Economics questions and answers in March 2021

The demand and the supply for pork meat[1] in Meatistan are given by   Q D = 9 - 0.25 P , and Q S = 2 P   We assume that the market for pork meat is perfectly competitive.   1: Compute the equilibr...
Background Information Assume that you have been hired by an International Organization to be consulted on various issues that the country Motherland faces. For this exercise, assume that Motherland i...
Consider the Ricardian model with two countries, Home and Foreign, and two goods, X and Y. If Foreign workers have a higher real wage than Home workers and Home country has a comparative advantage in ...
Consider the specific-factors model with 2 goods: manufacturing and agriculture. Manufacturing requires labour and sector-specific capital, while agriculture requires labour and sector-specific land. ...
Which of the following is NOT a requirement for the existence of monopolistic competition in a market? Select one: a. numerous small sellers. b. full information about the market among buyers and sell...
Tom is having trouble drawing traditional supply and demand curves. What do you tell him about the demand curve? Select one: a. Price is measured on the vertical axis. b. The curve has a negative slop...
Suppose supply decreases and demand increases. What effect will this have on the price? Select one: a. it will fall. b. it will rise. c. it may rise or fall. d. it will remain the same. Jose and Maria...
Select one: a. Player A and Player B have a dominate strategy to Sit. b. Player A and Player B have a dominate strategy to Stand. c. Player A has a dominate strategy to Sit while Player B has a domina...
The monopolistically competitive firm differs from a monopoly in that the monopolistically competitive firm: Select one: a. demand curve is flatter than that of a monopoly. b. marginal revenue curve l...
What factors are held constant along a given demand curve for a good? Select one: a. the price of the good. b. the cost of inputs. c. the supply of the good. d. buyers' income and the prices of other ...
Anita has five pounds of bananas and values their total utility at $2.14. If she acquires one additional pounds of bananas and it has a marginal utility of 11 cents, Anita's total utility will: Select...
At what quantity would the monopolist depicted above maximize profits? Select one: a. A b. B c. C d. D Q 8 At what price would the monopolist depicted above maximize profits? Select one: a. E b. F c. ...
Q1. Behavioral economics seeks to incorporate the findings of what other social science in the analysis of economic behavior? Select one: a. Political science. b. Psychology. c. Sociology. d. Anthropo...
Thomas Piketty's historical analysis centers on the equation k > g. What does this equation from Piketty's work say? Select one: a. Returns on capital are greater than the growth rate of the econom...
Consider the specific-factors model with 2 goods: manufacturing and agriculture. Manufacturing requires labour and sector-specific capital, while agriculture requires labour and sector-specific land. ...
Scenario Two   Assume you have recently been hired as the new manager of EyeTech Company, an innovative company that sells specialized eye care equipment, primarily to Ophthalmologists, Optometrists,...
The pressure is on for Coke. For more than a century, Coca-Cola Co. KO -0.02% believed it could keep growing as long as it could place a Coke within "an arm's reach of desire." But in the U.S.,...
Research the web to find a recent article that discusses a forecast about international trade. This article can be from a global trade organization (such as the World Trade Organization), from a sta...
DONT EXPLAIN, JUST TYPE LETTER ONLY, PLEASE CORRECT ANSWER When Mo's income went up by 50%, all else equal, he increased the number of times he goes to the ballet each year by 20%. For Mo, the ballet ...
DONT EXPLAIN, JUST LETTER ANSWER! PLEASE BE CORRECT ANSWER The market equilibrium maximizes the sum of producer and consumer surplus for all of the following reasons EXCEPT: a. goods are produced by t...
DONT EXPLAIN, JUST TYPE LETTER ONLY, PLEASE CORRECT ANSWER Which of the following goods is an inferior good? a. Bananas, with an income elasticity of -1.20 b. Watermelon, with a cross-price elasticity...
If the price of a good rises, then: a. existing sellers will expand but more sellers will not enter a market. b. more sellers will enter a market but existing sellers will not expand. c. more sellers ...
DO NOT EXPLAIN NOR WRITE ANSWER, JUST LETTER ONLY! PLEASE CORRECT ANSWERS What would happen in the market for bicycles if the price of electric scooters (which are a substitute for bicycles) fell? a. ...
(Okay, I saw an article about Piggly Wiggly and had to put it in the problem set, this question is even more appropriate as I've just been in the US south!) The first Piggly Wiggly supermarket opened ...
The residential division of Prism's high-speed Internet service uses one advertising agency, while its commercial division uses another. Two analysts, Andy and Brad, are asked to test the effectivenes...
You're a contestant on a TV game show. In the final round of the game, if contestants answer a question correctly, they will increase their current winnings of $2 million to $5 million. If they are wr...
The graph below depicts the market for oranges at a local farmers' market. Market for Oranges  Instructions:  Enter your answers as a whole number.   a. If a producer tries to sell oranges at a pr...
Consider a market of two (2) firms that produce the same thing. Market demand is P = 80 - Q and the marginal cost of production is $10 for both firms, and each firm has a production capacity of 30 uni...
QUESTION 8 In the basic oligopoly model that considers quantity competition, we can derive an expression for the Nash equilibrium firm quantities in the market. We know it is a Nash equilibrium becaus...