Econ 2123 (Micro) NEMCC Yarber Final
questions with verified answers
"Beaten paths" from one country to another Ans✓✓✓encourage
migration by providing employment contacts and job information
"Earmarks" refer to Ans✓✓✓authorized expenditures benefiting a
narrow, specifically designated group that are included in more
comprehensive spending legislation
A bumper crop of farm products cause Ans✓✓✓a large decline in the
price of farm products because the demand for farm products is price
inelastic
A firm is likely to be a natural monopoly Ans✓✓✓if economies of
scale are experienced over the full range of output
A firm operating in a purely competitive resource market faces a
resource supply curve that is Ans✓✓✓perfectly elastic
A firm will find it profitable to hire workers up to the point at which
their Ans✓✓✓marginal resource cost is equal to their MRP
A natural monopoly occurs when Ans✓✓✓long-run average costs
decline continuously through the range of demand
, A negative externality or spillover cost occurs when Ans✓✓✓the total
cost of producing a good exceeds the costs borne by the producer
A perfectly elastic demand curve implies that the firm Ans✓✓✓can sell
as much output as it chooses at the existing price
A perfectly inelastic demand schedule Ans✓✓✓can be represented by a
line parallel to the vertical axis
A person will be more likely to migrate the Ans✓✓✓greater the wages
in their prospective new country relative to wages in their home country
A positive statement is one that Ans✓✓✓focuses on facts, descriptions,
and theoretical relationships
A production possibilities curve illustrates Ans✓✓✓scarcity
According to the concept of diminishing marginal utility, consumers will
purchase more of a good when the price falls because Ans✓✓✓the
marginal benefit of additional units of the good now outweigh the
marginal cost
Allocative efficiency occurs only at that output where Ans✓✓✓the
combined amounts of consumer surplus and producer surplus are
maximized
questions with verified answers
"Beaten paths" from one country to another Ans✓✓✓encourage
migration by providing employment contacts and job information
"Earmarks" refer to Ans✓✓✓authorized expenditures benefiting a
narrow, specifically designated group that are included in more
comprehensive spending legislation
A bumper crop of farm products cause Ans✓✓✓a large decline in the
price of farm products because the demand for farm products is price
inelastic
A firm is likely to be a natural monopoly Ans✓✓✓if economies of
scale are experienced over the full range of output
A firm operating in a purely competitive resource market faces a
resource supply curve that is Ans✓✓✓perfectly elastic
A firm will find it profitable to hire workers up to the point at which
their Ans✓✓✓marginal resource cost is equal to their MRP
A natural monopoly occurs when Ans✓✓✓long-run average costs
decline continuously through the range of demand
, A negative externality or spillover cost occurs when Ans✓✓✓the total
cost of producing a good exceeds the costs borne by the producer
A perfectly elastic demand curve implies that the firm Ans✓✓✓can sell
as much output as it chooses at the existing price
A perfectly inelastic demand schedule Ans✓✓✓can be represented by a
line parallel to the vertical axis
A person will be more likely to migrate the Ans✓✓✓greater the wages
in their prospective new country relative to wages in their home country
A positive statement is one that Ans✓✓✓focuses on facts, descriptions,
and theoretical relationships
A production possibilities curve illustrates Ans✓✓✓scarcity
According to the concept of diminishing marginal utility, consumers will
purchase more of a good when the price falls because Ans✓✓✓the
marginal benefit of additional units of the good now outweigh the
marginal cost
Allocative efficiency occurs only at that output where Ans✓✓✓the
combined amounts of consumer surplus and producer surplus are
maximized
