Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Microeconomics true or false questions

22/10/2021 Client: muhammad11 Deadline: 2 Day

1: Because economic generalizations are simplifications from reality, they are impractical and useless.

A. True B. False

2: Normative statements are expressions of facts.

A. True B. False

3: Macroeconomics explains the behavior of individual households and business firms; microeconomics is concerned with the behavior of aggregates or the economy as a whole.

A. True B. False

4: Marginal analysis means that decision-makers compare the extra benefits with the extra costs of a specific choice.

A. True B. False

5: The production possibilities curve shows various combinations of two products that an economy can produce when achieving full employment.

A. True B. False

6: The present choice of position on the production possibilities curve will not influence the future location of the curve.

A. True B. False

7: In drawing a particular budget line, money income and the prices of the two products are fixed.

A. True B. False

8: The lower the consumer's income, the higher his or her budget line.

A. True B. False

9: The guiding function of prices tends to keep resources flowing toward their most highly valued uses.

A. True B. False

10: The invisible hand refers to the many indirect controls that the Federal government imposes in a market system.

A. True B. False

11: Central planning often suffers from a coordination problem and an incentive problem.

A. True B. False

12: Surpluses drive market prices up; shortages drive them down.

A. True B. False

13: Consumers buy more of normal goods as their incomes rise.

A. True B. False

14: Producing a good in the least costly way is known as allocative efficiency.

A. True B. False

15: A market that achieves productive efficiency is producing the quantity of goods most desired by society.

A. True B. False

16: A government tax per unit of output reduces supply.

A. True B. False

17: A ceiling price in a competitive market will result in persistent surpluses of a product.

A. True B. False

18: If the elasticity coefficient of supply is 0.7, supply is elastic.

A. True B. False

19: Antiques tend to have highly inelastic supply curves.

A. True B. False

20: The smaller the number of good substitutes for a product, the greater will be the price elasticity of demand for it.

A. True B. False

21: Generally speaking, the smaller the percentage of one's total budget devoted to a particular product, the more price elastic will be the demand for that product.

A. True B. False

22: Generally speaking, the demand for luxury goods is more price elastic than is the demand for necessities.

A. True B. False

23: If price changes and total revenue changes in the opposite direction, demand is relatively elastic.

A. True B. False

24: The substitution effect suggests that when consumers judge product quality by price, they will substitute high-priced products for low-priced products.

A. True B. False

25: When the price of a product falls, the income effect induces the consumer to purchase more of it while the substitution effect prompts her to buy less.

A. True B. False

26: Firms would rather shrink package sizes than raise prices because consumers will feel less of a loss from the change.

A. True B. False

27: Because of framing effects, a worker will be happy with a five percent raise regardless of how much of a raise her fellow employees receive.

A. True B. False

28: The short run is a period of time during which all costs are fixed costs.

A. True B. False

29: Economic profit is found by subtracting accounting costs from total revenue.

A. True B. False

30: Diseconomies of scale stem primarily from the difficulties in managing and coordinating a large-scale business enterprise.

A. True B. False

31: Variable costs are costs that change directly with output.

A. True B. False

32: The law of diminishing returns explains why short-run marginal cost curves are upsloping.

A. True B. False

33: The term imperfect competition refers to every market structure besides pure competition.

A. True B. False

34: Although individual purely competitive firms can influence the price of their product, these firms as a group cannot influence market price.

A. True B. False

35: The demand curve for a purely competitive industry is perfectly elastic, but the demand curves faced by individual firms in such an industry are downsloping.

A. True B. False

36: A competitive firm will produce in the short run so long as its price exceeds its average fixed cost.

A. True B. False

37: The short-run supply curve slopes upward because producers must be compensated for rising marginal costs.

A. True B. False

38: Professor Homer Simpson decided to become a crab fisherman for one year and made as much as he usually makes in 8 weeks teaching students for the year so the rest of the time he could write. Homer, would be removed from the employment register and would be counted as unemployed.

A. True B. False

39: The long-run supply curve for a decreasing-cost industry is downsloping.

A. True B. False

40: Because the equilibrium position of a purely competitive seller entails an equality of price and marginal costs, competition produces an efficient allocation of economic resources.

A. True B. False

41: The process by which new firms and new products destroy existing dominant firms and their products is called creative destruction.

A. True B. False

42: Other things equal, the shorter the loan period and the larger the loan size, the higher is the interest rate charged by the lender.

A. True B. False

43: In a competitive market, every consumer willing to pay the market price can buy a product and every producer willing to sell the product at that price can sell it.

A. True B. False

44: Macroeconomics explains the behavior of individual households and business firms; microeconomics is concerned with the behavior of aggregates or the economy as a whole.

A. True B. False

45: Producing a good in the least costly way is known as allocative efficiency.

A. True B. False

46: The invisible hand refers to the many indirect controls that the Federal government imposes in a market system.

A. True B. False

47: Critics of the minimum wage contend that higher minimums cause employers to move up their labor demand curves, reducing employment of low-wage workers.

A. True B. False

48: The supply of loanable funds is perfectly elastic.

A. True B. False

49: If two resources are complementary, a decrease in the price of one will reduce the demand for the other.

A. True B. False

50:

http://www.bcconline.info/eco2/midtermpic.gif

Refer to the above diagram. The movement from curve (a) to curve (c) suggests an improvement in civilian goods technology but not in war goods technology.

A. True B. False

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Finance Master
Accounting Homework Help
Top Writing Guru
Quick Finance Master
Coursework Helper
Supreme Essay Writer
Writer Writer Name Offer Chat
Finance Master

ONLINE

Finance Master

I have assisted scholars, business persons, startups, entrepreneurs, marketers, managers etc in their, pitches, presentations, market research, business plans etc.

$21 Chat With Writer
Accounting Homework Help

ONLINE

Accounting Homework Help

As per my knowledge I can assist you in writing a perfect Planning, Marketing Research, Business Pitches, Business Proposals, Business Feasibility Reports and Content within your given deadline and budget.

$47 Chat With Writer
Top Writing Guru

ONLINE

Top Writing Guru

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$28 Chat With Writer
Quick Finance Master

ONLINE

Quick Finance Master

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$37 Chat With Writer
Coursework Helper

ONLINE

Coursework Helper

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$26 Chat With Writer
Supreme Essay Writer

ONLINE

Supreme Essay Writer

After reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection.

$18 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Organizational behaviour - Sample grounded theory research questions - Who does atticus think killed bob - 3racing led light system - We look forward to hearing from you business letter - Access control Assignment 8 - Anne boykin and savina schoenhofer nursing as caring - Write a select statement that returns three columns - Dawes hacksaw - Chemical kinetics iodine clock reaction lab answers - Managerial accounting 4th edition braun and tietz - How to write a summary of a lecture - Rent seeking is individually rational but socially wasteful explain - Brisbane city council businessbrisbane city council business - The bluest eye ending - The simpsons movie alaska scene - Unit 5 IP - Risk management competency framework - Proof surrogates convey to an uncritical audience that: - Berganza last name origin - Barrientos se habla espanol - Independent variable in benedict's test - Week 5 assignment essay ideal citizen in a totalitarian government - Nike employee training and development - Article Review - Psychology unit 3 revision - Nonverbal interpersonal and textual communication worksheet - How much water did 15.000 g of iron displace - Ethics in Business Essay: "Personal Values vs. Corporate Interests" - 150 words - Shame by richard gregory summary - Supply Chain Management - Uts timetable planner 2021 - English 102 - How to make an outline for a speech class - Amantu billahi wa rasulihi in arabic - Wk 6 forum 1 Brittney - Monsanto: A growing controversy - Business - Social Innovation - Recruitment and selection assignment sample - Bing from farmer son to magistrate sparknotes - International patient safety goals 2017 - Excel chapter 9 grader project multiple sheet workbook management - STATISTICS - Bpw eco plus 3 - Business process integration wiki - Andrew jackson good evil and the presidency video questions - Super size me answers - Sunshine coast council stormwater - Language a reader for writers dasbender pdf - Paraphrase - A thousand splendid suns themes - Competency based framework personality test exxonmobil - Animal farm chapter 3 worksheet answers - Circular motion worksheet answers - Who invented multitrack recording - Advanced Industrial Hygiene - Bjs workwear mayfield west - Week 7 Assignment Due 08/22/2020 - Tillage king machinery centre bunbury - Personal Manifesto - Case Study 2: National Collegiate Athletic Association Ethics and Compliance Program - Natan bursztyn - Linda albert cooperative discipline quotes - Peabody picture vocabulary test sample - A pharmaceutical company receives large shipments of aspirin tablets - Nrc value of materials - A force-coercion strategy for change involves the use of - Gs2 series ac drive manual - Behold the dreamers discussion questions - Debt recovery officer job description - Hedging approach of working capital - Michelin fleet solutions case study answers - Assignment - Brisbane evidence based language test - Busines law, ethics and social responsibility - Two products of light reactions used in calvin cycle - Hn 522 Discussion 7 - Discussion question 2 - M & l manufacturing case - Childbirth positive feedback loop diagram - Gated d latch timing diagram - Swot analysis for software development - How to pass a sassi test - Describe the use of factual texts - A light year is defined as - Lesley university bursar - To kill a mockingbird sparknotes - Leonard cohen self portrait - 2 1/6 as an improper fraction - The balances for the accounts that follow appear - Exam timetable la trobe - Gssdataexplorer - Pennsylvania natural heritage program - West coast outdoor advertisers sam project - Churchill hospital site map - Goldhawks scooter club liverpool - Dr kenyon chace avenue - Urgent 2 - Zahir jooma net worth