11 Jun quiz 1
QUESTION 1
1. Managerial economics is best defined as the economic study of
| 1. | how businesses can make the most profits. | |
| 2. | how businesses can decide on the best use of scarce resources. | |
| 3. | how businesses can operate at the lowest costs. | |
| 4. | how businesses can sell the most products. |
2 points
QUESTION 2
1. Which of the following is the best example of opportunity cost?
| 1. | a company’s expenditures on a training program for its employees. | |
| 2. | the rate of return on a company’s investment. | |
| 3. | the amount of money that a company can earn by depositing excess funds in a moneymarket fund. | |
| 4. | the amount of profit that a company forgoes when it decides to drop a particular product line in favor of another one. |
2 points
QUESTION 3
1. Which of the following will result in a decrease in demand for residential housing in the short run?
| 1. | a decrease in the price of lumber | |
| 2. | an increase in the wages of carpenters | |
| 3. | a decrease in real household incomes | |
| 4. | a decrease in the prices of residential housing |
2 points
QUESTION 4
1. Coke and Pepsi are substitutes if:
| 1. | the demand for Coke increases when the price of Pepsi falls | |
| 2. | the demand for Coke increases when the price of Pepsi rises | |
| 3. | the supply of Coke increases when the price of Pepsi falls | |
| 4. | the demand for Coke and Pepsi rise and fall together |
2 points
QUESTION 5
1. When your income went up by 25% due to promotion to a higher rank, you switched from Old Milwaukee Cost Cutter Beer to Heineken. This demonstrates that Old Milwaukee Cost Cutter Beer is
| 1. | Normal good | |
| 2. | Inferior good | |
| 3. | Demerit good | |
| 4. | Merit good |
2 points
QUESTION 6
1. A traditional solution to negative externality is
| 1. | Subsidize the activity | |
| 2. | Let the market determine the outcome | |
| 3. | Impose a tax of some form | |
| 4. | None of the above |
In an economy with limited or no government intervention, resources tend to be optimally distributed. With appropriate example, explain how this happens. (Make sure to provide a good example and your response should be at least 6 sentences).
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