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z final exam review
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1
In Excel, how can you "test" a cell to see if it contains a specified value?
use a =CHECK function
use a reference formula
use an =IF function
"scroll and see"
2
Lockdowns may slow Covid, but also cause unemployment, bankruptcy, learning loss, depression, etc. This demonstrates:
opportunity costs
"there is no free lunch"
all of these
tradeoffs
3
A business' cost categories include:
marginal costs and variable costs
fixed costs and average costs
fixed, average, marginal, and variable costs
fixed, average, and marginal costs
4
Above all, a market economy requires:
money
property rights
government regulations
well-informed citizens
5
Why do accountants earn above-average incomes?
all of these are correct
most people find accounting boring
skilled people have other job options
almost all businesses need accountants
6
What principle of special interest group activity explains why Americans pay significantly higher prices for sugar?
concentrated benefits, dispersed costs
cost equalization
marginal cost pricing
concentrated costs, dispersed benefits
7
Most farmers can grow multiple crops. How do they choose which to plant?
comparing crop prices vs. input costs
comparing costs of producing different crops
comparing prices of different crops
consumer preferences research
8
Which list represents determinants of demand?
TTOP#
TTEP#
TAPE#
TIPE#
9
Why are so many of Watts' students not here today?
evidently, the opportunity cost of their time was too high
(in their own estimation) they had better things to do
apparently, they valued alternate opportunities more than learning econ
all of these are correct
10
The price of diesel fuel rises by 20%, and weekly consumption declines by 3%. Demand for diesel is:
inelastic
elastic
unit elastic
ambiguous
11
Which list represents determinants of supply?
TIPE#
TAPE#
TTOP#
TTEP#
12
Farmers receiving large government subsidies are more willing to vote, donate, and campaign. This represents:
the OPV principle
special interest groups
public goods
rational ignorance
13
President Eisenhower noted that money spent on weapons could be used for multiple civilian projects. This represents:
tradeoffs inherent in governemnt policy
"scarce resources have alternative uses"
opportunity costs of government spending
all of these are correct
14
Over time, an investment can grow ________ due to __________
linearly; rate of return
geometrically; tax sheltering
exponentially; reinvestment
exponentially; compounding
15
Which business school major has the highest mid-career earnings?
marketing
economics
accounting
finance
16
Identify this economist, who argued that socialism would not work due to the absence of the
price system
.
Adam Smith
Ludwig von Mises
Karl Marx
Milton Friedman
17
A company would most like to have a monopoly on a product with elastic demand.
True
False
18
Which product is likely to have the most elastic demand curve?
tires
Nike shoes
glass
shoes
19
If prices are set above the equilibrium level, what will tend to push them down?
price controls
regulation
competition
random fluctuations
20
In competitive markets in long run equilibrium, profits are:
only earned by the lucky few
competed away
permanent due to "market power"
all of these
21
Which product is non-rival at low usage levels, but becomes rival when more users pile in?
air (the atmosphere)
nuclear missile defense
the sun
public roads
22
Complete the profit max rule: "produce the level of output where _________"
ATC is minimized
total revenue is maximized
marginal cost = marginal revenue
price = cost
23
What is the most unrealistic thing about Scrooge McDuck?
ducks can't talk
all of these
a successful business tycoon would never hold this much physical cash
ducks don't use money
24
Which supply curve is more
inelastic
?
S1
S2
25
Do people have
incentives
to know/care about the
opportunity costs
of their actions and choices, In a market economy...
True
False
26
According to Watts, the most important accounting tool for entrepreneurs is the:
balance sheet
income statement
cash flow statement
statement of owner's equity
27
Demand slopes down due to:
decreasing marginal product
rising marginal cost
increasing marginal utility
diminishing marginal value
28
By eliminating duplication and advertising, Socialist economies were able to match the productivity of market systems.
True
False
29
To be effective, a signaling mechanism must have:
high costs for everyone
low costs for everyone
costs high enough to exclude some, but low enough to include others
3rd parties in place to certify the information being signaled
30
If price > average cost (ATC), the firm is
breaking even
earning profits
undetermined
making losses
31
Being poor sucks; being not poor sucks less. Historically and theoretically, what is the sure-fire path out of poverty?
all of the above
the price system
the free market
an open, competitive, entrepreneurial economy
32
How much higher is the monopolist's price, compared to a competitive market?
$70
$25
$30
$100
33
How do you "lock" cell references in Excel, so a reference won't move as you fill a formula or function?
"Numlock"
Ctrl + Shift + Q
add "#" to cell reference address
add "$" before row and/or column component(s)
34
This man is the greatest living economist because of his incessant focus on:
opportunity costs
opportunity costs
opportunity costs
all of these are correct
35
If the price of labor (wages) rises, business might respond by:
searching for new technologies that can replace workers
hiring fewer workers
all of these
investing in more capital
36
Trade increases wealth due to _____ and _____
absolute advantage; specialization
competitive advantage; market forces
comparative advantage; specialization
comparative advantage; central planning
37
Holding other factors constant, raising the minimum wage will:
raise unemployment
reduce hiring
all of these
lead to higher earnings for some workers
38
Scarcity
means
there is not enough of any good/resource to satisfy all human uses for it. What does scarcity
imply
?
all of these are correct
opportunity costs
choices
tradeoffs
39
If the price of lumber rises, the price of houses will rise as well (all other factors held constant)
False
True
40
If a price is held below the level where Q. supplied = Q. demanded, the result will be:
equilibrium
surplus
shortage
glut
41
If the price of beef falls from $3.50 per lb. to $2.99 per lb., what happens to demand (demand curve) for ground beef?
nothing: we move along a given demand curve
depends on the cost of producing beef
decreases
increases
42
Rent controls (price ceilings on rental housing) lead to:
a reduction in the construction of apartments
an increase in demand (and hence prices) for owner-occupied housing
housing shortages
all of these
43
What principle helps us understand incentive differences between "market" choices and government or "public" choices?
"there is no free lunch"
"cash for votes"
"other people's money"
"when in Rome..."
44
Public goods are:
non excludable and non rival
non excludable and rival
excludable and non rival
excludable and rival
45
This business is earning a _____ of _____
loss; $400
profit; $400
loss; $5
profit; $5
46
The labor demand curve is comprised of companies/ businesses looking for workers
False
True
47
Watts' daughter boasts about getting 100% on a recent essay. If her goal for the class is a B, how might Dr. W. respond?
Good grades are very important for your future.
You probably worked too hard.
all of these are correct
Well done! Everybody should become a great writer--it's an essential skill!
48
What describes the higher wages paid for dangerous or unpleasant jobs?
hazard pay
differential earnings
compensating differential
compensatory wages
49
Which is the most important determinant of workers' wages?
unionization rates
minimum wage laws
labor productivity
all of these are correct
