Test 3 Econ

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Food and Resources

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Monserrat Garcia

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Test 3 Econ


Froggy Jumps Test 3 EconOnline version Food and Resources by Monserrat Garcia 1 What is "utility" in economic terms? a The ability of a good to satisfy a want b The cost of a good or service c A consumer’s willingness to pay for a good 2 What is "marginal utility"? a The additional satisfaction from consuming one more unit b The total satisfaction from all units consumed c The utility received from the first unit consumed 3 Which of the following best describes "diminishing marginal utility"? a Each additional unit of a good provides less satisfaction than the previous one b The more of a good a person consumes, the greater the satisfaction c Total utility decreases as consumption increases 4 In labor economics, what is the "incentive effect"? a When a person’s labor hours increase in response to a wage increase b When higher wages lead to lower labor supply c The total amount of work a person can perform 5 What does a backward-bending labor supply curve indicate? a Workers reduce hours after a certain wage level b Workers always increase hours as wages increase c Labor supply is independent of wage rates 6 What is the main cause of a backward-bending labor supply curve? a Income effect outweighing the substitution effect b Substitution effect outweighing the income effect c Both effects are equal 7 In a perfectly competitive market, firms are typically: a Price takers b Price makers c Monopolies 8 Which condition is true for profit maximization in a perfectly competitive market? a Marginal cost equals marginal revenue b Average revenue equals average cost c Total cost is minimized 9 What happens when the marginal cost is less than marginal revenue for a firm? a The firm should increase output b The firm should decrease output c The firm is at profit maximization 10 What characterizes a perfectly competitive market? a Many sellers, identical products b Few sellers, differentiated products c Many buyers and a single seller 11 What role does international trade play in market efficiency? a Increases efficiency by allowing countries to specialize b Decreases efficiency by limiting market access c Has no impact on efficiency 12 In which scenario would a country import goods? a When the world price is lower than the domestic price b When its domestic production is more efficient c When it has an absolute advantage 13 Which of the following is a primary benefit of international trade? a Access to a greater variety of goods and services b Decreased consumer choice c Increased prices for imported goods 14 When the supply of labor increases, assuming demand remains constant, what happens to wages? a They decrease b They increase c They become unpredictable 15 What is the economic rationale for governments regulating monopolies? a To protect consumer interests and promote fair pricing b To eliminate all competition c To ensure monopolists charge the highest price possible 16 Which of the following factors influences labor supply? a The wage rate b Consumer preferences c Supply of raw materials 17 What is one primary reason some countries specialize in certain goods? a To maximize comparative advantage b To increase the cost of goods c To reduce exports 18 A firm in a perfectly competitive market will shut down in the short run if: a Price is less than average variable cost b Total revenue is greater than total cost c Marginal cost equals marginal revenue 19 What is "total utility"? a Satisfaction from all units consumed b Satisfaction from the last unit consumed c Satisfaction divided by quantity consumed 20 Which of the following statements is true about rational self-interest in economics? a Rational self-interest means individuals aim to maximize their satisfaction b People only act in ways that directly benefit others c Rational self-interest always leads to selfishness 21 If the wage rate for a particular job increases significantly, what is the most likely short-term effect on labor supply for that job? a Labor supply will increase b Labor supply will decrease c Labor supply will increase then immediately decrease 22 In a perfectly competitive market, what happens if a firm tries to set a price above the market equilibrium? a It loses customers to competitors b It gains more customers c It increases profits 23 Which of the following best describes the concept of comparative advantage in international trade? a Producing goods at a lower opportunity cost than others b Producing goods at the lowest cost possible c Trading only with countries with similar economies 24 If a country has an absolute advantage in producing a good, it means that: a It can produce the good more efficiently than other countries b It can produce the good at a lower opportunity cost c It has the lowest domestic price for the good 25 Which of the following is an example of the income effect in labor supply? a A person works fewer hours as wages increase, choosing more leisure b A person works more hours when wages decrease c A person increases their spending when wages decrease 26 Which of the following would most likely lead to an increase in exports from a country? a A rise in the world price of the country's export goods b An increase in the domestic demand for the goods c A decline in the productivity of local industries 27 Garbage pickups per month (Q): a 4 b 6 c 2 28 What rule dictates your previous answer? a MR=MC b MR=ATC c TR=TC 29 Price per pickup: a 3.60 b 4.00 c 2.50 30 What is the economic profit received by the monopoly firm per household? a $14.40 b $10.20 c $20 31 Where do competitive firms maximize profit? a Where marginal revenue (MR) equals marginal cost (MC) b When total revenue equals total cost c When marginal cost equals average cost. 32 How is profit calculated for a perfectly competitive firm? a Profit = (Price – Average Total Cost) × Quantity b Profit = (MR – MC) × AVC c Profit = Total Cost ÷ Price. 33 When should a perfectly competitive firm shut down? a When price (P) is less than average variable cost (AVC) b When price equals marginal cost c When total revenue equals fixed cost 34 What represents a firm’s short-run supply curve? a The marginal cost (MC) curve above the minimum AVC b The average total cost curve. c The marginal revenue curve. 35 What happens to profits in the long run under perfect competition? a Firms earn zero economic profit b Firms earn constant positive profits c Firms always make losses 36 What happens if firms in the market are earning profits? a Firms enter, supply rises, and price falls until profits disappear. b Firms leave, supply drops, and price rises c Firms reduce output to keep prices high 37 What happens if firms are making losses? a Firms exit, supply falls, and price rises until losses are eliminated b Firms enter to increase competition c Firms increase production to cover losses

Test 3 Econ

Froggy Jumps

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Test 3 EconOnline version

by Monserrat Garcia

What is "utility" in economic terms?

What is "marginal utility"?

Which of the following best describes "diminishing marginal utility"?

In labor economics, what is the "incentive effect"?

What does a backward-bending labor supply curve indicate?

What is the main cause of a backward-bending labor supply curve?

In a perfectly competitive market, firms are typically:

Which condition is true for profit maximization in a perfectly competitive market?

What happens when the marginal cost is less than marginal revenue for a firm?

What characterizes a perfectly competitive market?

What role does international trade play in market efficiency?

In which scenario would a country import goods?

Which of the following is a primary benefit of international trade?

When the supply of labor increases, assuming demand remains constant, what happens to wages?

What is the economic rationale for governments regulating monopolies?

Which of the following factors influences labor supply?

What is one primary reason some countries specialize in certain goods?

A firm in a perfectly competitive market will shut down in the short run if:

What is "total utility"?

Which of the following statements is true about rational self-interest in economics?

If the wage rate for a particular job increases significantly, what is the most likely short-term effect on labor supply for that job?

In a perfectly competitive market, what happens if a firm tries to set a price above the market equilibrium?

Which of the following best describes the concept of comparative advantage in international trade?

If a country has an absolute advantage in producing a good, it means that:

Which of the following is an example of the income effect in labor supply?

Which of the following would most likely lead to an increase in exports from a country?

Garbage pickups per month (Q):

What rule dictates your previous answer?

Price per pickup:

What is the economic profit received by the monopoly firm per household?

Where do competitive firms maximize profit?

How is profit calculated for a perfectly competitive firm?

When should a perfectly competitive firm shut down?

What represents a firm’s short-run supply curve?

What happens to profits in the long run under perfect competition?

What happens if firms in the market are earning profits?

What happens if firms are making losses?