اقتصاد زراعي Nc-team

31 Questions | Total Attempts: 76

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Questions and Answers
  • 1. 
    Rational people make decisions at the margin by
    • A. 

      Following marginal traditions.

    • B. 

      Behaving in a random fashion.

    • C. 

      Thinking in black-and-white terms

    • D. 

      Comparing marginal costs and marginal benefits

  • 2. 
    One effect of the government-imposed seat belt law in the U.S. has been
    • A. 

      A dramatic decrease in the number of pedestrian deaths.

    • B. 

      Safer driving.

    • C. 

      An increase in the number of accidents.

    • D. 

      A dramatic decrease in the number of driver deaths.

  • 3. 
    Low rates of inflation are generally associated with
    • A. 

      Low rates of government spending.

    • B. 

      Small or nonexistent government budget deficits.

    • C. 

      Low rates of productivity growth.

    • D. 

      Low rates of growth of the quantity of money.

  • 4. 
    The Council of Economic Advisers
    • A. 

      Was created in 1946.

    • B. 

      Advises the president of the United States on economic policy matters

    • C. 

      Writes the annual Economic Report of the President.

    • D. 

      All of the above are correct.

  • 5. 
    When economists are trying to explain the world, they are
    • A. 

      Scientists.

    • B. 

      Policy advisers.

    • C. 

      In the realm of microeconomics rather than macroeconomics.

    • D. 

      In the realm of normative economics rather than positive economics.

  • 6. 
    Graphs such as bar graphs are limited in that they
    • A. 

      Can only show variables that are positively related.

    • B. 

      Can only show variables that have a negative correlation.

    • C. 

      Provide information on only one variable.

    • D. 

      Provide information on no more than two variables.

  • 7. 
    The fact that economists are generally united in their support of free trade is traceable to
    • A. 

      The principle of absolute advantage.

    • B. 

      The arguments made by Adam Smith and David Ricardo.

    • C. 

      The decline in the power of labor unions during the 20th century.

    • D. 

      All of the above are correct.

  • 8. 
    The discovery of a new hybrid wheat would increase the supply of wheat. As a result, wheat farmers would realize an increase in total revenue if
    • A. 

      The supply of wheat is elastic.

    • B. 

      The supply of wheat is inelastic.

    • C. 

      The demand for wheat is inelastic.

    • D. 

      The demand for wheat is elastic.

  • 9. 
    Policymakers use taxes
    • A. 

      To raise revenue for public purposes, but not to influence market outcomes.

    • B. 

      Both to raise revenue for public purposes and to influence market outcomes.

    • C. 

      When they realize that price controls alone are insufficient to correct market inequities.

    • D. 

      Only in those markets in which the burden of the tax falls clearly on the sellers.

  • 10. 
    Efficiency means that
    • A. 

      Society is conserving resources in order to save them for the future.

    • B. 

      Society's goods and services are distributed equally among society's members.

    • C. 

      Society's goods and services are distributed fairly, though not necessarily equally, among society's members.

    • D. 

      Society is getting the maximum benefits from its scarce resources.

  • 11. 
    An example of an externality is the impact of
    • A. 

      Bad weather on the income of farmers.

    • B. 

      The personal income tax on a person's ability to purchase goods and services.

    • C. 

      Pollution from a factory on the health of people in the vicinity of the factory.

    • D. 

      Increases in health care costs on the health of individuals in society.

  • 12. 
    Almost all economists agree that rent control
    • A. 

      Has no effect on the rental income of landlords.

    • B. 

      Allows the market for housing to work more efficiently.

    • C. 

      Adversely affects the availability and quality of housing.

    • D. 

      Is a very inexpensive way to help the most needy members of society.

  • 13. 
    When a monopolist is able to sell its product at different prices, it is engaging in
    • A. 

      Distribution pricing.

    • B. 

      Quality-adjusted pricing.

    • C. 

      Price differentiation.

    • D. 

      Price discrimination.

  • 14. 
    A monopolist that practices perfect price discrimination
    • A. 

      Creates no deadweight loss.

    • B. 

      Charges one group of buyers a higher price than another group, such as offering a student discount.

    • C. 

      Produces the same monopoly level of output as when a single price is charged.

    • D. 

      Charges some customers a price below marginal cost because costs are covered by the high-priced buyers.

  • 15. 
    The practice of selling the same goods to different customers at different prices, but with the same marginal cost, is known as
    • A. 

      Price segregation.

    • B. 

      Price discrimination.

    • C. 

      Arbitrage.

    • D. 

      Monopoly pricing.

  • 16. 
    The field of economics is divided into two subfields: microeconomics and macroeconomics.
    • A. 

      True

    • B. 

      False

  • 17. 
    Most economists are in favor of price controls as a way of allocating resources in the economy.
    • A. 

      True

    • B. 

      False

  • 18. 
    In a market, the price of any good adjusts until quantity demanded equals quantity supplied.
    • A. 

      True

    • B. 

      False

  • 19. 
    A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production.
    • A. 

      True

    • B. 

      False

  • 20. 
    Average total cost reveals how much total cost will change as the firm alters its level of production.
    • A. 

      True

    • B. 

      False

  • 21. 
    Some companies merge in order to lower costs through efficient joint production.
    • A. 

      True

    • B. 

      False

  • 22. 
    When economic profits are zero in equilibrium, the firm's revenue must be sufficient to cover all opportunity costs.
    • A. 

      True

    • B. 

      False

  • 23. 
    Fixed costs are incurred even when a firm does not produce anything.
    • A. 

      True

    • B. 

      False

  • 24. 
    A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuse to buy a product at a price less than his willingness to pay.
    • A. 

      True

    • B. 

      False

  • 25. 
    The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in income.
    • A. 

      True

    • B. 

      False

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