Laws that restrict the smoking of cigarettes in public places

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Laws that restrict the smoking of cigarettes in public places

1. .03 090•Laws that restrict the smoking of cigarettes in public places are examples of government intervention that isintended to reduceA. efficiency.B. productivity.C. equality.D. externalities.•Question 22. .02 052•The opportunity cost of going to college isA. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.B. zero, since a college education will allow a student to earn a larger income after graduation.C. the value of the best opportunity a student gives up to attend college.D. zero for students who are fortunate enough to have all of their college expenses paid by someone else.•Question 33. .02 062•If Faith attends college, it will take her four years, during which time she will earn no income. She will pay $50,000for tuition, $12,000 for room and board, and $5,000 for books. If she spends the four years working rather thanattending college, she will pay $18,000 for room and board, pay no intuition, and buy no books. Based on thisinformation, Faith’s economic cost of attending college would be $67,000 if, over the four years, she could earnA.$12,000 instead of attending college.B.$18,000 instead of attending college.C.$14,000 instead of attending college.D.$16,000 instead of attending college.•Question 44. .04 049•In the short run, an increase in the money supply is likely to lead toA. lower unemployment and lower inflation.B. higher unemployment and higher inflation.C. lower unemployment and higher inflation.D. higher unemployment and lower inflation.•Question 55. .02 010•Lawrence is a photographer. He has $230 to spend and wants to buy either a flash for his camera or a new tripod.Both the flash and tripod cost $230, so he can only buy one. This illustrates the principle thatA. trade can make everyone better off.B. people respond to incentives.C. people face trade-offs.D. rational people think at the margin.•Question 66. .03 082•Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. This is an example ofA. a market failure caused by an externality.B. There is no market failure in this case.C. a market failure caused by market power.D. a market failure caused by equality.•Question 77. .06 023•Suppose one county in Missouri decides it wants to reduce alcohol consumption, so the county passes a lawthat raises the price of a bottle of beer by $1. As a result, people drive to other counties to drink alcohol, whichresults in an increase in drunk driving. This illustrates the principle that people respond to incentives.a. TRUEb. FALSE•Question 88. .06 009•The classic tradeoff between "guns and butter" states that when a society spends more on national defense, ithas less to spend on consumer goods to raise the standard of living.a. TRUEb. FALSE•Question 99. .02 061•Consider Paul’s decision to go to college. If he goes to college, he will spend $90,000 on tuition, $15,000 on roomand board, and $7,000 on books. If he does not go to college, he will earn $22,000 working at a construction joband he will spend $11,000 on room and board. Paul’s cost of going to college isA.$96,000.B.$123,000.C.$110,000.D.$114,000.•Question 1010. .01 016•Coal is considered to be a non-renewable energy source. Which of the following statements is correct?A. Coal is an unlimited resource.B. Coal is not a resource.C. Coal is a scarce resource.D. Coal is a non-productive resource.•Question 1111. .08 001•Economists, like mathematicians, physicists, and biologists,A. make use of the scientific method.B. devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.C. try to address their subject with a scientist’s objectivity.D. All of the above are correct.•Question 1212. .13 022•When two variables have a negative correlation,A. when the x-variable decreases, the y-variable decreases.B. when the x-variable increases, the y-variable increases.C. when the x-variable decreases, the y-variable increases.D. More than one of the above is correct.•Question 1313. .15 127•If a line passes through the points (20,5) and (10,10), then the slope of the line is 1/2.a. TRUEb. FALSE•Question 1414. .13 062•In the early 19th century, the Russian government sent doctors to southern Russian villages to provide assistanceduring a cholera epidemic. The villagers noticed that wherever doctors appeared, people died. Therefore, manydoctors were chased away from villages, and some were even killed. This reaction to the correlation betweendoctors and deaths is most likely a problem ofA. omitted variables.B. medical incompetence.C. reverse causality.D. government propaganda.•Question 1515. .08 095•In the circular-flow diagram,A. factors of production flow from government to firms.B. spending on goods and services flows from firms to households.C. goods and services flow from households to firms.D. income paid to the factors of production flows from firms to households.•Question 1616. .08 063•In the simple circular-flow diagram, the participants in the economy areA. firms and government.B. households, firms, and government.C. households and firms.D. households and government.•Question 1717. .13 002•Which of the following is not an example of a graph of a single variable?A. a pie chartB. a scatterplotC. a bar graphD. a time-series graph•Question 1818. .08 032•Economists make assumptions toA. provide issues for political discussion.B. create policy alternatives that are incomplete or subject to criticism.C. make a complex world easier to understand.D. make it easier to teach economic concepts and analysis.•Question 1919. .10 033•Which of the following is an example of a positive, as opposed to normative, statement?A. When the minimum wage is increased, unemployment is a predictable consequence.B. Increasing government spending is the best way to help the economy move out of a recession.C. The income tax rate should be increased to offset the budget deficit.D. More than one of the above are positive statements.•Question 2020. .11 009•Which of the following is one of the basic reasons why economists often appear to give conflicting advice topolicymakers?A. similar opinions about the validity of economic theoriesB. a reliance on normative statement for research theoriesC. significant differences in educationD. differences in personal values•Question 2121. .18 067•Table 3-21 Assume that Jamaica and Norway can switch between producing coolers and producing radios at aconstant rate. The following table shows the number of coolers or number of radios each country can produce inone day.Output Produced inOne DayJamaicaCoolersRadios126Norway243Refer to Table 3-21. Assume that Jamaica and Norway each has 4 days available for production. Originally, eachcountry divided its time equally between the production of coolers and radios. Now, each country spends all itstime producing the good in which it has a comparative advantage. As a result, the total output of radios increasedbyA. 3.B. 12.C. 6.D. 9.•Question 2222. .18 246•Economists generally supportA. trade restrictions.B. free international trade.C. government management of trade.D. export subsidies.•Question 2323. .17 015•As a student, Anne spends 40 hours per week writing term papers and completing homework assignments. Onone axis of her production possibilities frontier is measured the number of term papers written per week. On theother axis is measured the number of homework assignments completed per week. Anne’s productionpossibilities frontier is a straight line ifA. she faces no trade-off between writing term papers and completing homework assignments.B. she is required by her professors to spend half of her time on term papers and the other half of her time onhomework assignments.C. she can switch between writing term papers and completing homework assignments at a constantrate.D. the rate at which she can switch between homework assignments and term papers depends on the numberof homework assignments she is completing and on the number of term papers she is writing.•Question 2424. .17 116•Figure 3-11 The graph below represents the various combinations of ham and cheese (in pounds) that the nationof Bonovia could produce in a given month.Refer to Figure 3-11. If the production possibilities frontier shown is for 240 hours of production, then which ofthe following combinations of ham and cheese could Bonovia produce in 240 hours?A. 225 pounds of ham and 140 pounds of cheeseB. 330 pounds of ham and 60 pounds of cheeseC. 280 pounds of ham and 100 pounds of cheeseD. 355 pounds of ham and 80 pounds of cheese•Question 2525. .18 126•Table 3-28 Barb and Jim run a business that sets up and tests computers. Assume that Barb and Jim can switchbetween setting up and testing computers at a constant rate. The following table applies.Minutes Needed toNumber of Computers Set Upor Tested in a 40-Hour WeekSet Up 1ComputerTest 1ComputerComputersSet UpComputersTested48?5040BarbJim30408060Refer to Table 3-28. Barb’s opportunity cost of testing one computer is setting upA. 4/5 computer and Jim’s opportunity cost of testing one computer is setting up 3/4 computer.B. 5/4 computers and Jim’s opportunity cost of testing one computer is setting up 4/3 computers.C. 4/5 computer and Jim’s opportunity cost of testing one computer is setting up 4/3 computers.D. 5/4 computers and Jim’s opportunity cost of testing one computer is setting up 3/4 computer.•Question 2626. .18 121•Table 3-27 Assume that Huang and Min can switch between producing parasols and producing porcelain plates ata constant rate.Labor Hours Needed to Quantity Produced in 36Make 1HoursHuangParasolPlateParasolPlate26186Min24189Refer to Table 3-27. Huang has an absolute advantage in the production ofA. parasols and a comparative advantage in the production of parasols.B. neither good and a comparative advantage in the production of plates.C. parasols and a comparative advantage in the production of plates.D. neither good and a comparative advantage in the production of parasols.•Question 2727. .22 050•If the U.S. could produce 5 televisions per hour of labor and China could produce 3 televisions per hour of labor,would it necessarily follow that the U.S. should specialize in television production? Explain your answer usingthe concepts of comparative and or absolute advantage.a. yesb. no•Question 2828. .17 108•Figure 3-9Uzbekistan’s Production Possibilities FrontierAzerbaijan’s Production Possibilities FrontierRefer to Figure 3-9. If Uzbekistan and Azerbaijan each divides its time equally between making bolts and makingnails, then total production isA. 15 bolts and 40 nails.B. 50 bolts and 140 nails.C. 25 bolts and 70 nails.D. 30 bolts and 80 nails.•Question 2929. .19 017•Table 3-36Minutes Needed toMake 1AntiguaTowelUmbrella1220Barbuda1510Refer to Table 3-36. Antigua has a comparative advantage in the production ofA. towels and Barbuda has a comparative advantage in the production of umbrellas.B. neither good and Barbuda has a comparative advantage in the production of both goods.C. umbrellas and Barbuda has a comparative advantage in the production of towels.D. both goods and Barbuda has a comparative advantage in the production of neither good.•Question 3030. .18 003•What must be given up to obtain an item is calledA. out-of-pocket cost.B. absolute value.C. comparative worth.D. opportunity cost.•Question 3131. .28 182•Figure 4-27Panel (a)Panel (b)Panel (c)Panel (d)Refer to Figure 4-27. Which of the four panels represents the market for pizza delivery in a college town as we gofrom summer to the beginning of the fall semester?A. Panel (a)B. Panel (b)C. Panel (c)D. Panel (d)•Question 3232. .26 113•You wear either shorts or sweatpants every day. You notice that sweatpants have gone on sale, so your demandforA. sweatpants will increase.B. shorts will decrease.C. sweatpants will decrease.D. shorts will increase.•Question 3333. .32 064•A reduction in an input price will cause a change in quantity supplied but not a change in supply.a. TRUEb. FALSE•Question 3434. .26 034•Once the demand curve for a product or service is drawn, itA. remains stable over time.B. tends to become steeper over time.C. can shift either rightward or leftward.D. is possible to move along the curve, but the curve will not shift.•Question 3535. .28 069•Figure 4-17Refer to Figure 4-17. At a price ofA. $8, there is a surplus of 6 units.B. $2, there is a shortage of 6 units.C. $5, there is neither a shortage nor a surplus.D. All of the above are correct.•Question 3636. .26 027•A table that shows the relationship between the price of a good and the quantity demanded of that good is calledaA. price-quantity schedule.B. demand curve.C. buyer schedule.D. demand schedule.•Question 3737. .28 174•Figure 4-27Panel (a)Panel (b)Panel (c)Panel (d)Refer to Figure 4-27. Panel (a) shows which of the following?A. an increase in demand and an increase in quantity suppliedB. an increase in quantity demanded and an increase in supplyC. an increase in demand and an increase in supplyD. an increase in quantity demanded and an increase in quantity supplied•Question 3838. .26 058•Table 4-4Price$10Quantity Demanded byAdamQuantity Demanded byBarbQuantity Demanded by Carl10822$8121226$6141630$4162034$2182438$0202842Refer to Table 4-4. Suppose the market consists of Adam, Barb, and Carl. If the price falls by $2, the quantitydemanded in the market increases byA. 4 units.B. 10 units.C. 6 units.D. 8 units.•Question 3939. .28 053•Table 4-11PriceQuantityDemandedQuantitySupplied$101060$82045$63030$44015$2500Refer to Table 4-11. If the price were $4, aA. surplus of 15 units would exist, and price would tend to fall.B. shortage of 40 units would exist, and price would tend to rise.C. shortage of 25 units would exist, and price would tend to rise.D. surplus of 25 units would exist, and price would tend to fall.•Question 4040. .28 070•Figure 4-18Refer to Figure 4-18. Equilibrium price and quantity are, respectively,A. $15 and 200 units.B. $35 and 200 units.C. $25 and 600 units.D. $25 and 400 units.•Question 4141. .36 082•If the price elasticity of supply for a good is equal to infinity, then theA. supply curve is vertical.B. quantity supplied is constant regardless of the price.C. supply curve is horizontal.D. supply curve also has a slope equal to infinity.•Question 4242. .37 022•Scenario 5-4 Milk has an inelastic demand, and beef has an elastic demand. Suppose that a mysterious increase inbovine infertility decreases both the population of dairy cows and the population of beef cattle by 50 percent.Refer to Scenario 5-4. The equilibrium quantity willA. increase in both the milk and beef markets.B. decrease in both the milk and beef markets.C. increase in the milk market and decrease in the beef market.D. decrease in the milk market and increase in the beef market.•Question 4343. .33 005•How does the concept of elasticity allow us to improve upon our understanding of supply and demand?A. Elasticity allows us to analyze supply and demand with greater precision than would be the case in theabsence of the elasticity concept.B. Without elasticity, it is very difficult to assess the degree of competition within a market.C. Elasticity provides us with a better rationale for statements such as "an increase in x will lead to a decreasein y" than we would have in the absence of the elasticity concept.D. Without elasticity, we would not be able to address the direction in which price is likely to move in responseto a surplus or a shortage.•Question 4444. .39 062•A discovery that increases wheat yields per acre hurts farmers by increasing supply and lowering their totalrevenues.a. TRUEb. FALSE•Question 4545. .37 035•Why was OPEC unable to maintain high oil prices in the long run?A. Demand and supply are both elastic in the long run compared to the short run.B. Demand is inelastic and supply is elastic in the long run compared to the short run.C. Demand and supply are both inelastic in the long run compared to the short run.D. Demand is elastic and supply is inelastic in the long run compared to the short run.•Question 4646. .36 061•Figure 5-14Refer to Figure 5-14. Over which range is the supply curve in this figure the least elastic?A. $16 to $40B. $220 to $430C. $40 to $100D. $100 to $220•Question 4747. .34 178•Hilda’s Hair Hysteria earned $3,750 in total revenue last month when it sold 125 haircuts. This month it earned$3,600 in total revenue when it sold 90 haircuts. The price elasticity of demand for Hilda’s Hair Hysteria isA. 0.33.B. 7.98.C. 0.88.D. 1.14.•Question 4848. .34 106•Table 5-2PriceQuantity$2500$20030$15070$100110$50150$0190Refer to Table 5-2. Using the midpoint method, if the price falls from $200 to $150, the absolute value of the priceelasticity of demand isA. 5.3.B. 0.36.C. 2.8.D. 0.8.•Question 4949. .36 023•If the price elasticity of supply is 1.5, and a price increase led to a 3% increase in quantity supplied, then the priceincrease is aboutA. 0.2%.B. 4.5%.C. 0.5%.D. 2.0%.•Question 5050. .35 073•Scenario 5-2 Suppose the demand function for good X is givenby:whereis the quantity demanded of good X,is the price of good X,and is the price of good Y, which is related to good X.Refer to Scenario 5-2. Using the midpoint method, if the price of good X is constant at $10 and the price of goodY decreases from $10 to $8, the cross price elasticity of demand is aboutA. 0.57, and X and Y are substitutes.B. -2.57, and X and Y are complements.C. -0.22, and X and Y are complements.D. -0.80, and X and Y are complements.•Question 5151. .44 060•Discrimination is an example of a rationing mechanism that may naturally develop in response to a bindingprice floor.a. TRUEb. FALSE•Question 5252. .44 015•A price ceiling set above the equilibrium price is not binding.a. TRUEb. FALSE•Question 5353. .41 022•A nonbinding price ceiling(i) causes a surplus.(ii) causes a shortage.(iii) is set at a price above the equilibrium price.(iv) is set at a price below the equilibrium price.A. (i) onlyB. (ii) and (iv) onlyC. (iii) onlyD. (i) and (iii) only•Question 5454. .42 099•Figure 6-22Refer to Figure 6-22. Suppose the same supply and demand curves apply, and a tax of the same amount per unitas shown here is imposed. Now, however, the buyers of the good, rather than the sellers, are required to pay thetax to the government. After the buyers pay the tax, relative to the case depicted in the figure, the burden onbuyers will beA. larger, and the burden on sellers will be smaller.B. the same, and the burden on sellers will be the same.C. smaller, and the burden on sellers will be larger.D. The relative burdens in the two cases cannot be determined without further information.•Question 5555. .42 193•Figure 6-30Panel (a)Panel (b)Panel (c)Refer to Figure 6-30. In which market will the majority of the tax burden fall on sellers?A. the market shown in panel (a).B. the market shown in panel (b).C. the market shown in panel (c).D. All of the above are correct.•Question 5656. .41 028•If a price ceiling is a binding constraint on a market, thenA. the equilibrium price must be below the price ceiling.B. buyers cannot buy all they want to buy at the price ceiling.C. the quantity supplied must exceed the quantity demanded.D. sellers cannot sell all they want to sell at the price ceiling.•Question 5757. .44 007•If a good or service is sold in a competitive market free of government regulation, then the price of the good orservice adjusts to balance supply and demand.a. TRUEb. FALSE•Question 5858. .42 036•If the government levies a $5 tax per ticket on buyers of NFL game tickets, then the price paid by buyers of NFLgame tickets wouldA. increase by less than $5.B. decrease by an indeterminate amount.C. increase by exactly $5.D. increase by more than $5.•Question 5959. .44 134•Figure 6-36Refer to Figure 6-36. If the government places a $2 tax in the market, the buyer pays $4.a. TRUEb. FALSE•Question 6060. .42 064•Which of the following statements is correct concerning the burden of a tax imposed on take-out food?A. Buyers bear the entire burden of the tax.B. We have to know whether it is the buyers or the sellers that are required to pay the tax to the governmentin order to make this determination.C. Sellers bear the entire burden of the tax.D. Buyers and sellers share the burden of the tax.