Question 1

Discuss the arguments in favor of and against the U.S.government's financial support of corn-based ethanol.

Accepted Answer

Arguments in favor of the U.S. governmen

Question 2

A minimum price set above the equilibrium price is a:

Accepted Answer

A)  demand price. 
B)  supply price. 
C)  price floor. 
D)  price ceiling. 
A)  demand price. 
B)  supply price. 
C)  price floor. 
D)  price ceiling.

Question 3

In 1960, the percentage of total output the United States devoted to health care was about ________ percent.

Accepted Answer

A)  2 
B)  5 
C)  10 
D)  13 
A)  2 
B)  5 
C)  10 
D)  13

Question 4

A feature of the health-care market is:

Accepted Answer

A)  that demand has fallen relative to supply. 
B)  that supply has increased relative to demand. 
C)  that demand has increased relative to supply. 
D)  all of the above. 
A)  that demand has fallen relative to supply. 
B)  that supply has increased relative to demand. 
C)  that demand has increased relative to supply. 
D)  all of the above.

Question 5

The idea behind limiting the number and type of procedures the Oregon Plan of the 1990s covered was to be able to increase the number of people included in its coverage.

Accepted Answer

A) True 
 B)False

Question 6

Economists in general agree that rent controls are:

Accepted Answer

A)  an efficient and equitable way to help low-income families. 
B)  an inefficient and ineffective way to help low-income families. 
C)  an efficient method of dealing with the supply of rental units but don't provide relief for low-income families. 
D)  not very efficient but still a good way to solve the problem of low income. 
A)  an efficient and equitable way to help low-income families. 
B)  an inefficient and ineffective way to help low-income families. 
C)  an efficient method of dealing with the supply of rental units but don't provide relief for low-income families. 
D)  not very efficient but still a good way to solve the problem of low income.

Question 7

Use the following to answer question(s): The Market for Health Care
  
-(Exhibit: The Market for Health Care) At price P₃ the total cost of health-care services compared to price P₁ has increased from:

Accepted Answer

A)  OP₃BQ₂ to OP₁AQ₂. 
B)  OP₁AQ₁ to OP₃BQ₂. 
C)  OP₃BQ₂ to OP₁AQ₁, and consumers pay OP₁AQ1₂. 
D)  OP₁AQ₁ to OP₃BQ₂, and insurance pays OP₂CQ₂. 
A)  OP₃BQ₂ to OP₁AQ₂. 
B)  OP₁AQ₁ to OP₃BQ₂. 
C)  OP₃BQ₂ to OP₁AQ₁, and consumers pay OP₁AQ1₂. 
D)  OP₁AQ₁ to OP₃BQ₂, and insurance pays OP₂CQ₂.

Question 8

During the 1930s, the role of the federal government in the U.S.agricultural industry:

Accepted Answer

A)  remained unchanged from the earlier decades. 
B)  decreased substantially. 
C)  decreased marginally. 
D)  increased substantially. 
A)  remained unchanged from the earlier decades. 
B)  decreased substantially. 
C)  decreased marginally. 
D)  increased substantially.

Question 9

Technological improvements in the health care industry have contributed to the increase in health care costs.

Accepted Answer

A) True 
 B)False

Question 10

All health insurance plans charge the same and require subscribers to pay the same percentage of the costs of health care they consume.

Accepted Answer

A) True 
 B)False

Question 11

A firm owned by one individual is called a:

Accepted Answer

A)  corporation. 
B)  partnership. 
C)  sole proprietorship. 
D)  none of the above. 
A)  corporation. 
B)  partnership. 
C)  sole proprietorship. 
D)  none of the above.

Question 12

In 2015, the percentage of total output the United States devoted to health care was about ________ percent.

Accepted Answer

A)  2 
B)  6 
C)  10 
D)  18 
A)  2 
B)  6 
C)  10 
D)  18

Question 13

A maximum price set below the equilibrium price is a:

Accepted Answer

A)  demand price. 
B)  supply price. 
C)  price floor. 
D)  price ceiling. 
A)  demand price. 
B)  supply price. 
C)  price floor. 
D)  price ceiling.

Question 14

The relationship between the value and price of a stock suggests that:

Accepted Answer

A)  the equilibrium price of a stock strikes a balance between those who think the stock is worth more and those who think it's worth less at the current price. 
B)  it is the market's best guess regarding the expected value of the company's future profits. 
C)  stocks are overvalued. 
D)  both A and B are true. 
A)  the equilibrium price of a stock strikes a balance between those who think the stock is worth more and those who think it's worth less at the current price. 
B)  it is the market's best guess regarding the expected value of the company's future profits. 
C)  stocks are overvalued. 
D)  both A and B are true.

Question 15

In markets with third-party payers,

Accepted Answer

A)  prices consumers pay directly for the goods and services they consume decrease. 
B)  prices suppliers receive for the goods and services they provide increase. 
C)  total spending increases. 
D)  all of the above 
A)  prices consumers pay directly for the goods and services they consume decrease. 
B)  prices suppliers receive for the goods and services they provide increase. 
C)  total spending increases. 
D)  all of the above

Question 16

Use the following to answer question(s): Rent Controls
  
-(Exhibit: Rent Controls) If rent controls are set at Rent₀:

Accepted Answer

A)  the shortage of rental units is Q₂ to Q₀. 
B)  some renters would be willing to pay a price as high as Rent₄ for Q₀ units. 
C)  no one would have to pay a higher actual price than Rent₀ nor would anyone be willing to do so. 
D)  there would be a shortage of rental units, but it is impossible to tell how large the shortage is based on the information provided. 
A)  the shortage of rental units is Q₂ to Q₀. 
B)  some renters would be willing to pay a price as high as Rent₄ for Q₀ units. 
C)  no one would have to pay a higher actual price than Rent₀ nor would anyone be willing to do so. 
D)  there would be a shortage of rental units, but it is impossible to tell how large the shortage is based on the information provided.

Question 17

In the personal computer industry, the reason for the fall in prices and the increase in quantity after 1980 was:

Accepted Answer

A)  mainly a function of resource prices. 
B)  primarily due to technological change and an increase in the number of sellers. 
C)  a result of a dramatic decrease in U.S.wages. 
D)  a result of a dramatic decrease in foreign wages. 
A)  mainly a function of resource prices. 
B)  primarily due to technological change and an increase in the number of sellers. 
C)  a result of a dramatic decrease in U.S.wages. 
D)  a result of a dramatic decrease in foreign wages.

Question 18

Third-party payers for health-care services include payments made by:

Accepted Answer

A)  doctors. 
B)  patients. 
C)  hospitals. 
D)  insurance companies. 
A)  doctors. 
B)  patients. 
C)  hospitals. 
D)  insurance companies.

Question 19

According to the Case in Point on corn, which of the following is a criticism that has been raised of government spending in support of corn-based ethanol?

Accepted Answer

A)  limited reduction in dependence on foreign oil. 
B)  detrimental effects on the environment. 
C)  increased food prices and an increase in world hunger. 
D)  All of the above. 
A)  limited reduction in dependence on foreign oil. 
B)  detrimental effects on the environment. 
C)  increased food prices and an increase in world hunger. 
D)  All of the above.

Question 20

The bulk of the nation's output is produced by:

Accepted Answer

A)  partnerships. 
B)  proprietorships. 
C)  corporations. 
D)  none of the above. 
A)  partnerships. 
B)  proprietorships. 
C)  corporations. 
D)  none of the above.

Discuss the arguments in favor of and against the U.S.government's financial support of corn-based ethanol.

A minimum price set above the equilibrium price is a:

In 1960, the percentage of total output the United States devoted to health care was about ________ percent.

A feature of the health-care market is:

The idea behind limiting the number and type of procedures the Oregon Plan of the 1990s covered was to be able to increase the number of people included in its coverage.

Economists in general agree that rent controls are:

Use the following to answer question(s): The Market for Health Care -(Exhibit: The Market for Health Care) At price P₃ the total cost of health-care services compared to price P₁ has increased from:

During the 1930s, the role of the federal government in the U.S.agricultural industry:

Technological improvements in the health care industry have contributed to the increase in health care costs.

All health insurance plans charge the same and require subscribers to pay the same percentage of the costs of health care they consume.

A firm owned by one individual is called a:

In 2015, the percentage of total output the United States devoted to health care was about ________ percent.

A maximum price set below the equilibrium price is a:

The relationship between the value and price of a stock suggests that:

In markets with third-party payers,

Use the following to answer question(s): Rent Controls -(Exhibit: Rent Controls) If rent controls are set at Rent₀:

In the personal computer industry, the reason for the fall in prices and the increase in quantity after 1980 was:

Third-party payers for health-care services include payments made by:

According to the Case in Point on corn, which of the following is a criticism that has been raised of government spending in support of corn-based ethanol?

The bulk of the nation's output is produced by:

Economics: The Study of Choice

Confronting Scarcity: Choices in Production

Demand and Supply

Elasticity: a Measure of Response

Markets, Maximizers, and Efficiency

The Analysis of Consumer Choice

Production and Cost

Competitive Markets for Goods and Services

Monopoly

The World of Imperfect Competition

Wages and Employment in Perfect Competition

Interest Rates and the Markets for Capital and Natural Resources

Imperfectly Competitive Markets for Factors of Production

Public Finance and Public Choice

Antitrust Policy and Business Regulation

International Trade

The Economics of the Environment

Inequality, Poverty, and Discrimination

Filters

Exam 4: Applications of Supply and Demand

Discuss the arguments in favor of and against the U.S.government's financial support of corn-based ethanol.

A minimum price set above the equilibrium price is a:

In 1960, the percentage of total output the United States devoted to health care was about ________ percent.

A feature of the health-care market is:

The idea behind limiting the number and type of procedures the Oregon Plan of the 1990s covered was to be able to increase the number of people included in its coverage.

Economists in general agree that rent controls are:

Use the following to answer question(s): The Market for Health Care -(Exhibit: The Market for Health Care) At price P₃ the total cost of health-care services compared to price P₁ has increased from:

During the 1930s, the role of the federal government in the U.S.agricultural industry:

Technological improvements in the health care industry have contributed to the increase in health care costs.

All health insurance plans charge the same and require subscribers to pay the same percentage of the costs of health care they consume.

A firm owned by one individual is called a:

In 2015, the percentage of total output the United States devoted to health care was about ________ percent.

A maximum price set below the equilibrium price is a:

The relationship between the value and price of a stock suggests that:

In markets with third-party payers,

Use the following to answer question(s): Rent Controls -(Exhibit: Rent Controls) If rent controls are set at Rent₀:

In the personal computer industry, the reason for the fall in prices and the increase in quantity after 1980 was:

Third-party payers for health-care services include payments made by:

According to the Case in Point on corn, which of the following is a criticism that has been raised of government spending in support of corn-based ethanol?

The bulk of the nation's output is produced by:

Economics: The Study of Choice

Confronting Scarcity: Choices in Production

Demand and Supply

Elasticity: a Measure of Response

Markets, Maximizers, and Efficiency

The Analysis of Consumer Choice

Production and Cost

Competitive Markets for Goods and Services

Monopoly

The World of Imperfect Competition

Wages and Employment in Perfect Competition

Interest Rates and the Markets for Capital and Natural Resources

Imperfectly Competitive Markets for Factors of Production

Public Finance and Public Choice

Antitrust Policy and Business Regulation

International Trade

The Economics of the Environment

Inequality, Poverty, and Discrimination

Filters