 4 units of output at $2.00 per unit and 5 units of output at $1.75 per unit, it will produce and sell the fifth unit if its marginal cost is

$0.75 or less

If a $1,000 five-year bond that was issued at an interest rate of 7% is offered for sale one year before it matures, and the current interest is 5%, how much should an investor be willing to pay for it?

$1,019

The table below shows a monopolist's demand curve and the cost information for the production of its good. What will their profits equal?

$1,200

I'MaGadgetCo. produces and sells widgets. Last year, it produced 9,000 widgets and sold each one for $8. To produce the 9,000 widgets, the company incurred variable costs of $27,000 and a total cost of $36,000. I'MaGadgetCo's average fixed cost to produce 9,000 widgets was

$1.00

Lance is a single father with 1 child. He can work as a bagger at the local grocery store for $6 per hour up to 1,200 hours per year. He is eligible for welfare, and if he does not earn any income, he will receive $15,000 a year. If Lance works, the government policy is to deduct 60 cents from his welfare stipend for every $1 that he earns in income. When Lance works 1,200 hours, he receives _______ in government support and his total income is _______.

$10,680, $17,880

CleanAir Motors Inc. wants to build electric cars with no emissions. However, electric motors require innovative battery technology for adequate energy storage to meet basic daily commuting needs. The company has several possibilities for alternative battery technology, along with estimates of how these approaches would affect their costs of producing the cars and their sales of the cars. These estimates are set out in the table below. Every investment has an additional 2% social return: that is, an investment that pays at least a 6% return to the drug company will pay at least an 8% return for society as a whole. If the opportunity cost of financial capital for Cleaner Motors Inc. is 10%, Cleaner Motors Inc. will invest ___ in R&D if it receives only the private benefits of this investment.

$1000

A monopolistic competitor has the following information about cost and demand. What will the firm's profits equal in the short run?

$102

Refer to the table below. If D2 and S2 represent the demand and supply schedules in a particular market, then the equilibrium price and quantity are __________ and __________, respectively.

$10; 12

The following table shows a monopolist's demand curve and cost information for the production of its good. What price will it charge?

$15

Bruce is a single father with 1 child. He can work as a bagger at the local grocery store for $6 per hour up to 1,200 hours per year. He is eligible for welfare, and if he does not earn any income, he will receive $15,000 a year. If Bruce works, the government policy is to deduct 60 cents from his welfare stipend for every $1 that he earns in income. With this policy in place, if Bruce works 600 hours, his income will be

$16,440

Four companies, Alpha, Beta, Gamma and Delta, are burning coal to produce electricity. As a result, they also produce emissions. In the table below, the first row of shows the total pounds of emissions currently produced by each firm. The other rows of the table show the cost for each firm of reducing emissions by the first 50 tons, the second 50 tons, and so on. The total cost of requiring each firm to reduce its garbage by one third is

$167

Alysa and Todd purchased a home in 1999 for $80,000 with no down payment. In 2004, they were able to refinance their mortgage on the home for $140,000. They reinvested $75,000 into the home, adding a new addition and making upgrades. In 2006, the couple sold the home for $320,000. What was the value of Alysa and Todd's equity in 2006?

$180,000

I'MABigCorp. produces and sells kitchen wares. Last year, it produced 7,000 can openers and sold each one for $6. To produce the 7,000 can openers, the company incurred variable costs of $28,000 and a total cost of $45,000. I'MABIGCorp.'s average fixed cost to produce the 7,000 can openers was

$2.43

In order to produce 100 oatmeal cookies, GoodieCookieCo incurs an average total cost of $0.25 per cookie. The company's marginal cost is constant at $0.10 for all oatmeal cookies produced. The total cost to produce 50 oatmeal cookies is

$20

International trade currently involves about ______________ worth of goods and services thundering around the globe.

$20 trillion

Given the data provided in the table below, the total revenue (TR) for production at quantity (Q) level 4 equals

$20.00

Refer to the figure below. With reference to Graph B, at a price of $5, total revenue equals:

$200.

In order to produce 100 pairs of oven gloves, Marcia incurs an average total cost of $2.50 per pair. Marcia's marginal cost is constant at $10.00 for every pair of oven gloves produced. The total cost to produce 50 pairs of oven gloves is

$200.00

In the United States, venture capital firms invested __________ in 2009.

$21 billion

Levi and Beverly paid 20% down on a house valued at $165,000 in 1994. They upgraded the house entirely in 2003, when they refinanced their mortgage for $165,000. If they sell the house in 2018 for $190,000, what would be the value of their equity in the home?

$25,000

A drug company is deciding how much to invest in Research and Development into finding a cure for diabetes. The table below shows the company's demand for financial capital for R&D based on its expected rates of return from selling the cure. Every investment provides an additional 4% social return: that is, an investment that pays at least a 5% return to the drug company will create at least a 9% return for society as a whole. If the opportunity cost of financial capital for the drug company is 7%, the drug company will invest ___ in R&D if it receives only the private benefits of this investment.

$250

Holly and Josh paid 10% down for their $245,000 home in 2004. If they sell their house for $255,000 in 2010, what will the value of their equity be?

$29,500

If a firm holds a pure monopoly in the market and is able to sell 5 units of output at $4.00 per unit and 6 units of output at $3,90 per unit, it will produce and sell the sixth unit if its marginal cost is

$3.40 or less

A drug company is deciding how much to invest in Research and Development into finding a cure stomach cancer. The table below shows the company's demand for financial capital for R&D of this drug, based on its expected rates of return from selling the drug. Every investment has an additional 4% social return: that is, an investment that pays at least a 5% return to the drug company will create at least a 9% return for society as a whole. If the opportunity cost of financial capital for the drug company falls from 7% to 5%, the drug company will invest ___ more in R&D if it receives only the private benefits of this investment.

$30

Bill and Cathy built a new home in 1985 at a cost of $90,000.00. They paid 20% of the cost to build the home themselves and financed the remainder by way of a mortgage. They paid the mortgage off in 15 years. They used $35,000 from Bill's inheritance to upgrade the home in 2004. When they sold the home for $335,000.00 in 2006, what was the value of their equity?

$335,000

Given the data provided in the table below, what will the marginal cost equal for production at quantity (Q) level 4?

$4.00

The SaferGlass Co. makes windshields for the automotive industry. It wants to develop a new product with shatterproof glass to increase safety. The development of the new glass requires them to change their production process significantly. The company has developed a list of possible ways of implementing the production process changes, along with estimates of how each would affect the production and sales costs. Based on these estimates, the table below shows the value of R&D projects that provide at least a certain social rate of return. Every investment in R&D would have an additional 3% social return above the private rate of return. That is, an investment that pays at least a 4% return to the glass company will pay at least 7% return for society as a whole.

$400

Refer to figure below. With reference to Graph A, at a price of $10, total revenue equals:

$400.

"If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is:

$44

Riley and Sue paid 30% down for a house valued at $135,000 in 2013. If they sell the house in 2017 for $140,000, what will the value of their equity be?

$45,500

$450

Two rubber companies, Boing and Twang, are currently producing along, and polluting, the same river. Both companies are considering whether to install pollution filters on their factories. These filters cost $15 million each. If a filter is installed, there is a benefit of $20 million, but this benefit is divided equally between the two companies. If both firms install the filters, then Boing will earn ________ and Twang will earn ________ .

$5 million, $5 million

Refer to the figure below. With reference to Graph A, at a price of $5, total revenue equals:

$500.

The following table shows the demand curve and cost information for a firm that is a monopoly. If they maximize their profits, what will their total revenue equal?

$54,000

The table below shows the demand curve and cost information for a firm that is a monopoly. If they maximize their profits, what price will they charge?

$600

The following table shows the demand curve and cost information for a firm that is a monopoly. If they maximize their profits, what will their profits equal?

$650

Refer to the table below. If D1 and S1 represent the demand and supply schedules in a particular market, then the equilibrium price and quantity are __________ and __________, respectively.

$6; 13

The United States national minimum wage is _____________.

$7.25/hour

The table below shows the quantity demanded and supplied in the labor market for economics professors at the I'MaStateUniversity, where all the professors belong to a union. If no union existed, the equilibrium salary for economics professors will be

$80,000

Refer to the table below. If D2 and S1 represent the demand and supply schedules in a particular market, then the equilibrium price and quantity are __________ and __________, respectively.

$8; 15

Given the data provided in the table below, what will the fixed costs equal for production at quantity (Q) level 4?

$9.00

In the circular flow diagram model

(both a and b are correct ) // businesses receive revenues from households in exchange for providing goods and services and use those revenues to buy inputs from households. // households receive income from businesses in exchange for providing inputs and use that income to buy goods and services from businesses.

The graph of a straight line contains two points, A and B. At point A on the line, x equals 2 and y equals 5. At point B on the line, x equals 8 and y equals 3. What is the slope of this line? (Round your answer to 2 decimal places.)

-0.33

Where does the graph of the following line cross the vertical intercept: y = -2x + -6?

-6

The leader of a federal political party made the following campaign promise: "My administration will increase national defense without requiring sacrifices elsewhere in the economy." The promise can be kept if:

-the economy moves along the production possibilities in the direction of a greater quantity of defense. // the economy moves from a point inside the production possibilities curve toward a point on the production possibilities curve. // either b) or c) occurs, but not as a result of a).

Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. The opportunity cost of producing 1 orange for Alpha and Beta, respectively, are:

0.5 apples; 0.25 apples.

Alex has $18 per week in his entertainment budget. He splits his time between going to the movies and renting video games. Each movie costs $6 while each video game rental costs $3. The measured total utility of each of his activities is shown in the table below. What is Alex's utility maximizing point?

1 movie, 4 video game rentals

Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below. What is Kim's total utility maximizing point?

1 movie, 5 yoga classes

The table below shows a monopolist's demand curve and cost information for the production of its good. What quantity will it produce?

1,000

I'MAStart-UP Corp. issued and sold 2,500,000 common voting shares during its first public stock sale. What is the minimum number of shares needed to be able to elect a new director to the Board?

1.25 million

A country is currently creating 40 million tons of toxic waste per year. The table below shows the marginal costs and benefits of reducing the amount of toxic waste to various amounts. What level of toxic waste should the country reduce to?

10 million tons

In the framework of a Lorenz curve, the final entry in the cumulative income column needs to be _________.

100%

Paddy has lots of cousins. With a family reunion in the near future, Paddy decides to collect income information for himself and all his cousins. He obtains the following data points: $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000. The share of income received by the second-to-bottom quintile of this income distribution is

11.6%

In the United States, a typical credit card interest rate ranges from ______________ per year.

12% to 18%

14.1%

Bruce works for a large bank. His wage increased from $30 per hour to $40 per hour. He can work up to 50 hours each week. The table below shows her utility from different levels of leisure and income. If Bruce decides to increase his weekly hours of work from 10 to 20 hours after his raise, the marginal utility loss from having less leisure is:

A student has only a few hours to prepare for two different exams this afternoon. The table below shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is:

15 points on the history exam.

The membership of the WTO includes about __________ nations.

150

A country is currently creating 40 million tons of toxic waste per year. The table below shows the marginal costs and benefits of reducing the amount of toxic waste to various amounts.

1500

In the US economy, nearly half of all the workers employed by private firms work at

18,000 large firms that employ more than 500 workers.

The United States has approximately ___________ credit card holders

180 million

Josh's weekly budget for lunch is $24. He eats only pizza and burgers. Each pizza costs $6 and each burger costs $3. Josh knows that 2 pizzas and 4 burgers will give him a utility of 8. What is Josh's utility-maximizing point?

2 pizzas, 4 burgers

Larry attends college and works part-time job in a grocery store. He can work up to 30 hours each week at his job, which pays $9 per hour. The table below shows his utility from different levels of leisure and income. Larry's utility maximizing choice is to work for:

In the United States, a pharmaceutical company's exclusive patent rights last for

20 years.

Janie works for an accounting firm. Her wage increased from $30 per hour to $40 per hour. She can work up to 50 hours each week. The table below shows her utility from different levels of leisure and income. Before her raise, if Janie decreases her hours of work from 30 to 20 hours per week, the marginal utility gain from having more leisure is:

Suppose that the market demand for cell phone service is given by the following equation: Qd = 335 - 3P where Qd is the quantity of lines per month that people in the local area would be willing to purchase at a monthly price of P dollars. What is the quantity demanded at a price of 31 dollars per month?

242

Suppose that the market supply of car washes in the local area is given by the following equation: Qs = 281 + 2P where Qs is the quantity washes per day that sellers in the local area would be willing to provide at a price of P dollars. What is the quantity supplied at a price of 6 dollars?

293

Suppose the demand for gourmet personal pan pizzas is given by the following equation: Qd = 12 - 1P where Qd is the amount of pizzas consumers want to buy (i.e., quantity demanded), and P is the price of pizzas. Suppose the supply of gourmet personal pan pizzas is: Qs = 3 + 2P where Qs is the amount of pizzas producers will supply (i.e., quantity supplied). Finally, suppose that the gourmet personal pan pizza market operates where quantity demanded equals quantity supplied (i.e., equilibrium). What is the equilibrium market price of gourmet personal pan pizzas? (Round your answer to 2 decimal places.)

Bob budgets $12 a week for entertainment. He splits his time between going to the movies and going to the gym. Each movie costs $3 and each session at the gym also costs $3. The total utility from each of these activities is shown in the table below. Bob's utility maximizing point is:

3 movies; 3 gym workout sessions

For lunch, Maria eats only salads or vegetarian burgers. Her weekly food budget is $36. Each salad costs $6 and each vegetarian burger costs $3. When deciding how much of each good to buy, Maria knows that 2 salads and 4 vegetarian burgers will give her a utility of 8. Maria's utility-maximizing point is:

3 salads, 6 vegetarian burgers

Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a 15 percent decrease in the number of haircuts purchased. What is the elasticity of demand facing Billy Bob's Barber Shop?

3.0

The following table shows a monopolist's demand curve and cost information for the production of its good. What quantity will it produce?

Rick eats only french fries and burgers at his office cafeteria. His weekly lunch budget is $48. Each burger costs $6 and each order of fries costs $3. When deciding how much of each good to buy, Rick knows that 2 burgers and 4 orders of french fries will give him a utility of 8. At his utility-maximizing point, Rick's utility is:

Approximately what percentage of the US labor force is employed by firms that have fewer than 100 employees?

35%

Louisa works for a hedge fund company. Her wage increased from $30 per hour to $40 per hour. She can work up to 50 hours each week. The table below shows her utility from different levels of leisure and income. Louisa decided to increase her hours of work from 10 to 20 hours per week after receiving her raise. As a result, her marginal utility gain from having more income will now be:

Paddy has lots of cousins. With a family reunion in the near future, Paddy decides to collect income information for himself and all his cousins. He obtains the following data points: $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000. The share of income received by the highest quintile of this income distribution is ______, which is _____ than that for the highest quintile of the U.S. income distribution in 2005.

37.9%, lower

Celia works as an articling student with a large law firm. Her wage increased from $30 per hour to $40 per hour. She can work up to 50 hours each week. The table below shows her utility from different levels of leisure and income. If Celia continues to work 50 hours per week after her raise, the raise will increase her utility by:

For lunch, Wendy eats only salads or fruit & yogurt smoothies. Her weekly food budget is $48. Each salad costs $6 and each smoothie costs $3. When deciding how much of each good to buy, Wendy knows that 2 salads and 4 smoothies will give her a utility of 8. What is Wendy's utility-maximizing point?

4 salads, 8 smoothies

Alternate Outputs from One Day's Labor Input: USA: 12 bushels of wheat or 3 yards of textiles. India: 3 bushels of wheat or 12 yards of textiles. The opportunity cost of one bushel of wheat in India is:

4 yards of textiles.

Suppose that Bobo purchases 1 pizza per month when the price is $19 and 3 pizzas per month when the price is $15. What is the price elasticity of Bobo's demand curve?

4.25

Paddy has lots of cousins. With a family reunion in the near future, Paddy decides to collect income information for himself and all his cousins. He obtains the following data points: $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000. The share of income received by the bottom quintile of this income distribution is _____, which is ______ than that for the bottom quintile of the U.S. income distribution in 2005.

4.6%, higher

How many Americans are thought to be without health insurance because they either work for small companies or at low-paying jobs?

40 million

Todd is a cattle rancher. In June and July he spent his clothing budget on jeans and cowboy hats. Each pair of jeans cost $50 and each hat cost $100. At Todd's optimal choice, his marginal utility from the last pair of jeans purchased is 200. This means that his marginal utility from the last cowboy hat purchased is:

400

The percentage of workers belonging to a union is higher in the

45-64 age range.

What is the slope of the following linear equation: y = 5x + 1?

The demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the price is increased to $40, then one would expect sales to equal:

5 units.

5.5%

Despite interlocking import quotas, tariffs, and nontariff barriers, the share of apparel sold in the United States that is imported rose from about _________ in 1999 to about ________ today.

50%; 75%

The following table shows the demand curve and cost information for a firm that is a monopoly. What quantity should they produce to maximize their profits?

600 units

A student has only a few hours to prepare for two different exams tomorrow morning. The table below shows alternative possible exam outcomes with three alternative uses of the student's time. The opportunity cost of scoring an 84 on the history exam rather than 76 is:

7 points on the economics exam

Jed's weekly budget for lunch is $24. He eats only pizza and burgers. Each pizza costs $6 and each burger costs $3. Jed knows that 2 pizzas and 4 burgers will give him a utility of 8. At his utility-maximizing point, Jed's utility is:

Assume that one day's labor in Argentina can produce either 20 units of cloth or 2 units of wine, while in Chile one day's labor can produce either 24 units of cloth or 12 units of wine. If Argentina transfers 2 units of labor from wine to cloth and Chile transfers 1 unit of labor from cloth to wine, the increase in combined output by those two workers will be:

8 wine; 16 cloths

If an economist were to disregard unionized government employees, then current U.S. labor market statistics would show that

8% of the workers employed by private firms work for a union.

Suppose your job pays $8.64 per hour. Your boss has been impressed with your productivity on the job and offers you a $0.75 per hour raise. What is the percentage change (or growth rate) of your wage? (Round your answer to 2 decimal places.)

8.68

Troy has a part-time job in a book store to help pay for his college. He can work up to 30 hours each week at his job, which pays $9 per hour. The table below shows his utility from different levels of leisure and income. Troy currently works 20 hours per week. If he decides to work 30 hours instead, his marginal utility gain from the additional income is ____.

Under current U.S. copyright legislation, works produced on a for-hire basis and owned by firms enjoy monopoly protection for

95 years from the date of publication.

The table below sets out cost information for the production of volley balls. Some values are missing. Which of the following statements is correct?

A = 42, E = 12

_________ arises when firms act together to reduce output and keep prices high.

A cartel

Which of the following is true?

A nation cannot have a comparative advantage in the production of every good.

_______________ of well-to-do individuals often put their own money into small new companies at an early stage of development, in exchange for owning some portion of the firm.

A network

__________________ involves active efforts to improve the job opportunities or outcomes of minority groups or women.

Affirmative action

_____________________ help to explain why every economy, as it develops, has an increasing proportion of its population living in urban areas.

Agglomeration factors

Along the production possibilities frontier shown below, the most efficient point of production depicted is:

All points on the production possibilities frontier are equally efficient.

Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 24 units of food per year or 12 units of clothing. Which of the following is true?

Alland has an absolute advantage in producing food but will not trade with Georgeland.

Which of the following statements most likely lies within the realm of microeconomics?

An increase in labor costs will increase the additional cost of producing another bus.

_____________ occurs when circumstances have allowed several large firms to have all or most of the sales in an industry.

An oligopoly

Andy views beer and pizza as complements to one another. If the price of pizza decreases, economists would expect:

Andy's demand for beer to increase.

Why is there scarcity?

Because our unlimited wants exceed our limited resources

On April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What will the likely effect of this policy be?

Both the leftward shift in the labor demand curve and the higher minimum wage will lead to an increase in the unemployment rate.

Which of the following best characterizes the circular flow of income?

Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses.

_____________________ have incentives to create mechanisms that will allow them to make mutually beneficial transactions even in the face of _____________________.

Buyers and sellers; imperfect information

Suppose that Canada can produce 100,000 hockey sticks or 10,000 gallons of maple syrup in a typical workweek, while Germany can produce 90,000 hockey sticks or 10,000 gallons of maple syrup in a typical workweek. From these numbers, we can conclude:

Canada has a comparative advantage in the production of hockey sticks.

The town of Bookville has a massive public library system. Bookville's municipal government faces a trade off between retaining the current number of library workers and replacing some of its workers with computers. The four options available to the government are given in table below. Computers and software cost $5,000 each and must be replaced each year. In a non-unionized labor market, workers are paid $20,000 per year. In these circumstances, the optimal choice from a cost perspective for the city government is

Choice A

The town of Bookville has a massive public library system. Bookville's municipal government faces a trade off between retaining its current level of library workers and replacing some of them with computers. The four options available to the government are given in table below. After the introduction of a strong union, the annual salary for workers increases to $30,000. In these circumstances, the optimal choice from a cost perspective for the city government is

Choice C

Which of the following would be classified as a situation where a third party benefits from a market transaction by others?

City buying 10,000 trees for green space renewal projects.

___________ requires an insurance policyholder to pay a percentage of a loss, and the insurance company pays the remaining cost.

Coinsurance

How does the U.S. Bureau of Labor Statistics gather information with regard to the typical consumption choices of Americans?

Consumer Expenditure Survey

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

Cuba

In countries like _____________ the command economy predominates.

Cuba and North Korea

____________________________ occur when the marginal gain in output diminishes as each additional unit of input is added

Diminishing marginal returns

____________________________ occur when the marginal gain in output diminishes as each additional unit of input is added.

Diminishing marginal returns

Which of the following statements most likely lies within the realm of macroeconomics?

Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.

____________ means selling goods below their cost of production.

Dumping

_____________ - a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines.

Economies of scale

__________ is the change in what is on the horizontal axis (quantity) divided by the change in what is on the vertical axis (price).

Elasticity

Banks are required by law to pay a small fraction of their deposits to the _______________, which goes into a __________ fund that is used to repay depositors their money if the bank should go bankrupt.

Federal Deposit Insurance Corporation; deposit insurance

The government rules on advertising are enforced by the ________________________.

Federal Trade Commission

_______________________ find ways to take the inflow of funds from many separate _________ of financial capital and transform it into the funds desired by _______________ of financial capital.

Financial capital markets; suppliers; demanders

The acronym GATT stands for:

General Agreement on Tariffs and Trade.

Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 16 units of food per year or 8 units of clothing. Which of the following is true?

Georgeland has a comparative advantage, but not an absolute advantage, in producing clothing.

Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 36 units of food per year or 18 units of clothing. Which of the following is true?

Georgeland has an absolute but not a comparative advantage in producing clothing.

Georgeland has an absolute disadvantage, but not a comparative disadvantage, in producing clothing.

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

Goods X and Y are complement goods.

Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. Which of the following statements is true?

If Alpha specializes in growing apples and Beta specializes in growing oranges, they could both gain by specialization and trade.

If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause the equilibrium price to:

_____________________ cannot be eliminated, but it can often be managed.

Imperfect information

_____________________ can lead to a situation where, even if sellers are faced with a situation of _______________, they will decide not to cut prices for awhile because they know that buyers in this situation will not react by purchasing a _______________ .

Imperfect information; excess supply; higher quantity

_____________ are numerical limitations on the quantity of products that can be imported.

Import quotas

In India one person can produce 330 pounds of rice or 110 shirts in one year. In China one person can produce 400 pounds of rice or 200 shirts in one year. Which of the following statements is true?

India has a comparative advantage in the production of rice.

____________________________ often have deductibles, which is an amount that the insurance policyholders must pay out of their own pocket ____________________ .

Insurance companies; before the insurer pays its portion of the claim

__________________ law implies ownership over an idea or concept or image

Intellectual property

________________ are a form of _______ bonds that offer relatively high interest rates to compensate for their relatively high chance of default.

Junk bonds; corporate

Refer to the diagram below. Based on the information illustrated in this graph, which of the following is an accurate statement?

MC is initially downward sloping in the region of increasing MR at low output levels

To address a common poverty trap problem for many low-paid Americans whose jobs pay enough that a family could lose its eligibility for____________ , yet those jobs don't offer ______________________ either, some states guaranteed that children would not loose their coverage if their parents worked.

Medicaid; health insurance benefits

In the United States, the official definition of the poverty line traces back to a single person: ___________________, whose idea was to ___________________________.

Mollie Orshansky; define a poverty line based on the cost of a healthy diet

________________________ arises where many firms are competing in a market to sell similar but differentiated products.

Monopolistic competition

It is sometimes argued that nation should not depend too heavily on other countries for supplies of certain key products. This argument is commonly known as the _______________.

National Interest Argument

Are markets always in equilibrium?

No, but if there is no outside interference, they tend to move toward equilibrium.

__________________ are ways that a nation can draw up regulations, inspections, and paperwork to make it more costly or difficult to import products.

Nontariff barriers

_____________________ that are issued by government agencies are a form of validation that a worker has completed a certain type of education or passed a certain test.

Occupational licenses

Refer to diagram below. The movement from __________ to __________ is consistent with a successful advertising campaign that claims wool keeps you warm.

Point A; Point F

The supply and demand conditions facing a firm that makes widgets and generates a negative externality by dumping a highly toxic sludge in a nearby river is given in the table below. The equilibrium price and quantity when only private costs are taken into account are

Price = $30, Quantity = 80

The supply and demand conditions facing a firm that makes widgets and generates a negative externality by dumping a highly toxic sludge in a nearby river is given in the table below.

Price = $55, Quantity = 30

_____________ and __________________ refer to the quantity and price at a point in time.

Productive; allocative efficiency

The race to the bottom scenario of global environmental degradation is explained roughly like this:

Profit-seeking multinational companies shift their production from countries with strong environmental standards to countries with weak standards, thus reducing their costs and increasing their profits.

The concept of a poverty line raises a number of complex questions. Which of the following represents such a question?

Should the national poverty line be applied in all states?

_______________ include both the private costs incurred by firms and also costs incurred by third parties outside the production process.

Social costs

Which of the following legislation was enacted in 1998 to allow copyright to be extended from 50 to 70 years after an author's death?

Sonny Bono Copyright Term Extension Act

Which of the following is a safety net that could provide a decent standard of living and/or incentives to work?

Supplemental Security Income and the above

Refer to the diagram below. At the point marked m,

TR is exactly equal to TC, so profits equal zero.

Suppose that the USA can make 15,000,000 cars or 20,000,000 bottles of wine with one year's worth of labor. France can make 10,000,000 cars or 18,000,000 bottles of wine with one year's worth of labor. From these numbers, we can conclude:

The USA has an absolute advantage in the production of cars.

If the USA could produce 1 ton of potatoes or 0.5 tons of wheat per worker per year, while Ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, there can be mutual gains from trade if:

The USA specializes in potatoes because of its comparative advantage in producing potatoes.

________________________ is theoretically possible, even sensible: give an industry a short-term indirect subsidy through protection, and then reap the long-term economic benefits of having a vibrant healthy industry.

The infant industry argument

_________________ is the level where half of all families had more than that level and half had less.

The median

The price elasticity of demand measures the:

Interpret the following statement: "An increase in the price of wheat will encourage farmers to increase the quantity of wheat supplied to the market."

The statement is correct.

Which of the following would be expected if the tariff on foreign-produced automobiles were increased?

The supply of foreign automobiles to the domestic market would be reduced, causing auto prices to rise.

Steel mill wage costs increase by 18 percent over a year. What is the likely economic effect on the market for steel?

There is an increase in the cost of producing steel, which shifts the supply curve of steel to the left, thereby increasing the price of steel.

How do apple growers react in the short run to the news of medical research findings that suggest that eating apples leads to greater health benefits than were previously known?

They increase the quantity of apples supplied.

Why would foreign firms export a product at less than its cost of production—which presumably means making a loss?

This may be part of a long-term strategy in which foreign firms would sell at below the cost of production in the short-term for a time, and when they have driven out the domestic U.S. competition, they would then raise prices.

___________ include all spending on labor, machinery, tools, and supplies purchased from other firms.

Total costs

_____________ is calculated by taking the quantity of everything that is sold and multiplying it by the sale price.

Total revenue

Treasury bonds are issued by the federal government through the _____________________ .

U.S. Department of the Treasury

______________ include all of the costs of production that increase with the quantity produced.

Variable costs

Which of the following is not a typical question that must be answered with regard to a private company that is owned by a large number of shareholders?

What is the dividend yield on preferred shares of companies that hold this stock?

Which of the following is a question economists have struggled to address with only partial success?

Whether a market-oriented economy produces the optimal amount of variety?

Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the lake it will cost 1200 and generate social benefits of 1500 - however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 - however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. If both states clean the lake, the payoffs will be

Wisconsin gains 200, Illinois gains 300

Which of the following is the best example of a tariff?

a $1000-per-car fee imposed on all small cars imported

Refer to the table below. Suppose that D1 and S2 are the demand and supply schedules for Product A. If the government imposes a price ceiling of $4, then:

a 10 unit shortage will result.

A change in price of a good or service typically causes ___________________________ for that specific good or service.

a change along the supply curve

Which of the following best denotes the reason for the existence of substantial black markets?

a command economy

Politicians often argue for tariff increases in order to reduce the nation's dependence on imports. If tariffs are increased, the long-run effect is most likely to be:

a decrease in both American imports and exports.

Which of the following would most likely shift the production possibilities curve inward?

a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time

Which of the following is most likely a topic of discussion in macroeconomics?

a decrease in the unemployment rate

One strategy insurance companies have adopted to reduce moral hazard is to require an injured party to pay a _______________ .

a deductible

Marketable permits work best when there are _____________________ permit holders who are highly interested in trading.

a few dozen or a few hundred

Which of the following is the best example of a quota?

a limit imposed on the number of men's suits that can be imported from a foreign country

When the quantity of environmental protection is low so that pollution is extensive, then there are usually ______________ to reduce pollution and the ______________ .

a lot of cheap and easy ways; marginal benefits of doing so are quite high

If U.S. auto manufacturers cut the prices of their vehicles to sell a greater quantity, buyers may assume that the lower price implies _____________ compared to foreign manufactured vehicles.

a lower quality

Why are the underlying economic meanings of the perceived demand curves for a monopolist and monopolistic competitor different?

a monopolist faces the market demand curve and a monopolist competitor does not

In economics, a firm that faces no competitors is referred to as _________________.

a monopoly

The challenge of preserving biodiversity,

a nation can protect biodiversity within its own borders and c. includes the full spectrum of animal and plant genetic material.

A rule that every imported product must be opened by hand and inspected with a magnifying glass, by one of just three government inspectors available at any given time might be referred to as __________________.

a non-tariff barrier

Antipoverty programs that are set up so that the amount of government benefits will decline substantially as poor people earn more income typically create ______________.

a poverty trap

A firm that holds a monopoly position in the market place is

a price maker

Since stock prices will shift in response to unpredictable future news, these prices will tend to follow what mathematicians call _________________.

a random walk with a trend

There seems to be little evidence that poor families experienced _______________ as a result of ____________ .

a reduced standard of living; TANF

A complementary approach to supporting R&D that does not involve the government's close scrutiny of particular R&D projects is to give firms

a reduction in corporate taxes based on amount of R&D performed.

In the insurance industry, homeowners are referred to as ___________ who share roughly the same risks of an adverse event occurring.

a risk group

The supply curve of textbooks (which are produced using paper made from trees) will shift to the left in response to:

a sharp increase in the demand for and construction of wood-frame homes.

After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef from Canada, the likely economic effect on the U.S. demand curve for beef from Canada is:

a shift of the demand curve for beef to the left.

The imposition of a price ceiling on a market often results in:

a shortage

When entry occurs in a monopolistically competitive industry,

a smaller quantity will be demanded at any given price.

Which one of the following is the most accurate description of a monopolist?

a sole producer of a product for which good substitutes are lacking in a market with high barriers to entry

Which of the following lies primarily within the realm of macroeconomics?

a study of how tax cuts stimulate aggregate production

A tariff differs from a quota in that a tariff is:

a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.

If monopolists are able to produce fewer goods and sell them at a higher price than they could under perfect competition, the result will be

abnormally high sustained profits.

Union members earn ______________ than non-union members, even after adjusting for factors such as _____________________________ .

about 20% more; years of work experience and education level.

When one nation can produce a product at lower cost relative to another nation, it is said to have a(n) __________________ in producing that product.

absolute advantage

Suppose the government of Taiwan subsidized its watch-making industry, enabling Taiwanese producers to undersell foreign watch producers. The law of comparative advantage indicates that watch-importing nations would best take advantage of the Taiwanese subsidization policy by:

accepting the subsidy of the Taiwanese government, making the appropriate adjustment for the resources temporarily displaced from the domestic watch-making industry.

An _________________ is calculated by subtracting the firm's costs from its total revenues, _______________________________ .

accounting profit; excluding opportunity cost

In order to reduce the harmful affects of recession and carbon emissions, the government provided tax incentives for manufacturing firm's to ___________________ that provide alternative, more efficient methods of combining inputs to produce output.

acquire energy efficient production technologies

Although they have never been charged with a DUI, Glen and Dale often drive while intoxicated and each made 3 claims for auto accidents in 2010. If Crown Insurance decides to raise the price of insurance coverage for all its policy holders to $3,000 per year to off-set the claims of this type of driver, then its attempt to counter

adverse selection will cause the low-risk policy holders to cancel their policies.

The problem of ________________ in insurance markets is that insurance companies are unable to ______________ .

adverse selection; differentiate those with low and high risks

In the case of insurance, _______________ arises because the buyers of insurance have more information about _____________________than the insurance company does.

adverse selection; the risk group they belong to

Of the many available policies to reduce discrimination by race and gender in the U.S. labor market, the most controversial is likely to be

affirmative action goals and quotas

Any given demand or supply curve is based on the ceteris paribus assumption that ___________________.

all else is held equal

From the Great Depression of the 1930s until 1996, the United States' most visible antipoverty program was Aid to Families with Dependent Children, which provided cash payments to

all mothers with children who were below the poverty line.

The typical pattern of costs for a perfectly competitive firm can be analyzed by using: I) total cost II) fixed cost III) variable cost IV) marginal cost V) average cost VI) average variable cost

all of the above

The term "ceteris paribus" means that:

all variables except those specified are constant.

The choice on a production possibilities set that is socially preferred, or the choice on an individual's budget constraint that is personally preferred, will display _____________________.

allocative efficiency

Perfect competition displays _____________________ because the social benefits of additional production, as measured by the price that people are willing to pay, are in balance with the ____________ to society of that production.

allocative efficiency; marginal costs

The marginal revenue curve for a monopolist ____________________ the market demand curve.

always lies beneath

Discriminatory impulses in the labor market can emerge at a number of levels:

among managers; among workers; among customers

Small companies typically prefer____________ to borrowing from a bank because it is a source of funding where the company is not obligated to _____________________ .

an IPO; make interest payments

Colombia produces coffee with less labor and land than any other country; it therefore necessarily has:

an absolute advantage in coffee production

The term "applied research" refers to research that is focused on a particular product that promises

an economic payoff in the short or medium-term.

One concern that environmentalists have is that market-oriented environmental tools are

an excuse to allow pollution to be maintained or to grow.

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

an increase in demand for the firm's product

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

an increase in labor productivity

Which of the following will not result in a leftward shift of the market demand curve for labor?

an increase in the wage rate

A mutual fund that seeks to imitate the overall behaviour of the stock market is called ____________________ .

an index fund

The US laws dealing with original works of authorship allow the US Copyright Office to enforce protection for all but one of the following. Which one is it?

ancient Bible texts

Because of the legal protection for intellectual property, such as patents, a firm has a better chance of recouping the costs of research if it pursues

applied technological research

Through the process of exit, monopolistically competitive firms remaining in the market

are no longer earning losses.

If an externality of pollution exists for all manufacturers in a given industry, then all related social costs

are no longer represented in their supply curves.

The fact that a consumer is not required to buy the goods that a given firm produces, as well as the fact that the consumer might want the goods a firm produces, but may choose to buy from other firms instead

are two stark realities any business firm must recognize.

How does the cost of financial capital influence innovative research and development activities in a competitive market?

at a low cost, firms demand a large quantity, as R&D projects will likely return a higher rate.

The flexibility of marketable permits program developed for the oil refining industry is credited with achieving the reduction in lead pollution for __________ less cost than command-and-control regulation would have required.

at least 20%

If the price that a firm charges is lower than its ____________ of production, the firm will suffer losses.

average cost

In order to determine ____________, the firm's total costs must be divided by the quantity of its output.

average cost

The long-term result of entry and exit in a perfectly competitive market is that all firms end up selling at the price level determined by the lowest point on the

average cost curve.

By 2007, US market deregulation has proven to be most toxic to the overall health of the US economy in the ________________________ .

banking sector

Marginal utility can:

be positive, negative, or zero

Jackie has invested $25,000 for a 10 period at a guaranteed interest rate of 9%. If Jackie decides to sell her investment before the 10 year period has ended, she may receive less if the interest rates at that time are lower. Jackie is a

bondholder

During the recent U.S. recession, some large automakers required bailouts from the federal government to avoid being forced into bankruptcy by their _________________ .

bondholders

Which of the following would be the least likely method for firms to raise the financial capital they need to pay for new equipment?

borrowing from households

What type of environmental tool was adopted by the U.S. government in 1990, in order to reduce emissions of coal burning electricity-generating plants?

both a and b above. A- shrinkable marketable permits. B- free marketable permits

A situation where the level of output, scale and average costs are all rising is called

both a and b are correct

The problem of pollution arises in primarily ______________ economies around the world.

both a and b. A- command-oriented. B- market-oriented

Two logging companies are deciding whether or not to cut down a significant portion of a particular forest that both have access too. Both companies understand the environmental consequences of their actions, knowing that they are trading off higher profits for a better outcome from society's point of view. The payoffs facing these companies are given in the table below. From the table, we know that the outcome of this game will be

both companies choosing to cut the forest

Paddy and Mick are the only two inhabitants of a small island off the coast of Ireland. They burn coal to keep their houses warm at night. However, this coal burning is harming the air quality on their island. Both Paddy and Mick could install air filters on their chimneys. These filters cost 50 each. Each filter provides a social benefit of 80, but those benefits are divided equally among Paddy and Mick. If both Paddy and Mick install the filters

both will gain 30

Macroeconomics primarily examines:

broad issues such as national output, employment and inflation.

The slope of the _________________ is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good.

budget constraint

In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of:

buyers and sellers.

The nature of demand indicates that as the price of a good increases:

buyers desire to purchase less of it.

Environmentalist groups act to directly reduce of emissions by

buying marketable emission permits and not re-selling them.

Which of the following would legally qualify you to be registered as a shareholder of Microsoft Corporation?

buying the stock on the New York Stock Exchange

Oligopoly firms acting individually may seek to gain profits ___________________________ .

by expanding levels of output and cutting prices

Temperatures have persisted below freezing levels in Florida throughout the months of December and January. As a result, demand for electricity sharply increased and the price of electricity rose sharply. The price of coal also rose. In these circumstances, any resulting shifts in the supply curves for coal miners and electricity producers

can also be interpreted as shifts of their respective marginal cost curves.

Specialization:

can lead to an increase in overall production.

A financial gain earned by purchasing stock in a publically traded company and subsequently selling the investment at higher price is commonly referred to as a _____________ .

capital gain

Refer to the table below. In this instance, expansion of output

causes input prices to rise as demand for inputs increases.

In the framework of monopolistic competition, the way advertising works can be perceived as

causing both b and c to occur.

Marginal thinking is best demonstrated by:

choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time.

Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.

circular flow diagram

The U.S. government strongly encouraged unions to be formed in the early 1940s because they held the view that unions would help to

co-ordinate the all-out production efforts needed during World War II.

Negotiations between unions and a firm or firms is called __________________ .

collective bargaining

When nations increase production in their area of _________________ and trade with each other, both sides can benefit.

comparative advantage

_____________________ identifies the area where a producer's absolute advantage is relatively greatest, or where the producer's absolute disadvantage in productivity is relatively least.

comparative advantage

As international trade increases, it contributes to a shift in jobs away from industries where that economy does not have a(n) __________ advantage and toward industries where it has a(n) ___________ advantage.

comparative; comparative

For a monopolistic firm, the demand for its product is

completely inelastic

When technology is advancing so quickly, even a patent from, say, two years ago may be ___________________, because __________________________ .

completely outdated; no firm is relying on that technology any longer

When demand is inelastic:

consumers are not very responsive to changes in price.

Since 1960, the earnings gap between men and women in the U.S. labor market has

continued to narrow.

Which of the following would be classified as a positive externality?

converting a derelict empty lot to a public vegetable garden

Intellectual property law is a body of law that includes

Which of the following circumstances would encourage I'MaPharmaCo. to increase research and development activities?

cost of financial capital is low

The ______________ of all firms can be broken down into some common underlying patterns.

cost structure

Which of the following falls outside of the classification of business expenses that fall into the category of fixed costs?

costs incurred in the act of producing

When __________________, a firm will supply a higher quantity at any given price for its output, and the supply curve will shift to the right.

costs of production fall

Which of the following falls outside of the classification of business expenditures that fall into the category of variable costs?

costs of research and development

A 10 percent increase in the price of soda leads to a 20 percent increase in the quantity of iced tea demanded. It appears that:

cross-price elasticity of demand for iced tea is -2.

A 10 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of soda demanded. It appears that:

cross-price elasticity of demand for soda is -3.

A Lorenz curve graphs the _________________ received by everyone up to a certain quintile.

cumulative shares of income

Say the average increase in pay for non-union workers in 2011 is 2% across the U.S. If a workers' union successfully negotiates a 3 year collective agreement that provides a 4.5% raise in 2011, and a 4.3% raise in 2013, then the for-profit employer will typically

curtail expansion of labor as a trade-off.

cut, cut

If a monopoly or a monopolistic competitor raises their prices, then

decline in quantity demanded will be larger for the monopolistic competitor.

During the second half of the twentieth century, trade barriers have in general:

declined quite substantially both in the U.S. economy and in the global economy.

Suppose that new high-technology farming equipment is developed. These new machines are substitutes for low-income workers such as farm laborers, but they are complements for high-income workers such as farm technicians and farm owners. This new technology will _____ wages in for low-income workers and _____ income inequality.

decrease, increase

The graph below illustrates the total cost function for GoodieCookie Co. The changing slope of the total cost curve reflects this company's

decreasing marginal costs.

The two primary factors determining monopoly market power are the firm's

demand curve and its cost structure

The greater inequality of wages can be viewed as a sign that

demand for skilled labor is increasing faster than supply.

The labor ____________ curve(s) will shift _______________ if there is an increase in productivity or an increase in the demand for the final product.

demand; right

When I'MaGoldMiner chooses what quantity of gold each of it/s mines will produce over the next 12 months, this quantity, along with the prices prevailing in the market for output and inputs, will

determine the company's total revenue, total costs, and its profits.

Which of the following would some economists be likely to perceive as the most appropriate public policy response to a positive externality created by the development of a highly innovative new technology?

develop ways to provide a greater share of the social benefits to the innovator

Although the earnings gap between men and women in the U.S. labor market ___________ in the 1970s, it has _________________________ .

did not change much; been declining since 1980

Monopolistic competitors in the food industry will often include a recyclable symbol on packaging used for their product as a means to

differentiate their product.

The law of ____________________________ explains why people and societies rarely make all-or-nothing choices.

diminishing marginal utility

The most common pattern for marginal utility is ____________________.

diminishing marginal utility

The term ___________________ is used to describe the common pattern whereby each marginal unit of a consumed good provides less of an addition to utility than the previous unit.

diminishing marginal utility

In microeconomics, the term ___________________ is synonymous with decreasing returns of scale.

diseconomies of scale

The term "basic research" applies specifically to research pertaining to fundamental scientific breakthroughs that may offer commercial applications in the ______________.

distant future

In the competitive market for figure skate blades, manufacturers offer an array of products that are

distinctly different in a particular way.

The old proverb: "Don't put all your eggs in one basket" is synonymous with which of the following?

diversified investments

If a solar panel manufacturer wants to look at its total costs of production in the short run, which of the following would provide a useful starting point?

divide total costs into two categories: fixed costs that can't be changed in the short run and variable costs that can be

If oligopolistic firms banded together with the intention of acting like a monopoly, it would likely result in their being able to

divide up the monopoly level of profit amongst themselves.

A ________ is a direct payment from a firm to its shareholders.

dividend

A successful advertising campaign may allow competing monopolists to

do all of the above.

According to the definition of profit, if a profit-maximizing firm will always attempt to produce its desired level of output at the lowest possible cost, then it will

do so regardless of what type of competition exists in a market.

during the author's life plus 70 years

Which of the following is most likely to cause variation in American household spending patterns?

each of the above will cause a variation

The future of cities in the United States and in other countries will be determined by their ability to benefit from the _________________ and to minimize or counterbalance the ______________________.

economies of agglomeration; corresponding diseconomies

The concept of _________________ means that as the measure of output goes up, average costs of production decline—at least up to a point.

economies of scale

economies of agglomeration; corresponding diseconomies

economies of scale

Regardless of whether you are looking through the microeconomics microscope or the macroeconomics telescope, the fundamental subject material of the interconnected __________ doesn't change.

economy

In order to calculate marginal cost, the change in ______________ is divided by the amount of change in quantity.

either total cost or variable cost

Demand is said to be ___________ when the quantity demanded is very responsive to changes in price.

elastic

Supply is said to be ____________ when the quantity supplied is very responsive to changes in price.

elastic

When economists are sketching examples of a demand or supply curve that is close to horizontal, they refer to that demand or supply curve as ____________.

elastic

Youth smoking seems to be more __________ than adult smoking—that is, the quantity of youth smoking will fall by a greater percentage than the quantity of adult smoking in response to a given percentage increase in price.

elastic

A price cut will increase the total revenue a firm receives if the demand for its product is:

elastic.

The property rights approach to environmental issues often becomes highly relevant in cases involving __________________.

endangered species

In a monopolistic competitive industry, firms can try to differentiate their products by

enhancing product's physical aspects and all of the above.

When J.K. Rowling exerts copyright ownership of her literary works, she creates a monopoly by restricting

entry into the market.

Which of the following is generally accepted as a valid criticism of the production of useful goods and services?

environmental pollution

If the supply curve for a product is horizontal, then the elasticity of supply is:

equal to infinity.

The ___________ is the only price where quantity demanded is equal to quantity supplied.

equilibrium price

Refer to the table below. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D1 to D2, then:

equilibrium price increases from $6 to $8

The ____________ is the quantity where quantity demanded and quantity supplied are equal at a certain price.

equilibrium quantity

Refer to the table below. Suppose that D2 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D2 to D1, then:

equilibrium quantity decreases from 15 to 13.

Which of the following will need to strike some balance between economic output and environmental quality as a prominent climate change priority?

every country

As a result of the American workers' ability to sell their labor though a union, profit-making firms must pay wages

exceeding the equilibrium wage those firms would otherwise have selected.

If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ___________________

excess demand

The term "constant returns to scale" describes a situation where

expanding all inputs does not change the average cost of production.

If a competitive firm experiences a shift in costs of production that decreases marginal costs at all levels of output,

expanding output levels at any given price will be profitable.

Market failure describes a situation in which the market itself ______________________ in a way that balances social costs and benefits.

fails to allocate resources efficiently

If the supply curve for housing is perfectly inelastic, then a reduction in demand will cause the equilibrium price to:

fall and the equilibrium quantity to stay the same.

Once the U.S. government opened its domestic markets to international trade, the competition from imported cars, steel, and other products caused demand for similar U.S. goods to

fall, leading to lower output, fewer workers, and an overall decline in union membership.

The table below shows the quantity demanded and supplied in the labor market for economics professors at I'mAStateUniversity, where all the professors belong to a union. All of the economics professors could also work as economic consultants, but the market for economic consultants is not unionized. If the union negotiates an annual salary increase for economics professors that is $20,000 higher than the market wage rate for economic consultants, then the market wage rate for the consulting positions will ___ and the quantity of economic consultants employed will ___.

fall, rise

Union membership has ____________ in the United States because of _________________________ .

fallen; laws enacted making it more difficult to unionize

A ___________________ arrangement exists when medical care providers are paid according to the services they provide.

fee-for-service

The earnings gap in the U.S. labor market between black and white workers __________ in the 1960s and 1970s, but, since 1980, the gap _______________.

fell substantially; is pretty well unchanged

All but one of the following is a mechanism intended to provide reassurance against imperfect information. Which is it?

financial capital markets

A bond is a form of ___________ through which a corporation agrees to repay the amount that was borrowed together with ___________ over a period of time in the future.

financial contract; a rate of interest

A ________________ operates directly between a saver with financial assets to invest and an entity who will receive those assets in exchange for paying a ________________ .

financial intermediary; rate of return

How can parties who find themselves in a prisoner's dilemma situation avoid the undesired outcome and cooperate with each other?

find effective ways to penalize firms who do not cooperate

Which of the following is the most appropriate response of public policy to a negative externality like pollution?

find ways to account for the social costs of the negative externality in economic decisions

The circular flow diagram of economic activity is a model of the:

flow of goods, services, and payments between households and firms.

Automobile manufacturers use warranties as incentives for buyers to purchase their products. Why are warranties on vehicles important to buyers?

for a specific time period, the manufacturer bears the cost of fixing or replacing the vehicle

The trick in graphing a Lorenz curve is that you must transform the shares of income ________________, which are shown in the first column of numbers in the table, into ___________, shown in the ________ column of numbers.

for each specific quintile; cumulative income; second

An inferior good is a product:

for which demand decreases as income increases.

Guarantees, warranties, and service contracts are all examples of

forms of explicit reassurance provided by sellers.

Even with wage increases, the supply curve of labor is most often inelastic for which of the following?

full-time workers

Any government policy that provides __________________ and _________________ deserves to be looked at twice, or even three times.

gains to those with higher incomes; imposes costs on those with lower incomes

In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made.

government

The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves __________ spending.

government

The presence of organized labor in the U.S. labor market creates a situation that resembles a

government acting as a negotiator between workers and employers.

Economies of scale may arise from all but one of the following. Which one is it?

government economic subsidies protect firms from competition to avoid losses.

Which of the following would most likely create the setting for an oligopoly?

government grants Alex, Trent, and Alyse each a patent for their respective molybdenum based electric car batteries

If the 2014 poverty line is based on the amount of money an individual has earned as income, then

government programs that provide non-cash assistance to the poor are not considered.

Which of the following best describes a fiscal policy tool?

government spending

Which of the following is not a short-run impact of imposing quotas on the American industries they seek to protect?

government tax revenues increase

Alternate Outputs from One Day's Labor Input: USA: 12 bushels of wheat or 3 yards of textiles. India: 3 bushels of wheat or 12 yards of textiles. From the data, the USA:

has an absolute advantage over India in the production of wheat.

The earnings gap in the U.S. labor market between black and white workers ___________________.

has diminished since 1960, but a gap still remains

The food stamp benefit

has time limits and is not a complete disincentive to work.

There is sufficient evidence showing that union workers in the manufacturing sector generally

have higher productivity than non-union workers.

If a firm's efforts to be technologically innovative will create a positive externality, then that firm will likely

have less incentive to innovate to the extent that the whole of society desires.

In the U.S. manufacturing sector, unionized jobs have _________________ in recent years

have trended down

In the U.S. manufacturing sector, unionized jobs have _________________ in recent years.

have trended down

Why did Gordon Gould have to endure a lengthy legal battle in order to receive a patent for his innovative laser idea concocted in 1957?

he delayed applying to patent his idea, mistakenly believing he needed to have a working laser to apply

If pollutants are emitted into the air and water, what costs might be incurred as a result?

health injuries and all of the above

Which of the following would an economist identify as a difficulty relating to environmental command-control regulations?

high degree of inflexibility

Measuring economic inequality involves comparing those with ________________ .

high incomes middle incomes, and low incomes

Which of the following would reduce the supply of microcomputers?

higher wage rates for the workers that assemble the computers

A group of 10 golfing buddies have the following annual incomes: $32,000, $12,000, $56,000, $120,000, $10,000, $38,000, $70,000, $16,000, $20,000, $24,000. The share of income received by the lowest quintile of this income distribution is _______ than that for the bottom quintile of the U.S. income distribution in 2005. The share of income received by the highest quintile of this income distribution is _______ than that for the highest quintile of the U.S. income distribution in 2005.

higher, lower

Measured in absolute numbers, the level of immigration during the 1990s into the United States was _________ compared with the levels of previous decades. When considered as a percentage of the population at the time, the level of immigration into the United States during the 1990s was ________ than the levels experienced during the earlier decades of the twentieth century.

higher, lower

A Lorenz curve refers to a graphic illustration of the share of population on the _______________ and the cumulative percentage of total income received on the __________________ .

horizontal axis; vertical axis

A perfectly elastic supply curve is:

horizontal.

An import quota or tariff on French wine that raises the prices for wine will probably:

hurt domestic wine drinkers but help domestic wineries, which will gain from the higher prices.

A perfectly competitive industry is a

hypothetical extreme.

According to international trade theory, a country should:

import goods in which it has a comparative disadvantage.

Tariffs are taxes imposed on _________________.

imported products

Of all the available policies to reduce discrimination by race and gender, the most costly is likely to be:

improved educational opportunities

The term _____________ describes a situation where a ________________ causes a reduction in the buying power of income, even though actual income has not changed.

income effect; higher price

When economists attempt to predict the spending patterns of U.S. households, they will typically view the _____________________ as a primary determining factor that influences the individual consumption choices that each will make.

income level of each household

The longer the time period considered, the more the elasticity of supply tends to:

increase

Raising an existing tariff on grapes from Argentina will:

increase American consumption of domestically produced grapes.

Introducing a tariff on vitamin Z would:

increase American consumption of domestically produced vitamin Z.

A new American import quota on imported steel would be likely to:

increase American production of steel.

Joe owns a restaurant. Many of the restaurants that he competes with recently closed, shifting his perceived demand curve. The following 2 tables show his old and new perceived demand curves. Assume that Joe can only choose from the quantities of output given in the table. By how much does the price that he charges change after the restaurants leave the market?

increase by 5

If the demand curve is perfectly elastic, then an increase in supply will:

increase the quantity exchanged but result in no change in the price.

Improvements in the productivity of labor will tend to:

increase wages.

If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual photos of every item for sale to be posted instead of a manufacturer's stock picture of the product, both the demand and supply of products in good condition will shift due to the improved information. If supply shifts by more than demand, quantity will _____________ and price will _____________.

increase, decrease

If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual photos of every item for sale to be posted instead of a manufacturer's stock picture of the product, the supply of products in good condition will likely __________ due to the improved information, causing price to __________ .

increase, decrease

If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual photos of every item for sale to be posted instead of a manufacturer's stock picture of the product, demand for that product will likely ___________ due to the improved information, causing quantity to ___________ .

increase, increase

After the USA introduces a tariff in the market for gigastraps, the price of gigastraps in the USA will:

increase.

Import tariffs generally ________ the output of domestic producers of the affected products and also _________ the output of domestic exporters.

increase; decrease

An import quota does which of the following?

increases the price of the domestic goods to consumers

If the demand for software engineers __________ slower than does supply, then wages of software engineers will __________.

increases; fall

In microeconomics, the term _____________________ is synonymous with economies of scale.

increasing returns to scale

The price elasticity of demand for tickets to local baseball games is estimated to be equal to 0.89. In order to boost ticket revenues, an economist would advise:

increasing the price of game tickets because demand is inelastic.

The demand schedule for a good:

indicates the quantities that will be purchased at alternative market prices.

The stock of a business firm is divided into _________________ .

individual shares

The key assumption that accompanies the use of numbers for measuring utility is that:

individuals choose based on their preferences.

Demand is said to be _____________ when the quantity demanded is not very responsive to changes in price.

inelastic

When economists are sketching examples of demand and supply, it is common to sketch a demand or supply curve that is close to vertical, and then to refer to that curve as _________.

inelastic

Refer to the figure below. Graph B represents a demand curve that is relatively __________. Total revenue __________ as the price decreases from $10 to $5.

inelastic; decreases

A situation of __________ arises when one group receives a higher share of total income or wealth than others.

inequality

A demand or supply curve with ______________ would be horizontal in appearance.

infinite elasticity

Venture capitalists typically create wealth by investing in a start up firm when its stock is less valuable, and then subsequently selling that stock for a higher price during the firm's _____________________ ,

initial public offering

Which of the following best describes a monetary policy tool?

interest rates

Saving money is a(n) ____________________, because it involves less consumption in the present, but the ability to consume more in the future.

intertemporal choice

The _________________ budget constraint shows the tradeoff between present and future consumption.

intertemporal choice

Refer to the diagram below. In this instance, the range of production possibilities at point d,

is a steeper slope reflecting a return to losses due to diminishing returns.

The opportunity cost of an action:

is a subjective valuation that can be determined only by the individual who chooses the action.

Macroeconomics:

is concerned with the expansion and contraction of the overall economy.

I'maSolarPanelCo. manufactures and distributes solar panels in the US market. Two years ago, it had 5 US competitors, but government stimulus in the industry has encouraged 7 new US competitors to enter the market. In these circumstances, I'maSolarPanelCo.'s price for its output

is dictated by the forces of demand and supply.

"Tariffs and other trade restrictions increase the domestic scarcity of products from abroad. Such policies benefit domestic producers of the restricted products at the expense of domestic consumers." This statement:

is essentially correct.

When Marietta chooses to only purchase a combination of goods that lie within her budget line, she:

is maximizing utility.

Refer to the table below. If the firm sells 5 units at a price of $30 each, then the marginal unit produced

is subtracting from profits.

If a nation has a comparative disadvantage in the production of some commodity:

it can still gain from international trade in that commodity, by getting it at a lower opportunity cost than if it produced it domestically.

I'mAComputerCo. would likely be more willing to undertake an innovative research project to reduce the amount of electricity required to run its computers if there were some form of guarantee that if it succeeded,

it could sell the new computers as a monopoly for at least a few years.

While the U.S. command-and-control environmental regulations initiated in the 1970s have been very effective at reducing pollution, some economists have difficulty with the legislation because

it is full of fine print and exceptions, and costly for some firms to comply with.

Scarcity implies that:

it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.

Why would a typical U.S. business fail to take the social costs of pollution into consideration during the development of their operating strategies?

it isn't required to pay any of the cost of cleaning up its pollution

When a monopolist increases sales by one unit,

it loses some marginal revenue and all of the above.

If some of the products developed by I'mASoftwareCo. must face market competition that can very quickly produce either an identical product or a close substitute for it, then

it may decide against R&D projects of this sort.

Sam owns an antique store in Boston. Many of his competitors left the market, causing his perceived demand curve to change. The following 2 tables show his old and new perceived demand curves. Assume Sam can only choose from the quantities of output given in the table. By how much will the quantity that he sells change as a result of his competitors leaving the market?

it will stay the same

Kate's 24-Hour Breakfast Diner menu offers one item, a $5.00 breakfast special. Kate's costs for servers, cooks, electricity, food, etc. average out to $3.95 per meal. Her costs for rent, insurance cleaning supplies and business license average out to $1.25 per meal. Since the market is highly competitive, Kate should

keep the business open in the short-run, but plan to go out of business in the long-run.

In the ____________, households work and receive payment from firms.

labor market

With respect to market forces and/or labor markets that determine peoples' wages, which of the following is a true statement?

labor markets create considerable inequalities relating to income

A _____________ is an organization of workers that negotiates with employers as a group over wages and working conditions.

labor union

The arguments presented by economists regarding U.S. environmental command-and-control regulations generally

lack flexibility and a and b above. A-accept the goal of reducing pollution. B- question the regulations as being the best policy tools for meeting reduction goals.

If the CEO of I'MaBigBank is playing prisoner's dilemma then, from his perspective, the gains to be had from cooperation are

larger than the rewards from pursuing self-interest

Other things being equal, a __________ supply of workers tends to __________ real wages.

larger; decrease

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.

law of demand

Economists refer to this pattern, the ___________________________________, which means that as a person receives more of a good, the additional or marginal utility from each additional unit of the good declines.

law of diminishing marginal utility

Intra-industry trade between similar trading partners allows the gains from ______________________ that arise when firms and workers specialize in the production of a certain product.

learning and innovation

Suppose that new high-technology farming equipment is developed. These new machines are substitutes for low-income workers such as farm laborers, but they are complements for high-income workers such as farm technicians and farm owners. This new technology will shift the demand curve for low-income workers to the ______ while shifting the demand curve for high-income workers to the _____.

left, right

The Taft-Hartley Act made the legal climate ____________________ , and union membership levels ___________________ .

less encouraging to union movements; soon started declining

Economists would say tariffs:

limit voluntary exchanges.

The _________ of an investment is determined by how easy it is to sell an asset at any given time.

liquidity

A checking account typically pays __________________, but gives easy access to your money, either by writing a check or by using ______________.

little or no interest; a debit card

Since Baltimore passed the first _______________ in 1994, several dozen cities enacted similar laws in the late 1990s and into the 2000s

living wage law

Since Baltimore passed the first _______________ in 1994, several dozen cities enacted similar laws in the late 1990s and into the 2000s.

living wage law

Which of the following is most likely to be a monopoly?

local electricity distributor

In the ________, the perfectly competitive firm will react to profits by __________________________ .

long run; increasing its production

In the ________, the perfectly competitive firm will react to losses by __________________________ .

long run; reducing production or shutting down

Refer to the table below. If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal?

losses equal $5

When nations desire a healthy macroeconomy, they typically focus on three goals, one of these being:

low inflation

Around the world, the cities with the dirtiest air and water are typically found in ___________________________ .

low-income countries in Africa and Asia

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

lower costs of production

A ___________________ would lead a large greenhouse gas emitter to reduce emissions by less.

lower pollution tax

When a natural monopoly exists in a given industry, the per-unit costs of production will be

lowest when a single firm generates the entire output of the industry.

A 10 percent increase in income leads to a 15% decrease in the quantity of macaroni and cheese demanded but no change in the price of macaroni and cheese. From this information, we can assume:

macaroni is an inferior good and price elasticity of supply is infinite.

Most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.

marginal analysis

Most real-world choices aren't about getting all of one thing or another, instead, most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.

marginal analysis

The term _____________ is used to describe the additional cost of producing one more unit.

marginal cost

If marginal cost is rising in a competitive firm's short-run production process and its average variable cost is falling as output is increased, then

marginal cost is below average variable cost.

A pollution charge gives the trucking industry an incentive to reduce its emissions, as long as the _____________ of reducing the emissions is _______________ .

marginal cost; less than the tax

If a monopolist increases quantity by one unit, but sells the increased output at a slightly lower price,

marginal revenue is affected by adding one additional unit sold at the new price.

Refer to the table below. In this instance, confirmation that this firm is operating in a perfectly competitive market can readily be ascertained by the fact that its

marginal revenue is constant.

In economic terms, a practical approach to maximizing profits requires an examination of how changes in production affect ________________ and ________________ .

marginal revenue; marginal cost

As a person receives more of a good, the _______________ from each additional unit of the good declines.

marginal utility

The term _________________ refers to the additional utility provided by one additional unit of consumption.

marginal utility

The step-by-step process of finding the choice with highest total utility involves a comparison of the:

marginal utility gained and lost from different choices along the budget constraint.

A decrease in consumer preference for a product, other things being equal, will cause:

market demand to shift to the left.

In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers.

market-oriented economy

An economist is more likely to identify __________________ as a more efficient and flexible way for society to __________________________ .

marketable permits; allow a limited, declining amount of pollution to occur

The main categories of market-oriented approaches to pollution control are

marketable permits; better-defined property rights; pollution charges.

The perceived demand curve for a group of competing oligopoly firms will appear kinked as a result of their commitment to

match price cuts, but not price increases.

The marginal benefit of a slice of pizza is the:

maximum amount that a consumer is willing to pay for the slice.

The idea behind comparative advantage reflects the possibility that one party:

may be able to produce something at a lower opportunity cost than another party.

The concept of slope is very useful in economics because it

measures the relationship between two variables.

With regard to labor unions, which of the following is an accurate statement?

membership is lower for agriculture or service-oriented jobs

The basic difference between macroeconomics and microeconomics is:

microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.

The basic difference between macroeconomics and microeconomics is that:

microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets).

In order to provide its workforce with an alternative to forming a union, the U.S. government passed laws about work conditions, namely,

minimum wage and employment insurance. ; regulation of workers' pensions.; paid parental leave for workers.; overtime and all of the above

One prominent U.S. study found that when people face ____________ for their health insurance, they consume about ________ medical care than people who have complete insurance.

moderate deductibles and copayments; one-third less

Stock markets often experience a frenzy of buying or selling when investors are ___________________ by following the current trend in a very actively traded company.

momentum trading

A ____________________ is a promise that the buyer's money will be refunded under certain conditions.

money-back guarantee

Which of the following would be the most beneficial to an internet retailer?

money-back guarantee combined with a reputation for quality

Shopping malls typically lease retail space to a large number of clothing stores. When this group of retailers competes to sell similar but not identical products, they engage in what economists call ________________________.

monopolistic competition

The single most common form of competition in the U.S. is

monopolistic competition among firms with differentiated products.

The largest cattle rancher in a given region will be unable to have a __________ when sufficient numbers of smaller cattle ranchers provide sources of competition.

monopoly

Once it's patent application has been accepted, a firm is able to earn ________ on its product, which ___________________________________ .

monopoly profits; offers an incentive for research and development to take place

As the name monopolistic competition implies, a firm's decisions in this setting will in certain ways resemble ______________ and in other ways resemble________________ .

monopoly; perfect competition

When people have insurance against a certain event, the notion that those people are less likely to guard against that event occurring is called a _____________________ .

moral hazard

The major problems caused by imperfect information in insurance markets are

moral hazard and adverse selection.

Why would a large publically traded corporation likely prefer issuing bonds as a way to raise new money as opposed to issuing more shares?

more shares will dilute the existing value of the stock, causing its market price to fall

Which of the following sets the United States apart from every other high-income country in the world?

most health insurance is paid for by an individual and is provided by for-profit private firms

I'maGoldMiner has benefited from a record rise in gold prices in the global commodities market. While the price of its output is highly influenced by market speculation, if it wants to increase production to take advantage of the current profit-maximizing opportunity, the company

must accept market price for its physical capital inputs.

Each year banks typically offer a wide range of ____________ comprised of ______________________from a variety of different companies.

mutual funds; a range of stocks or bonds

A __________________ exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run average cost curve.

natural monopoly

An individual whose income level is just above the poverty line would most likely be classified as being a member of the _____________ .

near-poor

What do an optician and a lawyer share in common?

need for a valid occupational license from government regulators

The demand curve for a typical good has a(n):

negative slope because some consumers switch to other goods as the price rises.

neither state cleaning the lake

Many economists believe that the trend toward greater wage inequality across the U.S. economy was primarily caused by _____________.

new technologies

Why did Thomas Edison vow that he would work only on ideas for things that people would buy?

no government would buy his first patented invention.

The reasons that nations trade includes the fact that:

no one country produces all of what citizens within the country want.

When it is costly or impossible to exclude someone who hasn't paid to use a particular good from using it, then that good is classified as being

nonexcludable

A public good is a good that is ____________________ , and thus is difficult for market producers to sell to individual consumers.

nonexcludable and nonrivalrous

In order for a good to be classified as ______________ , when one person uses the good, others are also able to use it.

nonrivalrous

If the maintenance fees for a lighthouse are paid in full each year by charging port fees, then the lighthouse is

nonrivalrous and nonexcludable

Philosophers draw a distinction between positive statements, which describe the world as it is, and ___________________s, which describe how the world should be.

normative statement

Michigan (MI) and Wisconsin (WI) both border Lake Michigan. Both states pollute Lake Michigan and both states suffer the consequences of the pollution. However, the two states face a prisoner's dilemma of the sort studied in Chapter 12. Each country must decide whether to protect or not to protect Lake Michigan from pollution. The payoffs from the choices are shown in the table below. From the table, we know that if Wisconsin chooses to protect the lake, Michigan will choose to ______ the lake. If Wisconsin chooses to not protect the lake, Michigan will choose to ______ the lake

not protect, not protect

Ryan lives in Iowa and is completing his fourth year of electrician apprenticeship training. After achieving journeyman status, what will Ryan require from his state government in order to practice his trade?

occupational license

In monopolistic competition, the end result of entry and exist is that firms end up with a price that lies

on the downward-sloping portion of the average cost curve

The government distributes food stamps that can only be used to acquire food to low-income families. The budget line graph will show food on the horizontal axis and everything else on the vertical axis. After receiving food stamps, Ted's family is able to consume the same amount of food. The new consumption point for Ted's family will be:

on the new budget line, directly above the old consumption point.

Jay and Jen are married with two children. They are preparing a household budget for the coming year. Based on statistical information for American households, approximately what portion of this family's annual consumption will most likely be budgeted for food and vehicle expenses?

one-third

Some studies done by economists have found that the original inventor receives _________________________________________________ from innovations, while other businesses and new product users receive the rest of the benefit.

one-third to one-half of the total economic benefits

One reason some economists doubt that patent protection encourages innovation is that economic studies show that inventors receive only __________________ of the total economic value of their inventions in countries that ______________ .

one-third to one-half; already had patents

Attending college is a case where the ________________ exceeds the monetary cost.

opportunity cost

In many cases, it is reasonable to refer to the ________________ as the price.

opportunity cost

The slope of the production possibility frontier is determined by the ________________ of expanding production of one good, measured by how much of the other good would be lost.

opportunity cost

The theory of comparative advantage shows that the gains from international trade do not just result from the absolute advantage of producing at lower cost, but also from pursuing comparative advantage and producing at a lower ________________.

opportunity cost

The underlying reason why trade benefits both sides of a trading arrangement is rooted in the concept of __________________.

opportunity cost

The model that economists use for illustrating the process of individual choice in a situation of scarcity is the budget constraint, sometimes also called the _______________, a diagram which shows what choices are possible.

opportunity set

Roughly speaking, patent law covers __________ and __________ law protects an author's original books.

original inventive creations; copyright

How has the widespread adoption of debit cards as the preferred method of payment for consumer purchases likely affected bank administration costs?

osts are reduced because the cost of purchase is immediately debited from purchaser's checking account

Following the assumption that firms maximize profits, how will the price and output policy of an unregulated monopolist compare with ideal market efficiency?

output will be too small and its price too high.

Investors who believe that the stock is _____________ , relative to the fundamental value of its future expected profits, will sell their shares to those who believe that the stock is __________.

overvalued; undervalued

The ownership in a company is represented by ________________ and those who are legally recognized as having ownership in a company are called _____________.

ownership of shares in the company's stock; shareholders

Which of the following will provide an investor with a legally valid claim of partial ownership of a firm?

ownership of stock

Government ______________ regulations specify that inventors will maintain exclusive legal rights to their respective inventions for ______________ .

patent; a limited time

Which of the following mechanisms will increase the rate of return that can be earned by inventors of new technology?

patents, copyrights, and each of the above

The elasticity of supply is defined as the ________ change in quantity supplied divided by the _______ change in price.

percentage; percentage

Firms operating in a market situation that creates ___________________, sell their product in a market with other firms who produce identical or extremely similar products.

perfect competition

When a government establishes a marketable permit program to address environmental pollution, it is actually issuing a form of

permit to pollute.

Which of the following is most likely to have a large union membership that experiences little import competition?

police services

In circumstances involving millions of emitters of small amounts of pollution who have no strong interest in trading, _________________ will typically offer a better choice for achieving desired reductions of environmental pollution levels.

pollution charges

In economic terms, when I'mASoftwareCo. invests in new technology innovations,

positive externalities arise.

Because of the nature of the comprehensive environmental laws adopted during the late 1960s and early 1970s by the United States government, these laws are typically referred to as ____________________ .

positive regulations

When reference is made to the ____________, it means the specific amount of income needed for a basic standard of living.

poverty line

The use of sharp, temporary price cuts as a form of _________________ would enable traditional US automakers to discourage new competition from smaller electric car manufacturers.

predatory pricing

Payments made to an insurance company in return for a policy of insurance are called _________________ .

premiums

When a business adopts a strategy of reducing and/or discontinuing production in response to a sustained pattern of losses, it is

preparing to exit operations.

If a perfectly competitive firm is a price taker, then

pressure from competing firms will force acceptance of the prevailing market price.

The "law of supply" functions in labor markets; that is, a higher __________ for labor leads to a higher quantity of labor supplied.

price

The elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in __________.

price

In contrast to goods and services markets, _____________ are rare in labor markets, because rules that prevent people from earning income are not politically popular.

price ceilings

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

price floors

In a monopolistically competitive market, the rule for maximizing profit is to set MR = MC, which means

price is higher than marginal revenue.

The term _________________ refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product.

price taker

The downward slope of the demand curve again illustrates the pattern that as _____________ rises, _________________ decreases.

price, quantity demanded

A _________ refers to a group of firms colluding with one another to produce at the monopoly output and sell at the monopoly price.

prisoner's dilemma

When a firm invests in new technology, the ________________ that the firm receives are _____________________________ .

private benefits; only a portion of the overall social benefits

In order to be classified as a _______________, a firm must be owned by the people who run it on a day-to-day basis.

private company

For a negative externality, the __________________________ than the costs imposed on society as a whole.

private costs of an action are less

Why would labor be treated as a variable cost?

producing larger quantities of a good or service generally requires more workers

A monopolist is able to maximize its profits by

producing output where MR = MC and charging a price along the demand curve.

A monopolistically competitive industry does not display ____________________ in either the short-run, when firms are making _______________, nor in the long-run, when firms are earning ________________ .

productive and allocative efficiency; profits and losses; zero profits

Refer to the table below. If the firm produces 5 units that it sells for $39.00 each, what will its profits or losses equal?

profits equal $40

Refer to the diagram below. In this instance, at the range of output represented at point c,

profits will be maximized.

Refer to the diagram below. Based on the information illustrated in this graph, which of the following is an accurate statement?

profits will be reduced by production in the zone where MC exceeds MR

Marketable permits can be viewed as a form of improved _______________.

property rights

Which of the following represents one of the methods that the government uses to promote technology?

protection of intellectual property

Jeremy is an 18 year old college student with no prior credit history, who still lives at home. He will have a part-time job while he is attending college and has applied for a car loan. In these circumstances, the bank's loan officer will most likely approve the loan if Jeremy can

provide a cosigner on the loan.

Idaho farmers can sell as large a quantity of their potato crop as they wish,

provided each is willing to accept the prevailing market price.

Raven Farms raises a substantial number of bees and uses the honey to produce its own skin healing cream. Raven Farms is situated next to the Oakcreek Apple Orchard. The bees from Raven Farms pollinate Oakcreek's apple trees. In this instance, Raven Farms

provides more social benefits than it derives in private benefits.

A _____________ is a firm that has sold its stock by making it available to be bought and sold by outside investors.

public company

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

quantity demanded

_________________ refers to the total number of units that are purchased at that price.

quantity demanded

A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and ____________, shown on the horizontal axis.

quantity supplied

When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _________________.

quantity supplied

A method often used by economists to look at distribution of income in a society's economy involves

quintiles, or dividing a whole group into fifths.

In the event that Only1Corp. obtains control of all the natural gas producers in the US, it would most likely

raise prices, cut production, and realize positive economic profits.

When the level of insurance premiums that someone pays is equal to the amount that an average person in that risk group would collect in insurance payments, the level of insurance

reaches actuarial fairness.

Why has there been a shift away from the traditional fee-for-service structure in the U.S. health care?

reduces incentives and moral hazards of added services to increase income

Why would a bank require a borrower to have collateral or a cosigner before agreeing to lend funds?

reduces risk associated with imperfect information

The typical slope of the demand curve as perceived by a monopolistic competitor will

reflect that firm's ability to raise its price without losing all of its customers.

Refer to the diagram below. In this instance, the marginal revenue curve

reflects each of the above

The chef at a high-end French cuisine restaurant has accepted a job on a cruise liner. The restaurant owner must advertise for a replacement chef, but is concerned about reducing the amount of imperfect information respondents to the career ad will provide. This concern can best be addressed by

requiring current resumes and recommendations.

Cathy can take either of two separate roads to drive to work. The first is a lightly used new toll road that is rarely congested. The second road is a local road with no tolls, but it is often congested and has many potholes. In this instance, the toll road is

rivalrous and nonexcludable

There is a skating rink in your city that is open to anybody to use at any time. They even provide skates for people who don't own any. This is an example of a good that is

rivalrous and nonexcludable

In the United States, the share of wage and salary for workers who belong to unions

rose sharply in the 1930s and 1940s.

At Point A in the production possibilities graph shown below, the economy:

s not using its resources efficiently.

The group of government programs that provide assistance to the poor and the near-poor is synonymous with which of the following?

safety net

XYZ Corporation plans to open a manufacturing plant in China, but the company has not retained any of its yearly profits for this purpose. How will XYZ Corporation likely raise the money to finance its offshore expansion?

sale of bonds to institutional investors

The first step to be undertaken by a profit-maximizing monopolistic competitor wanting to decide what price to charge is to

select the profit maximizing quantity to produce

Traditionally, policies for environmental protection in the U.S. have focused on __________________ pollutant could be emitted.

setting limits for how much of each

If a small electric automobile manufacturer is able to gain the social return generated by its electric motor, its demand for financial capital would

shift to the left.

A more efficient means of processing algae to produce an anticancer drug is discovered. As a result, the supply curve for the drug will:

shift to the right, decreasing the price of the drug

During a severe recession, the government issued food stamps that could only be used to acquire food to a greater number of families. The budget line graph shows food on the horizontal axis and everything else on the vertical axis. The government expects that issuing the food stamps will cause each family's budget constraint line to:

shift to the right.

Fixed costs are important because, at least in the ___________, the firm _______________

short run; cannot alter them

In the _________, the perfectly competitive firm will seek out ________________________ .

short run; the quantity of output where profits are highest

A monopolistically competitive firm may earn abnormally high profits in the

short term, but the process of entry will drive those profits to zero in the long run.

If a firm's revenues do not cover its average variable costs, then that firm has reached its _________________ .

shutdown point

Every Lorenz curve diagram begins with a line __________________ .

sloping up at a 45-degree angle

Some nations that seek to produce all of their own needs face the problem that:

some industries are too small to be efficient if restricted to their domestic markets alone.

A highly innovative firm operating in a competitive market will usually have

some time before competitors catch up to its innovations.

Mark's annual after tax income earnings are $50,000. His $40,000, 3-year CD is maturing in the near future and he is planning to spend the interest on a 6 week holiday after that. His investments can earn a total of 10% before he starts his trip. If Mark's "present consumption" is the time he spends working and his "future consumption" is his trip, his optimal choice from the table below is to:

spend $10,000 now and consume $44,000 in the future.

The total revenue curve for a monopolist will

start low, rise, and then decline

Which of the following is a key requirement imposed under the Welfare Reform Act's new antipoverty program?

states receiving TANF grants must impose work or school attendance requirements

If the supply curve for aspirin is perfectly elastic, then a reduction in demand will cause the equilibrium price to:

stay the same and the equilibrium quantity to fall.

In the Unites States, worker membership in labor unions has been

steadily declining for 50 years.

The comprehensive environmental laws adopted during the late 1960s and early 1970s by the United States government

stipulated mandatory use of particular pollution-control technologies.

The ________________ arises when a price changes because consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price.

substitution effect

While the majority of economists acknowledge that intellectual property rights do provide a method for increasing the rate of return for inventors, some have suggested there are number of reasons to doubt whether patents provide

sufficient incentives for innovation, as well as c.

What qualities would ideally suit a monopolistic firm with regard to barriers to entry?

sufficient strength to prevent or discourage potential competitors from entering the market

The lesson of __________ is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options.

sunk costs

Which of the following should typically be ignored because spending has already been made and cannot be changed?

sunk costs

For a perfectly competitive firm, the marginal cost curve is identical to the firm's ________________ .

supply curve

A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the __________________ .

supply curve to the right

The table below shows the quantity demanded and supplied in the labor market for economics professors at the I'MaStateUniversity, where all the professors belong to a union. If the union has enough negotiating power to raise the annual salary by $20,000 more than a non-unionized university would be willing to pay, then there will be excess ___ of labor of ___ economics professors.

supply, 50

If a for-profit firm that has paid out record bonuses to its executive every year while underfunding contributions to unionized workers' pensions required under the collective agreement then attempts to reduce workers' pension entitlements, the union members will most likely

take defensive strike action.

As the __________ substitute for low-skill labor becomes available, the demand curve for low-skill labor will shift to the left.

technology

As the _____________ complement for high-skill labor becomes cheaper, the demand curve for high-skill labor will shift to the right.

technology

There is little evidence that countries with high union membership _______________________________, and also very little evidence that the reduction in U.S. union membership over time has brought ___________________ for the U.S. economy as a whole.

tend to suffer economic damage as a result; broad benefits or costs

A government has decided to phase out its antipoverty program support payments more slowly to help the near-poor become self-sufficient. One criticism about this policy is likely to be

that this antipoverty program costs the government more money.

Which of the following has become the least willing to sacrifice their environmental quality for some additional economic output?

the European Union

The following figure shows the average cost curve, demand curve, and marginal revenue curve for a monopolist.

the area of rectangle ADEH

A beekeeper decides to locate her business on a plot of land that is between an apple orchard and an elementary school. A positive externality that can result is

the bees helping to pollinate the orchard, leading to more fruit.

Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:

the benefit to his grades from studying for an hour

Factors that contributed to the current level of the earnings gap in the U.S. labor market between black and white workers include:

the combination of changes in law and changes in social attitudes

Which of the following will present the least amount of concern to a firm that has a monopoly over a particular industry?

the competitive actions of other business firms

Which of the following best identifies what the concept of differentiated products is closely related to?

the degree of product variety that is available.

The figure below shows the demand curve and the long run average cost curve for an electric company.

the demand curve intersects the long run average cost curve at a point where the long run average cost curve is downward sloping

When the economy moves from Point A to Point B in the diagram below:

the economy increases production of both clothing and food.// the economy operates at its productive capacity once it reaches Point B.// the economy begins using its resources efficiently to produce both food and clothing.

If buyers become reluctant to purchase high-quality goods because they can't be confident of purchasing a high-quality product, then

the equilibrium price and quantity will be adversely affected by a thin market.

When the demand for a good or service limits the quantity that can be sold to an output at which the firm experiences economies of scale,

the firm is a natural monopoly.

If the firm is producing at a quantity of output where marginal revenue exceeds marginal cost, then,

the firm should keep expanding production.

In choosing between the range of alternative investments typically available to U.S. households, which of the following will play a role in influencing their selection of a particular investment type?

the interest rate and the expected rate of return

In a discussion of economics, which of the following would exert the most influence on an individual firm's decision to hire workers?

the macroeconomy

Which of the following is considered to be a tell-tale signal that the point with the highest total utility has been found?

the marginal utility per dollar is the same for both goods

When buyers use ___________________ to draw inferences about the quality of products, then markets may have trouble reaching _________________ and quantity.

the market price; an equilibrium price

Product differentiation may occur in _______________ because ____________________ created strong preferences for certain brands.

the minds of buyers; past habits and advertising

Market competition can provide _______________ for _________________ ,

the needed incentive; discovering new technologies

If a government wants to establish a marketable permit program, it must begin by determining

the overall quantity of a certain pollutant that will be allowed.

When entry occurs in a monopolistically competitive industry,

the perceived demand and marginal revenue curves for each firm will shift to the left.

Price elasticity of demand is defined as:

the percentage change in quantity demanded divided by the percentage change in price.

Refer to the diagram below. In this instance, point e shown on the graph indicates

the point where profits will increase by reducing output

A beekeeper decides to locate her business on a plot of land that is between an apple orchard and an elementary school. A negative externality that can result is

the possibility of the bees stinging the students at the school.

As depicted in _________________________________, it is necessary to give up some of one good to gain more of the other good.

the production possibilities frontier

Macroeconomic topics do not usually include:

the profit maximizing decisions of an individual manufacturer.

The circular flow diagram of Macroeconomic topics do not usually include:

the profit maximizing decisions of an individual manufacturer.

If large numbers of individuals choose to behave as free riders,

the public good may never be provided.

Whenever there is a surplus at a particular price, the quantity sold at that price will equal:

the quantity demanded at that price.

When consumers and businesses have greater confidence that they will be able to repay in the future, _______________________.

the quantity demanded of financial capital at any given interest rate will shift to the right.

In order to determine the average variable cost, the firm's variable costs are divided by _______________________.

the quantity of output

A pollution charge is a form of tax imposed on

the quantity of pollution that a firm emits.

Whenever there is a shortage at a particular price, the quantity sold at that price will equal:

the quantity supplied at that price.

If Japan does not have a comparative advantage in producing rice, the consequences of adopting a Japanese policy reducing or eliminating imports of rice into the country would include:

the real incomes of Japanese rice producers would rise, but the real incomes of Japanese rice consumers would fall.

If one firm operating in an oligopoly raises its price and other firms do not do so,

the sales of the firm that increased its price will decline sharply.

Refer to the diagram below. Which of the following explains the slope of the total revenue curve illustrated in this graph?

the slope of the total revenue curve is explained by both a and b above.

A severe freeze has once again damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of:

the supply curve

If new manufacturers enter the computer industry, then (ceteris paribus)

the supply curve shifts to the right.

If a society decides to reduce the level of economic inequality, which of the following sets of tools can it use?

the three mains sets of tools it can use include all of the above

Refer to the diagram below. Based on the information illustrated in the graph, which of the following is correct?

the transition point between where MC is pulling down and pulling up AC always occurs at the minimum point of the AC curve

If unions help workers secure pension benefits, so that those workers are less dependent on government social assistance after their retirement, then

the union is economically beneficial.

If Congress voted every few years to redefine completely what poverty means,

then it would be difficult to compare poverty rates over time.

If a rise in incomes is the same proportion for both low-income and high-income workers,

then poverty will fall and inequality will remain unchanged.

If the level of incomes rises for high-income workers but doesn't change for low-income workers,

then poverty will not change and inequality will rise.

If the income level falls for low-income workers, but remains unchanged for high-income workers,

then poverty will rise and inequality will rise.

Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. If the terms of trade are established as 1 apple for 2 oranges, then:

there are no incentives for Alpha to specialize and trade with Beta.

Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. If the terms of trade are established as 1 apple for 4 oranges, then:

there are no incentives for Beta to engage in international specialization and trade with Alpha.

The opportunity cost of producing a pair of pants in the USA is 5 bushels of wheat, while in China, it is 2 bushels of wheat. As a result:

there can be mutual gains from trade to the two countries if the USA exports wheat to China in exchange for pants.

According to the law of supply:

there is a direct relationship between price and the quantity supplied.

When quantity demanded decreases in response to a change in price:

there is a movement up along the demand curve.

For a pure monopoly to exist,

there is a single seller in a particular industry

What do stocks, bonds, securitized mortgage assets and other financial investments all have in common?

they can only be purchased in financial markets

Of 1000 homeowners insured with Crown Insurance, 250 live in a flood plain, 150 live in an area with frequent tornadoes, 100 live in earthquake prone regions, and the remaining 500 reside in small communities located in less hazardous regions. Which of the following will likely apply to the low-risk group of homeowners?

they must buy insurance and pay more than the actuarially fair amount for their risk group

If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms,

they will be unable to earn higher-than-normal profits in the long run.

Market competition may sometimes encourage a firm to innovate out of fear because of the perception that

they will inevitably fall behind other competitors seeking out innovations.

If each of two competing monopolists undertakes equal advertising efforts to attract consumers away from the other, the total result is

they will simply neutralize one another's efforts.

In the highly competitive setting in which oligopoly firms operate, which of the following are considered to be typical temptations each may face?

to cooperate to act as a single monopoly and all of the above

One common way of measuring income inequality is to rank all households by income, from lowest to highest, and then

to divide all households into quintiles.

Which of the following would most likely be identified as being the ultimate goal of public policies that pertain to technology?

to encourage a stream of invention that benefits the whole of society.

Why do business firms need financial capital?

to make real physical capital investments

When a firm pursues a predatory pricing strategy, it does so

to maximize profits in the long run

Why would a profit-seeking firm need to tailor its decisions about the quantity of labor inputs that it purchases?

to produce the profit-maximizing quantity of output at the lowest possible average cost

Why was the Clean Air Act amended in 1990?

to reduce sulfur dioxide emissions from electric power plants to half of 1980 levels

Refer to the diagram below. In this instance, at the range of output represented at point b,

total costs exceed total revenues.

Which of the following denotes the typical shape of the monopolist's total cost curve?

total costs rise and grow steeper as output rises

Whatever the firm's quantity of production, _____________ must exceed total costs if it is to earn a profit.

total revenue

A 25 percent decrease in the price of breakfast cereal leads to a 20 percent increase in the quantity of cereal demanded. As a result:

total revenue will decrease.

The typical pattern revealed in a budget constraint model shows that as the quantity consumed rises,

total utility rises, but marginal utility falls.

Economic inequality compares the share of the ____________ in society that is received by different groups; such as comparing the share of income received by the _________ to the share of income received by the _____________ .

total wealth; top 10%; bottom 10% ; total income; bottom 10%; top 10%; answers a and c are correct.

In the business world, a _________________ is recognized as a legally acceptable way for any business to keep knowledge of its particular methods of production from being known by competing firms.

trade secret

A positive slope means that

two variables are positively related, as one increases so does the other.

Which of the following arguments would most likely be presented by a critic of labor unions?

unions can prohibit economic growth if new technology is blocked

Demand is said to be __________ when the quantity demanded changes at the same proportion as the price.

unit elastic

Scarcity exists because of:

unlimited wants and limited resources.

Nearly all supply curves share a basic similarity: they slope _______________.

up from left to right

The marginal cost curve is generally ______________, because diminishing marginal returns implies that additional units are ________________________.

upward-sloping; more costly to produce

If I'maJuiceCo. establishes a bottling plant in Delaware, it will most likely

use production technologies that conserve on the number of workers.

Government regulations allow a manufacturer of natural weight loss products to advertise

using a certain amount of exaggeration about the general delight of using those products.

Many states do have ____________, which impose an upper limit on the interest rate that lenders can charge.

usury laws

In deciding how many hours to work, Beulah will make a choice that maximizes her _______; that is, she will choose according to her preferences for leisure time and income.

utility

The general pattern that consumption of the first few units of any good tends to bring a higher level of _______ to a person than consumption of later units is a common pattern.

utility

In microeconomic terms, the ability of a good or a service to satisfy wants is called:

utility.

If a paper mill shuts down its operations for three months so that it produces nothing, its __________________ will be reduced to zero?

variable costs

The proportion of workers in a number of the world's high-income economies who belong to unions, when compared to unionized workers in the U.S., is

very high.

In the U.S., government support programs that are focused specifically on the poor include which of the following?

welfare

In a free market economy, firms operating in a perfectly competitive industry are said to have only one major choice to make. Which of the following correctly sets out that choice?

what quantity to produce

A negative slope means that

when x increases, y decreases.

If a comparison between average cost and price reveals whether a firm is earning profits, then a comparison between average variable cost and price reveals

whether the firm is earning profit if fixed costs are left out of the calculation.

One difficulty with direct government support of R&D is that it inevitably involves government decisions about ___________________.

which of the vast number of proposed projects are worthwhile

In economics, the demand for a good refers to the amount of the good that people:

will buy at various prices.

If no externalities of pollution exist in a particular industry, the interaction of demand and supply _________________________ .

will coordinate social costs and benefits

If a monopoly or a monopolistic competitor raises their prices, the quantity demanded ____________.

will decline

If labor demand is downward sloping and labor supply is upward sloping, then when labor demand rises faster than labor supply, it is expected that real wages __________.

will increase

Robert is a widower raising 5 year old twin boys. In 2013, after the plant where he had worked for 10 years shut down, he was able to obtain part-time work that paid him $13,000.00 a year. He receives the earned income tax credit. If Robert receives a raise, so that he will earn $16,350, the earned income credit will be

will not be reduced.

If U.S. immigration consists of mainly low-skilled workers, then an increase in immigration __________ the wages of low-skilled workers.

will reduce

International trade is fundamentally a ________________________.

win-win situation

The marginal utility of two goods changes ______________.

with the quantities consumed

In the U.S., individuals often pay a small portion of their earnings into a state _________________ pooled fund that will compensate them if they are injured on the job.

workman's compensation insurance

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