5/8/2016

ReviewTestSubmission:Quiz5:2016EMIC2714BFNON

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Onlinetests ReviewTestSubmission:Quiz5:2016

ReviewTestSubmission:Quiz5:2016
User

SamkeloLUSASENI

Course

EMIC2714BFNON

Test

Quiz5:2016

Started

5/7/163:03AM

Submitted

5/7/163:46AM

DueDate

5/8/1611:59PM

Status

Completed

AttemptScore

6outof20points

TimeElapsed

43minutes

Results
Displayed

AllAnswers,SubmittedAnswers,CorrectAnswers,Feedback,IncorrectlyAnswered
Questions

Question1

1outof1points

RefertoExhibit1.10.Theperunitburdenofthetaxis
SelectedAnswer:
Answers:

$4onbuyersand$6onsellers.

$4onbuyersand$4onsellers.
$5onbuyersand$5onsellers.
$4onbuyersand$6onsellers.

$6onbuyersand$4onsellers.

Question2

1outof1points

RefertoExhibit1.9.Asthefigureisdrawn,whosendsthetaxpaymentstothe
government?
Selected
Answer:

thebuyers

Answers:

thebuyers

thesellers
Aportionofthetaxpaymentsissentbythebuyersandtheremaining
portionissentbythesellers.
Thequestionofwhosendsthetaxpaymentscannotbedeterminedfrom
thefigure.
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ReviewTestSubmission:Quiz5:2016EMIC2714BFNON

Question3

0outof1points

Ifamonopolychargeshigherpricestoconsumerswhobuysmallerquantitiesthanto
consumerswhobuylargerquantities,then
Selected
Answer:
Answers:

consumersurplusislargerthanundersinglepricemonopoly.

consumersurplusislargerthanundersinglepricemonopoly.
socialwelfareislargerthanunderperfectcompetition.

themonopoly'sprofitsarelargerthanundersinglepricemonopoly.
themonopoly'sprofitsarelargerthanunderperfectprice
discrimination.

Question4

0outof1points

Thepriceelasticityofdemandforavariableinputwillbemoreelasticinallthefollowing
casesEXCEPT
Selected
Answer:

theshorterthetimeperiodbeingconsidered.

Answers:

thegreaterthepriceelasticityofdemandforthefinalproduct.

theeasieritisforaparticularvariableinputtobesubstitutedforby
otherinputs.
thelargertheproportionoftotalcostsaccountedforbyaparticular
variableinput.
theshorterthetimeperiodbeingconsidered.

Question5

0outof1points

Accordingtothekinkeddemandcurvemodel,anoligopolistmayface
Selected
Answer:
Answers:

moreelasticdemandifsheraisesherpricethanifshelowersher
price.
moreelasticdemandthanamonopolisticcompetitor.
lesselasticdemandthanamonopolisticcompetitor.
moreelasticdemandifsheraisesherpricethanifshelowersher
price.
lesselasticdemandifsheraisesherpricethanifshelowersher
price.

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ReviewTestSubmission:Quiz5:2016EMIC2714BFNON

Question6

0outof1points

Supposethatthesupplycurveforagoodisvertical.Inthiscasewewouldexpect
SelectedAnswer:
Answers:

Ataxplacedonthebuyertobeborneentirelybythebuyer

Nothingtobesoldsonotaxiscollected
Ataxplacedonthebuyertobeborneentirelybytheseller

Ataxplacedonthebuyertobeborneentirelybythebuyer
Thetaxtobesharedequallybybothbuyerandseller

Question7

1outof1points

Eleanorcanbuyeitherpizzasorsandwiches.Ifthepriceofpizzaandsandwiches
doublesandsodoes
Eleanor'smoneyincome,wecandeducethatEleanor'sbudgetconstraintwill:
SelectedAnswer:
Answers:

remainunchanged.

shiftinbutremainparalleltotheoldone.
shiftoutbutremainparalleltotheoldone.
swivelinsothattheslopeofthebudgetconstraintisdoubled.
swivelinsothattheslopeofthebudgetconstraintisjalved.
remainunchanged.

Question8

1outof1points

Aconcentrationratioindicatesthe
Selected
Answer:
Answers:

percentageoftotalsalesaccountedforbythe(forexample)fourlargest
firms.
numberoffirmsinanindustry.
numberoflargefirmsinanindustrycomparedtothenumberoflargefirms
inanotherrelatedindustry.
percentageoftotalsalesaccountedforbythe(forexample)fourlargest
firms.
percentageofsellersinanindustryrelativetothenumberofbuyers.
percentageofsellersinanindustryprotectedbybarrierstoentryrelativeto
thenumberofsellersthatwishtoenter.

Question9

0outof1points

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ReviewTestSubmission:Quiz5:2016EMIC2714BFNON

InExhibit4.22,thesociallyefficientproductionlevelis
SelectedAnswer:
Answers:

40units

0units
10units
20units

40units
50units

Question10

0outof1points

Themarginalrevenueproductoflabourdeclinesasthenumberofworkersincreases
because
Selected
Answer:

ofthelawofdiminishingmarginalproduct.

Answers:

firmshirethemostefficientworkersfirstandtheleastefficient
workerslast.
firmsmustlowerpricesforthefinalproductwhentheywanttosell
moreunits.
ofthelawofdiminishingmarginalproduct.
ofdiseconomiesofscale.

Question11

0outof1points

Accordingtothekinkeddemandcurvetheory,the__________curvecanshiftwithina
certainregion,andthefirmwillcontinuetoproducethesamequantityofoutput
__________.
SelectedAnswer:
Answers:

MCbutchargeadifferentprice.

MCandchargethesameprice.
MCbutchargeadifferentprice.
demandandchargethesameprice.

marginalrevenuebutchargeadifferentprice.

Question12

0outof1points

Asfirmsexitanindustry,theindustrysupplycurveshifts__________andthe
equilibriumprice__________untillongruncompetitiveequilibriumisestablishedand
thesurvivingfirmsareearning__________economicprofits.
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ReviewTestSubmission:Quiz5:2016EMIC2714BFNON

SelectedAnswer:
Answers:

leftwardriseszero

leftwardriseszero
leftwardfallspositive
leftwardrisespositive
rightwardfallsnegative

rightwardrisespositive

Question13

0outof1points

RefertoExhibit3.4.ThefourfirmconcentrationratioinYear5was
SelectedAnswer:

80percent.

Answers:

90percent.

95percent.
70percent.
80percent.
Thiscannotbedeterminedfromthegivendata.

Question14

0outof1points

Whichofthefollowingwouldcauseaconsumertopurchaselessofagoodwhenthe
priceofthegoodrises?
SelectedAnswer:
Answers:

Theincomeeffect

Theincomeeffect
Thesubstitutioneffect
Bothaandb

Neitheranorb

Question15

1outof1points

RefertoExhibit1.14.Producersurplusbeforethetaxwasleviedisrepresentedbyarea
SelectedAnswer:
Answers:

D+E+F.

A.
A+B+C.
D+E+F.

F.
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Question16

0outof1points

Toamonopsonisticemployerthemarginalfactorcostis
Selected
Answer:
Answers:

greaterthanthewageratesotheMFCcurveisbelowthelabour
supplycurve
equaltothewagerate
greaterthanthewageratesotheMFCcurveisabovethelabour
supplycurve
lessthanthewageratesotheMFCcurveisabovethelaboursupply
curve
greaterthanthewageratesotheMFCcurveisbelowthelabour
supplycurve

Question17

0outof1points

Whichofthefollowingistrue?
Selected
Answer:
Answers:

candd

Thelowertheelasticityofdemandforcars,thehighertheelasticityof
demandfortheworkersthatproducecars.
Thehighertheelasticityofdemandforcars,thelowertheelasticityof
demandfortheworkersthatproducecars.
Thelowertheelasticityofdemandforcars,thelowertheelasticityof
demandfortheworkersthatproducecars.
Thefewerthesubstitutefactorsforunionlabour,thehighertheelasticityof
demandforunionlabour.
candd

Question18

0outof1points

InExhibit2.1,theprofitmaximizingpricelevelis
SelectedAnswer:

Answers:

2
3
4
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Question19

0outof1points

Attheprofitmaximizingoutput,priceisgreaterthanmarginalcost
Selected
Answer:
Answers:

foramonopolisticallycompetitivefirmonlyintheshortrun

foramonopolisticallycompetitivefirmonlyintheshortrun
foramonopolisticallycompetitivefirmonlyinthelongrun

foramonopolisticallycompetitivefirminboththeshortrunandthe
longrun
foraperfectlycompetitivefirmonlyintheshortrun
foraperfectlycompetitivefirmonlyinthelongrun

Question20

1outof1points

RefertoExhibit3.5.Whatistheproductiveefficientlevelofoutput?
SelectedAnswer:

Q1.

Answers:

Q1.

Q2.
Q3.
Q4.
Q5.
Sunday,May8,20167:20:52AMCAT

OK

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