Test Bank Solution Manual for Managerial Economics (Latest Update )
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Course
Managerial Economics
Institution
Managerial Economics
Test Bank Solution Manual for Managerial Economics (Latest Update )
One Lesson of business
A is tracing the consequences of a policy
B promoting a policy
C moving assets from lower to higher value uses, therby creating wealth
D none of the above - Answers Moving assets from lower to higher ...
Test Bank Solution Manual for Managerial Economics (Latest Update 2024-2025)
One Lesson of business
A is tracing the consequences of a policy
B promoting a policy
C moving assets from lower to higher value uses, therby creating wealth
D none of the above - Answers Moving assets from lower to higher value uses, thereby creating wealth.
An individual's value for a good or service is the
A the amount of money he or she used to pay for a good
B the amount of money he or she is willing to pay for it
C the amount of money he or she has to spend on Goods
D none of the above - Answers The amount of money he or she is willing to pay for it
A consumer values a car at 30,000$ and a producer values the same car at 20,000$. The transaction will
not take place if a tax is imposed
A Equal to the seller surplus
B smaller than the total surplus
C larger than the total surplus
D Smaller than the buyer surplus - Answers Larger than the total surplus
A Buyer values a house at 525,000 and a seller calues that same house at 485,000$. If sales tax is 8% and
is levied on the seller, then what would be the lowest price that the seller would be willing to sell at?
A 527000$
B 523800$
C 525000$
D 500000$ - Answers 523800
The difference between the maximum price the consumer is willing to pay and the price the consumer
actually pays for a product is referred to as
A market surplus
B market shortage
,C consumer surplus
D producer surplus - Answers consumer surplus
Total surplus or gains created from trade equal
A seller surplus
B buyer surplus
C the summation of seller and buyer surplus
D profits earned by a firm - Answers the summation of seller and buyer surplus
the difference between the minimum price the producer is willing to accept and the price the producer
actually receives for a product is referred to as
A market surplus
B Market shortage
C consumer surplus
D producer surplus - Answers Producer surplus
Wealth is created when
A assets move from lower value use to higher value use
B assets move from higher value use to lower value use
C assets move from individuals who are willing to pay less for them to individuals who are willing to pay
more
D both A and C - Answers Assets move from lower value use to higher value use
An advantage of capitalism
A it allows the market to self-regulate and clear itself
B it allows a person to follow his or her own self interest
C it allows voluntary transactions, which create wealth
D all of the above - Answers All of the above
Which of the following describes a firm?
A purchases labor hours from workers
, B borrows capital from investors
C combines labor and capital to create production, moving them from their low value use to high value
use
D all of the above - Answers All of the Above
Government can
A create wealth by not interfering in the markets in any way what so ever
B not affect wealth in the markets
C create wealth by enforcing property rights and contracts
D create wealth by making choice decisions for the market - Answers Create wealth by enforcing
property rights and contracts
You are sick and tired of your old wardrobe. You decide to donate it to a charity of your choice. Your
action
A created wealth by moving the clothes from lower value use to higher value use
B destroys wealth since you lose clothes
C creates wealth by making you feel richer
D all of the above - Answers Creates wealth by moving the clothes from lower value use to higher value
use
Price ceilings are primarily intended to help
A no one
B consumers
C producers
D government - Answers Consumers
Government can intervene in the market through
A price floors
B price ceilings
C taxes
D all of the above - Answers All of the above
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