ECON 2023H

Markets work well because of the info delieverd by:

Zoey receives a big raise at work and decides to buy additional porcelain figurines. Which of these statements is true:

The long run is the period before exit and entry can occur

The supply of wooden toothpicks is likely to be very __ bc there is a __ amount of wood used in production.

Loyalty programs, such as frequent flyer programs:

A strat that has a higher payoff than any other strat no matter what the other player does is a

The market for flu shots is efficient if the beneficiaries of the external benefits pay fairly those receiving the shot

Which is an example of asymmetric information?

The difference btwn what buyers pay and what sellers recieve is the:

The theory of comparative advantage concludes that people produce more by specializing than doing everything themselves.

Which of these is a list of nonexcludable, nonrival goods ONLY?

One would expect more arbitrage to occur between two markets if:

An increase in the price of a good will decrease demand for that good.

When Samsung advertises to convince consumers that its product is better than Appels, it is trying to:

Assuming demand increases 1%, the abs value of price elasticy of demand and supply is 1. What is the % price change?

When the price of oil rises, consumers economize by buying ___ and ___.

A tariff__the amount of output produce by domestic firms and__the amount of goods brought by domestic consumers.

Companies pay based on piece rates aka the more produced the more earned. This practice highlights the role of:

A movie trilogy is successful, this leads to the demand of movie-related goods increasing. This is explained by a(n):

The market can effectively allocate goods to their highest-valued uses bc

A surplus of a good occurs when

In a perfectly competitive market, each firm produces its last unit at:

Equilibrium price in a market with a price of 10$, q. supplied of 50, and q. demand of 50 units.

Tradeable allowances are ___ to Pigouvian taxes when the supply curve is ___.

Price elasticity of supply=1 and absolute value of price elasicity of demand=2. What is true

Which of these statements true regarding subsidies?

Marx's capitalism critiques raised concerns about tensions between owners and workers, best captured by what word?

The equilibrium quantity is the quantity at which

Which of these ideas is NOT central to economics?

Barges trading down a river carry 300 goods and provide services akin to convenience stores. Which adv of trade is this?

Joe provides 100$, but after 5pm they provide 150$. Joe is offered 130$ after 5pm to work. Should Joe take the offer?

An increase in production costs at any given quantity

As trade becomes more extensive, it slows down research and development.

Tuna fish are being driven to extinction bc of overfishing. If fisherman know this, why do they not fish less?

Free riders are people who:

A cab driver taking an out-of-town rider on a longer route to their destination is an example of:

Roses grown in Kenya travel to Amsterdam and ultimately to your local flower shop because:

Which equation is LEAST likely equation for a produciton possibilites frontier?

Market price=5$. A 2$ tax, ppl pay 5.75$. what is the final price per bag?

Chris will pay $4 and $.50 for a fish and chips; Jim will pay $2 for each. What price should be charged for max profits?

As the price of a good increases

A decrease in production costs at any given ____ supply

____ is(are) the key force in integrating markets and motivating entreprenuers.

Following the work of Kahneman, which of the following activities would most likely be a type 2 (new) brain activity?

Jose could sell a book to Tim for 40$, or to Adolfo for 150$. Aldolfo had planned to pay 240$. Which statement is true?

If only the people who get a flu shot received all the benefits of the vaccination, then the:

Price discrimination, which increases profits for firms, can be good because:

Jamel wants to increase sales. The incentive scheme he produces should _____ to BEST incentivize his employees.

With a subsidy, the price paid by buyers exceeds the price received by the sellers?

When there is a shortage of 1,000 units of a particular good:

What does the Gini coefficient measure most accurately?

The means of production should be state-owned with goods allocated according to human wants instead of profit is:

Which is true when cheaters increase quantity beyond the profit-maximizing quantity?

A tragedy of the commons often results from __ and __.

As more workers are hired, the marginal product of labor typically:

A monopolistically comp. firm produces a __ quantity and __ price than a perfectly comp. firm with the same costs.

What institutions foster the appropriate incentives for economic growth?

Which of these choices illustrates how changes in opportutnity costs affect supply?

Pat watches Masterpiece Theatre on the local PBS station, but never donates to help fund the station. Pat's behavior:

private markets can be good in dealing w/ external coss/benefits IF property rights are defined+low transaction costs

What is one cause of inflation?

Because home inspectors are not allowed to profit from any repairs they recommend, there is a reduction in:

The prisoner's dilemma describes situations where pursuing individual interests leads to outcomes that benefit all.

The growing economies of China and India have increased the demand for:

Moving a supply curve out and to the right is a:

Supply of ancient Egyptian papyrus manuscripts is probably:

Which of these is not a moral hazard?

If firms are unable to lower prices bc of a legally mandated price floor