Ecn361 quiz - Study guides, Class notes & Summaries

1. Question: Scenario 13-3Ziva is an organic lettuce farmer, but she also spends part of her day as a professional organizing consultant. As a consultant, Ziva helps people organize their houses. Due to the popularity of her home- organization services, Farmer Ziva has more clients requesting her services than she has time to help if she maintains her farming business. Farmer Ziva charges $25 an hour for her home-organization services. One spring day, Ziva spends 10 hours in her fields planting ...

1. Question: Thelaborsupplycurvemayhaveabackward-bendingportionif,athigherwages,theincomeeffectis thepriceofricerises,heconsumesmorerice.ForPaulo, 2. Question: Table21-2Aconsumerlikestwogoods:pizzaandbeer.Thefivebundles shownin thefollowingtablelieonthesameindifferencecurvefortheconsumer. 3. Question: RefertoTable21-2. Whichofthefollowingstatementsregardingthesebundlesiscorrect? 4. Question: When a consumer is purchasing the best combination of two goods, X and Y, subject to a budgetconstra...

1. Question: A firm's opportunity costs of production are equal to its 2. Question: Adibok knows that it produces and sells high-quality athletic shoes. Wurkout knows that it produces and sells low-quality athletic shoes. According to the signaling theory of advertising, 3. Question: Monopolistic competition is considered inefficient because 4. Question: Table 17-5 The table shows the town of Driveaway's schedule for gasoline. Assume the town's seller(s) incurs a cost of $2 for each ga...

1. Question: While pollution regulations yield the benefit of a cleaner environment and the improved health that comes with it, the regulations come at the cost of reducing the incomes of the regulated firms' owners, workers, and customers. This statement illustrates the principle that 2. Question: Which of the following is an example of a normative, as opposed a to positive, statement? 3. Question: Refer to Table 2-2 .What is the opportunity cost to Footville of increasing the production of ...

1. Question: While pollution regulations yield the benefit of a cleaner environment and the improved health that comes with it, the regulations come at the cost of reducing the incomes of the regulated firms' owners, workers, and customers. This statement illustrates the principle that 2. Question: Which of the following is an example of a normative, as opposed a to positive, statement? 3. Question: Refer to Table 2-2 .What is the opportunity cost to Footville of increasing the production of ...

1. Question: A firm's opportunity costs of production are equal to its 2. Question: Adibok knows that it produces and sells high-quality athletic shoes. Wurkout knows that it produces and sells low-quality athletic shoes. According to the signaling theory of advertising, 3. Question: Monopolistic competition is considered inefficient because 4. Question: Table 17-5 The table shows the town of Driveaway's schedule for gasoline. Assume the town's seller(s) incurs a cost of $2 for each ga...

1. Question: Government vouchersto purchasefood, alsoknownasfood stamps,are anexample of 2. Question: Ifthewagesofadentistincrease,whichofthefollowingstatementsisnottrue? 3. Question: Figure18-5RefertoFigure18-5.IftherelevantlaborsupplycurveisS2andthecurrentwageis 4. Question: Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders? 5. Question: Which of...

1. Question: Government vouchersto purchasefood, alsoknownasfood stamps,are anexample of 2. Question: Ifthewagesofadentistincrease,whichofthefollowingstatementsisnottrue? 3. Question: Figure18-5RefertoFigure18-5.IftherelevantlaborsupplycurveisS2andthecurrentwageis 4. Question: Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders? 5. Question: Which of...

1. Question: While pollution regulations yield the benefit of a cleaner environment and the improved health that comes with it, the regulations come at the cost of reducing the incomes of the regulated firms' owners, workers, and customers. This statement illustrates the principle that 2. Question: Which of the following is an example of a normative, as opposed a to positive, statement? 3. Question: Refer to Table 2-2 .What is the opportunity cost to Footville of increasing the production of ...

1. Question: A firm's opportunity costs of production are equal to its 2. Question: Adibok knows that it produces and sells high-quality athletic shoes. Wurkout knows that it produces and sells low-quality athletic shoes. According to the signaling theory of advertising, 3. Question: Monopolistic competition is considered inefficient because 4. Question: Table 17-5 The table shows the town of Driveaway's schedule for gasoline. Assume the town's seller(s) incurs a cost of $2 for each ga...