Microeconomics Final – EGCC

On average, it can cost _____________ and take ___________ to discover a new drug, perform the necessary safety tests, and bring the drug to market.

In the Unites States, worker membership in labor unions has been

Alternate Outputs from One Day's Labor Input:

USA: 12 bushels of wheat or 3 yards of textiles.
India: 3 bushels of wheat or 12 yards of textiles.

From the data, the USA:

What do stocks, bonds, securitized mortgage assets and other financial investments all have in common?

Which is not one of the forces that discourage or prevent potential competitors from entering a market, also know as a barrier to entry?

One reason some economists doubt that patent protection encourages innovation is that economic studies show that inventors receive only __________________ of the total economic value of their inventions in countries that ______________ .

Of 1000 homeowners insured with Crown Insurance, 250 live in a flood plain, 150 live in an area with frequent tornadoes, 100 live in earthquake prone regions, and the remaining 500 reside in small communities located in less hazardous regions. Which of the following will likely apply to the low-risk group of homeowners?

The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves __________ spending.

A pollution charge gives the trucking industry an incentive to reduce its emissions, as long as the _____________ of reducing the emissions is _______________ .

_____________________ cannot be eliminated, but it can often be managed.

The opportunity cost of producing a pair of pants in the USA is 5 bushels of wheat, while in China, it is 2 bushels of wheat. As a result:

Politicians often argue for tariff increases in order to reduce the nation's dependence on imports. If tariffs are increased, the long-run effect is most likely to be:

Which of the following is a question economists have struggled to address with only partial success?

A monopolistic competitor has the following information about cost and demand. If this industry was perfectly competitive, what price would the good sell for?

Which of the following is a true statement?

Around the world, many countries have passed laws to keep farm prices higher than they otherwise would be. Why does this widespread practice continue?

Which statement describes Ricardo's argument in his treatise On the Principles of Political Economy and Taxation?

Terry attends college and works part-time job in a drug store. She can work up to 40 hours each week, and is paid $9 per hour. The table below shows her utility from different levels of leisure and income. If Terry decides to work 20 hours per week, her total utility from both leisure and income would be:

A country is currently creating 40 million tons of toxic waste per year. The table below shows the marginal costs and benefits of reducing the amount of toxic waste to various amounts. What level of toxic waste should the country reduce to?

What is not a positive externality?

Those firms in the oil refining industry that can reduce pollution __________________ will do so _______________________ .

Given the data provided in the table below, what will the marginal cost equal for production at quantity (Q) level 4?

Under perfect competition, any profit-maximizing producer faces a market price equal to its

Tariffs result in a decrease in consumer surplus because:

Factors that contributed to the current level of the earnings gap in the U.S. labor market between black and white workers include:

JustMeInc. is the only provider of high speed internet in Tinytown. The firm charges their customers on an annual basis. Its cost and demand information are given below.If the government decides to regulate this natural monopoly by forcing them to sell the quantity and price where the market demand curve crosses average cost, then the market price would be

An insurance company is likely to believe that having a major accident is a signal of being a _____________, and thus try to _________________.

Which one of the following is the most accurate description of a monopolist?

Another person or firm who legally pledges to repay some or all of the money loaned if the original borrower fails to do so is called a __________________________ .