Tag: Economics – Others

Question 1 (Mandatory) (10 points)
A perfectly competitive market is a market that has:
many buyers.
many sellers.
no single buyer or seller who can affect the price.
All of these are correct.

The natural rate of unemployment is the sum of:
frictional and structural unemployment.
structural and cyclical unemployment.
frictional and cyclical unemployment.
none of these

Which agency is responsible for the Consumer Expenditure Survey?
NCIU.
U.S. Bureau of Labor and Statistics
FDA
Food and Nutrition Service

The dernand curve perceived by a perfectly competitive firma) shows that such a firm is a price-makerb) shows economies of scale over a larger ange of outputc) is horizontald) ail of the above

When a demand curve is linear,the elasticity is constant at all prices.demand is elastic at high prices.demand is elastic at low prices.the elasticity is the same as the slope of the demand curve.

For Waldo’s Widgets, a purely competitive firm, the total revenue from selling 12 units of output is $60. Based on this information,total revenue for 13 units of output must be$60.$13.$65.$780.

In 1898, the sinking of the USS Maine was
Seen as a tragedy caused by faulty equipment.
Used as a reason for the US to declare war on Spain.
Blamed on Germany.
Largely ignored by American newspapers.

International integration is most difficult for ◻ These regions, which some call the “bottom billion,” are located in the East, Central, and West Africa, Central Asia, and the Pacific Islands.

government inspectors who check on quality of services provided by retailers and government requirements for licensing in various professions are both attempts to resolve the moral hazard problem

Question 1 (1 point)
Assume incomes increase, ceteris paribus. The demand for normal goods will
a none of the above
b remain unchanged.
c increased trigger a set back in pricing strategies.
e decrease