Comprehensive Student attendance

4/20/23, 12:15 PM Comprehensive Student.
docx
Comprehensive Student.docx
PLEASE FILL IN THE ATTENDANCE ☺
https://docs.google.com/spreadsheets/d/1dDqb0AnB_PgZ_llHqGREu0hOTG7hnoOIi8LZ_hSMpfY/edit?
usp=sharing
1) Which one of the following will shift the supply curve of cupcakes rightward?
A) a increase in the wages of workers employed to produce cupcakes
B) an increase in the cost of machinery used to produce cupcakes
C) a technological improvement in the production of cupcakes
D) an expectation that cupcake prices will rise next month
E) a decrease in the number of sellers
2) Canada and the USA can both produce oil. We say that Canada has a comparative
advantage in the production of oil if
A) Canada has a lower opportunity cost of producing X than the USA.
B) Canada has a higher opportunity cost of producing oil than the USA.
C) Canada can produce more gallons of oil in a given time period than the USA.
D) Canada can produce oil using newer technology than the USA.
E) Canada can produce less gallons of oil in a given time period than the USA.
3)It takes Mom 30 minutes to cook dinner. In the same time, she can iron 6
shirts. Dad takes an hour to cook dinner and 30 minutes to iron a single shirt. In
this situation
A) Mom should cook dinner; even though the opportunity cost is 12 shirts.
B) there are no gains from trade.
C) Dad has an absolute advantage in cooking dinner.
D) Dad has an absolute advantage in ironing shirts.
E) Mom shouldn't cook dinner; her opportunity cost is 6 shirts.

Demand and Supply Schedules for designer sport t-shirts at CoolU
Price (dollars per t-shirt) Quantity Supplied Quantity Demanded
20 150 300
40 160 280
60 170 260
80 180 240
100 190 220
120 200 200
140 210 180
160 220 160
180 230 140
200 240 120
4) Drake shows up to a Raptor Game in a designer jersey, creating a new trend that doubles business at the
sportswear establishments. The quantity of jerseys
demanded doubles at each price. The new equilibrium price is $________ and the new
equilibrium quantity is ________ t-shirts per month.
A) 200,240
B) 400,200
C) 120,400
D) 140,120
https://docs.google.com/document/d/1-BOrwx-0sRRppxVRcqw69z24KTvfKJEc/mobilebasic 1/7
4/20/23, 12:15 PM Comprehensive Student.docx
E) 160,400
5) Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed. The tax on each
frisbee is
A) $0.40.
B) $0.60.
C) $1.00.
D) $5.60.
E) $6.60.
6) Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed. On each frisbee, the
sellers' share of the tax is
A) $0.40.
B) $0.60.
C) $1.00.
D) $5.60.
E) $6.60.
7) Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed. On each frisbee, the
buyers' share of the tax is
A) $0.40.
B) $0.60.
C) $1.00.
D) $5.60.
E) $6.60.
8) Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed. Government revenue
from the tax is
A) $4,000.
B) $5,000.
C) $22,400.
D) $26,400.
E) $30,000.
9) The government introduces a ceiling on the fees that phone carriers are allowed to charge. This fee
ceiling
A) is always inefficient.
B) results in an inefficient use of resources when the ceiling is above the equilibrium fee.
C) results in an efficient use of resources when the ceiling is above the equilibrium fee.
D) results in an efficient use of resources when the ceiling is below the equilibrium fee.
E) is always efficient.
10) Economies of scale refer to the range of output over which

Comprehensive
A) long-run average cost rises Student.docx
as output increases.
B) marginal cost exceeds average cost.
C) average total cost falls as output increases.
D) the marginal product of labour decreases.
E) marginal product equals average product.
Figure. 10.1.2
11) Refer to Figure 10.1.2. If a price floor is set at $20, then
A) 100 units will be sold at a price of $20 each.
B) 100 units will be sold at a price of $15 each.
C) 150 units will be sold at a price of $15 each.
D) 200 units will be sold at a price of $10 each.
E) 100 units will be sold at a price of $10 each.
12) If a profit-maximizing monopoly is producing an output at which marginal cost exceeds marginal revenue,
it
A) should raise price and decrease output.
B) should lower price and increase output.
C) should lower price and decrease output.
D) is incurring an economic loss.
E) is maximizing profit.
13) Refer to Table 16.2.2. If the fertilizer market is unregulated, output (in tonnes) is
A) 1.
B) 2.
C) 3.
D) 4.
E) 5.
14) Refer to Table 16.2.2. Fertilizer has a marginal
Comprehensive
A) external Student.docx
cost of $100 a tonne.
B) social cost of $100 a tonne.
C) external cost of $30 a tonne.
D) private cost of $30 a tonne.
E) external cost of $0.
15) Refer to Table 16.2.2. The efficient output of fertilizer is

A) 1 tonne.
B) 2 tonnes.
C) 3 tonnes.
D) 4 tonnes.
E) 5 tonnes.
16) To maximize profit, a firm hires labour until

A) there is no more labour available at the market wage rate.
B) they can sell that labour for no more than what they paid for it.
C) the wage rate paid to the labour equals the marginal cost of production.
D) the additional benefit of hiring the labour is equal to the additional revenue the labour generates.
E) the value of marginal product equals the wage rate.
17) If marginal product of a restaurant employee is 8 customers per hour, and the price of a meal is
$30, the restaurant employee's value of marginal product is
A) $8
B) $30
C) $22
D) $38
E) $240
Table 16.2.10
18) Refer to Table 16.2.10. Store X and Store Y are the only producers of soap powder. They collude and agree
to share the market equally. The payoff matrix shows the game they play. The better joint outcome of the game
is that Store X ________ and Store Y ________.
A) complies; cheats
B) cheats; complies
C) complies; complies
D) cheats; cheats
E) makes an economic profit; incurs an economic loss
19) Suppose Swiss Chalet in Moncton knows that the demand for their half-chicken meals is elastic. If the
manager wants to increase total revenue from half-chicken meal sales, he should
A) lower the price of a half-chicken meal.
B) not change the price of a half-chicken meal.
C) raise the price of a half-chicken meal.
D) decrease the supply of half-chicken meals.
E) hire fewer employees.
20) What is the value of $500 invested now after 1 year if the current interest rate is 5%?
A) $500
B) $350
C) $525
D) $550Comprehensive Student.docx
E) $477
21) Supply is more elastic when inputs are

A) more available and production takes more time.
B) less available and production takes less time.
C) more available and production takes less time.
D) less available and production takes more time.
E) more expensive and entrepreneurs are smart.
22) A price elasticity of demand of 3 means that a 10 percent increase in price will result in a
A) 3 percent decrease in quantity demanded.
B) 30 percent decrease in quantity demanded.
C) 10 percent decrease in quantity demanded.
D) 3 percent increase in quantity demanded.
E) 30 percent increase in quantity demanded.
23) Refer to Figure 13.2.4. Jaz’s Bakery is the only bakery in Elora. Jaz’s Bakery profit-
maximizing price is ________ a cake and its profit-maximizing output is ________ cakes a
week.
A) $28; 12
B) $16; 12
C) $36; 2
D) $16; 24
E) $24; 16
24) Which statement is positive?

A) The sky is yellow.
B) I should become an economist.
C) I should get ice cream instead of a cupcake
D) You should call your father at least once a week.
E) I should go to university instead of going straight to the workforce
25) To increase sales from 7 units to 8 units, a single-price monopolist must drop the price from $7 per unit to
$5 per unit. What is marginal revenue in this range?
A) $40
B) $7
C) $2
D) -$2
E) None of the above.
26) A rentComprehensive Student.docx
floor set below the market-clearing rent
A) might be fair, but it isn't efficient.
B) can motivate landlords to convert some rental units into condominiums.
C) creates a shortage of rental housing.
D) can result in landlords charging "key money."
E) has no effect.
27) A business that earns accounting profits of $350 and has implicit costs of $400 will have economic losses of
A) $400
B) $350
C) $50
D) $750
E) $100
28) Increasing marginal costs can come from
A) diminishing returns.
B) businesses operating near capacity.
C) inputs that are not equally productive in all activities.
D) paying overtime wages to employees.
E) all of the above.
29) If your business earns accounting profits of $100,000 and economic profits of $80,000, what are your
hidden opportunity costs?
A) $20,000
B) $30,000
C) $60,000
D) $50,000
30) With rate of return regulation, businesses
A) have a strong economic incentive to overstate their costs.
B) shut down and invest their resources in a different industry.
C) impose external costs on the consumer.
D) are allowed to cover costs and earn economic profits.
E) earn accounting profits of zero.
Please share your PASS experience with us ☺
Still have questions? A SNACK Leader will be available to help you one-on-one from 3pm-5pm!

Comprehensive Student attendance

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Comprehensive Student attendance

Uploaded by

Copyright:

Available Formats

4/20/23, 12:15 PM Comprehensive Student.

PLEASE FILL IN THE ATTENDANCE ☺

10) Economies of scale refer to the range of output over which

15) Refer to Table 16.2.2. The efficient output of fertilizer is

16) To maximize profit, a firm hires labour until

21) Supply is more elastic when inputs are

24) Which statement is positive?

Please share your PASS experience with us ☺

You might also like