3/17/2015

CheckYourEconomicsKnowledge(Ungraded)

Check Your Economics Knowledge (Ungraded)

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1.

Disclaimer:Thisquizisungradedandoptional.
TheU.S.economymaybecharacterizedas:

Mixed
Perfectlycompetitive

Sorry,that'sincorrect.Wewillcovermonopoliesandcompetitionin
Module7:MonopolyandMonopolisticCompetition

Primarilymonopolies
Ihaven'tlearnedthisyet

2.

Whenthegovernmentraisestaxestoredistributeincomefromtherichtothe
poorthroughmechanismslikefoodstampsorMedicare:
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Economicefficiencyisreduced

Welldone!Greatjob!Wewilldigevendeeperintoeconomicefficiencyin
Module12:PublicGoodsandExternalities

Economicefficiencyimproves
Thereisnoeffectoneconomicefficiency
Ihaven'tlearnedthisyet

3.

ProductionTheoryhelpsusunderstand:
Whythesupplycurveslopesdownward
Whyfirmspriceandproduceproductsthewaytheydo.

Welldone!Greatjob!Wewilldigevendeeperintoproductiontheoryin
Module5:SupplyandProductionTheory

Both1and2
Ihaven'tlearnedthisyet

4.

Whichoftheseisanonrivalgoodthatleadstothepublicgoodsproblem?
Lighthouse
Hamburger
Computer
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewilldigcoverpublicgoodsin
Module12:PublicGoodsandExternalities
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5.

Whydoesquantitydemandedtendtofallaspricerises?
TheSubstitutionEffect
TheIncomeEffect
Both1and2
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverincomeand
substitutioneffectsinModules3"Supply,DemandandEquilibrium"and4
"DemandandConsumerBehavior"

6.

Supposethepriceofchickenrises.Whichwaydoyouthinkthebeefdemand
curvewillshift?
Inwardandleftward
Outwardandrightward
Itwontshift
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoversupply,demandand
equilibriuminModule3:Supply,DemandandEquilibrium

7.

Tosaysomethingisinequilibriumineconomicsistosaythat:
1.Thedynamicforcespushingonitcanceleachotherout.

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2.Theupwardpressureonpriceisexactlyoffsetbythedownwardpressure
onprice.
Both1and2
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.NoproblemwewillcoverequilibriuminModule
3:Supply,DemandandEquilibrium

8.

Whosaid:Thetheoryofeconomicsmustbeginwithacorrecttheoryof
consumption.
JeremyBentham
StanleyJevons
AdamSmith
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverthefundamentalsin
Module1:AnIntroductiontoMicroeconomics

9.

Whichmeasureofutilitysimplyranksgoodsrelativetooneanother?
Cardinal
Ordinal
Subliminal
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.NoproblemwewillcoverutilitytheoryinModule
4:DemandandConsumerBehavior
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10.

Accordingtotheequimarginalprinciple,utilityismaximizedwhenthemarginal
utilityofthelastdollarspentoneachgoodis:
Exactlythesameasthemarginalutilityofthelastdollarspentonanyother
good
Greaterthanthemarginalutilityofthelastdollarspentonanyothergood
Lessthanmarginalutilityofthelastdollarspentonanyothergood
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcovertheequimarginal
principleinModule4:DemandandConsumerBehavior

11.

Ifanincreaseinpriceresultsinarelativelylargedecreaseinthequantity
demanded,thepriceelasticityofdemandissaidtobe:
Elastic
Inelastic
Unitelastic
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverdemandprice
elasticityinModule4:DemandandConsumerBehavior

12.

Totalrevenueequals:
Profits
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Pricedividedbyquantity
Pricetimesquantity

Welldone!Greatjob!Wewilldigevendeeperintototalrevenuein
Module4:DemandandConsumerBehavior

Ihaven'tlearnedthisyet

13.

Whydontmostnewcarssellattheirstickerpriceandinsteadrequirebuyers
tonegotiate?
Theindustrypricingstrategyistosortoutcomparisonshopperswithmore
elasticdemandsfromimpulsebuyerswhohaveinelasticdemandsand
chargeimpulsebuyersmore
Theindustrypricingstrategyistosortoutcomparisonshopperswithmore
inelasticdemandsfromimpulsebuyerswhohavemoreelasticdemands
andchargeimpulsebuyersmore
Carsaremorecomplicatedpurchases
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverindustrystructure,
conduct,andperformanceinModule6:PerfectCompetition

14.

Inthelongrun:
Allfactorsintheproductionfunctionexceptcapitalcanbeadjusted.
Allfactorsintheproductionfunction,includingcapital,canbeadjusted.
Technologyisconstant
Ihaven'tlearnedthisyet
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Sorry,that'sincorrect.Noproblemwewillcoverproductionfunctionin
Module5:SupplyandProductionTheory

15.

Elementsthatcontributetoeconomiesofscaleinclude:
1.LaborSpecialization
2.ManagerialSpecialization
Both1and2
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcovereconomicesofscale
inModule5:SupplyandProductionTheory

16.

Concentrationratios:
1.Measurepricingpower
2.Serveasanindicatorofthedegreeofstrategicinteraction
Both1and2
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverconcentrationratiosin
Module7:MonopolyandMonopolisticCompetition

17.

Antitrustlawshave:

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Beencompletelyeffectiveatstoppingcollusivebehavior
Beensomewhateffectiveatstoppingcollusivebehavior
Beencompletelyineffectiveatstoppingcollusivebehavior
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.NoproblemwewillcovercollusioninModule7:
MonopolyandMonopolisticCompetition

18.

Whichmarketstructureisthemosteconomicallyefficient?
Monopoly
MonopolisticCompetition
Oligopoly
PerfectCompetition

Welldone!Greatjob!Wewilldigevendeeperintoperfectcompetitionin
Module7:MonopolyandMonopolisticCompetition

Ihaven'tlearnedthisyet

19.

Akeydifferencebetweenperfectcompetitionandmonopolisticcompetitionis
thatwithmonopolisticallycompetitivefirms:
1.Productsaredifferentiated
2.Nonpricecompetitioniscommon
Both1and2
Ihaven'tlearnedthisyet

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Sorry,that'sincorrect.Noproblemwewillcoverperfectcompetition
andmonopolisticcompetitioninModule7:MonopolyandMonopolistic
Competition

20.

Formsofimperfectcompetitioninclude
Monopolisticcompetition
Monopoly
Oligopoly
Alloftheabove
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverimperfectcompetition
inModule7:MonopolyandMonopolisticCompetition

21.

Givenamarketstructureofperfectcompetition,whatkindofconductwith
respecttopricingcanweexpect?
1.P=MC
2.MR=MC
Both1and2
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverperfectcompetitionin
Module6:PerfectCompetition

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22.

Aperfectlycompetitiveindustrywillproducewhere:
1.Priceequalsaveragetotalcostcurveatitsminimum
2.Earnzeroeconomicprofits.
Both1and2
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverperfectcompetitionin
Module6:PerfectCompetition

23.

Analyzingeconomicquestionswithinthecontextofwhatshouldbeisaform
ofwhatkindofanalysis?
Normativeorprescriptive
Positiveordescriptive
Philosophical
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoveranalyzingeconomic
questionsinModule6:PerfectCompetition

24.

Breakingupanaturalmonopolyintosmallerfirmsislikelyto:
Lowerunitcosts
Raiseunitcosts
Havenoeffectonunitcosts
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Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcovernaturalmonopolyin
Module7:MonopolyandMonopolisticCompetition

25.

Acartel:
Isanorganizationofindependentfirms
Producessimilarproducts
Workstogethertoraisepricesandrestrictoutput.
Alloftheabove

Welldone!Greatjob!WewilldigevendeeperintocartelsinModule8:
OligopolyandStrategicBehavior

Ihaven'tlearnedthisyet

26.

Dynamicefficiencymeasures:
1.Therateofprofitgrowthinanindustry
2.Therateoftechnologicalchangeandinnovationinanindustry
Both1and2
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverdynamicefficiencyin
Module7:MonopolyandMonopolisticCompetition

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27.

Whattypeofinefficiencyisillustratedintheaccompanyingfigurethatis
associatedwithpriceregulatorofnaturalmonopoliesusingcostpluspricing?

Allocativeinefficiency
Distributiveinefficiency
Xinefficiency
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverinefficienciesin
Module7:MonopolyandMonopolisticCompetition

28.

Thegoalofproductiondifferentiationisto:
1.Increasedemand
2.Decreasepriceelasticityofdemand
Both1and2
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcoverproduction
differentiationinModule7:MonopolyandMonopolisticCompetition

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29.

Whichtypeofmarketstructureoffersabetterchanceoffirmscolluding?
Monopoly
Monopolisticcompetition
Oligopoly
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.NoproblemwewillcoveroligopolyinModule8:
OligopolyandStrategicBehavior

30.

Intheaccompanyfigure,whatistheoutputfortheminimumefficientscale?

AC
AD
BC
Ihaven'tlearnedthisyet

Sorry,that'sincorrect.Noproblemwewillcovertheminimumefficient
scaleinModule5:SupplyandProductionTheory
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AB

(https://accounts.coursera.org/i/zendesk/courserahelp?return_to=https://learner.coursera.help/hc)

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