Econ 213 quiz 8 Study guides, Class notes & Summaries

ECON 213 (Principles of Microeconomics) – Quiz Five Foundations of Economics – 30 out of 30 points Questions 1. Actions and activities are discouraged with which type of incentive? 2. In economics, choices are necessary because of the presence of: 3. What is the indirect incentive in the unemployment insurance program? 4. The government controls for many indirect incentives in safety net social program by: 5. Economists believe that optimal decisions are made up to the point where: 6....

Liberty University ECON 213 Quiz 7 · Question 1 2 out of 2 points A carbon tax would be an efficient method of addressing the problem of global warming because: · Question 2 0 out of 2 points When a negative externality is not internalized, then the equilibrium price of the good produced is too __________ and the equilibrium quantity produced is too __________. · Question 3 2 out of 2 points The government identifies a situation where production of a good is generating a negative ...

Liberty University ECON 213 Quiz 4 QUIZ # 4 ECON 213 26 OUT OF 30 · Question 1 2 out of 2 points Use the following table to answer the questions that follow. What is the surplus when the price floor is $0.75 in the market for public transportation? · Question 2 2 out of 2 points Let’s say that you have a friend who was caught illegally buying a good on the black market. When the judge asks you to describe your friend’s motivati...

Liberty University ECON 213 Quiz 4 QUIZ # 4 ECON 213 26 OUT OF 30 · Question 1 2 out of 2 points Use the following table to answer the questions that follow. What is the surplus when the price floor is $0.75 in the market for public transportation? · Question 2 2 out of 2 points Let’s say that you have a friend who was caught illegally buying a good on the black market. When the judge asks you to describe your friend’s motivati...

Liberty University ECON 213 Quiz 3 Question 1 2 out of 2 points Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout the economy. If all else is held constant, we would expect that: Question 2 2 out of 2 points Some studies have shown that eating chocolate before a test can increase brain activity, thereby causing students to score higher on exams. When these findings were announced, the price and quantity sold of chocolate increased in coll...

Liberty University ECON 213 Quiz 6 · Question 1 2 out of 2 points Let’s say that you have a friend who was caught illegally buying a good on the black market. When the judge asks you to describe your friend’s motivation as a buyer, which of the following would most likely be your reply? · Question 2 2 out of 2 points How would an economist explain a teenager’s continued unemployment where there exists a minimum wage? · Question 3 2 out of 2 points If the local government tel...

Liberty University ECON 213 quiz 8 complete Answers • Question 1 2 out of 2 points When firms grow larger, they sometimes acquire more market power, meaning that they have greater ability to negotiate lower prices with their suppliers. This ability to negotiate lower prices with their suppliers leads to: • Question ...

Liberty University ECON 213 Quiz 8 · Question 1 2 out of 2 points The change in total cost given a change in output is also known as: · Question 2 0 out of 2 points Refer to the following graph to answer the questions that follow. The average total cost (ATC) and average variable cost (AVC) converge as the level of output produced increases because: · Question 3 2 out of 2 points Assume that a firm hires an additional employee. If the marginal product for tha...

ECON 213 QUIZ 8 Latest

ECON 213 Review test questions and answers Quiz • Question 1 2 out of 2 points When talking about economic profits in a perfectly competitive market, the difference between the long run and the short run is that, in the short run, firms: . • Question 2 2 out of 2 points Refer to the accompanying table. A firm participating in a competitive market with these costs would be making a profit if the price is: • Question 3 2 out of 2 points If firms in a competitive mar...