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Which of the following is one of eight countries or areas identified by the Whole Food Programme who will most likely suffer from climate damages?
A. Nicaragua
B. Madagascar
C. Iraq
D. Italy
E. Egypt
B. Madagascar
When transaction costs are low, private parties can formulate solutions to complex problems and disagreements between one another. This is referred to as _____.
A. The Smith Theorem
B. The profit motive
C. Corporate sabotage
D. The Coarse Theorem
E. The Adams Theorem
D. The Coase Theorem
Macroeconomics is concerned with the causes and consequences of short-run fluctuations in the level of economic activity, ____, and ____.
A. Unemployment; Inflation
B. Markets; NDP
C. Supply; Demand
D. Markets; Demand
E. Markets; Supply
A. Unemployment; Inflation
Consider a 5% increase in price of houses in all locations. City A has very strict laws about new construction that implies that land is very scarce. City B has some restrictions on new construction, but fewer than city A. City C has no restrictions on construction whatsoever. Order the locations from SMALLEST increase in quantity of houses supplied to the LARGEST.
A. City B, City C, City A
B. City B, City A, City C
C. City C, City B, City A
D. City C, City A, City B
E. City A, City B, City C
E. City A, City B, City C
A 2022 Stanford University study found that the number of people exposed for at least one day in a year to toxic pollution from wildfires increased how many times between 2006 and 2020?
A. twenty-two
B. twenty-seven
C. nineteen
D. twelve
E. five
B. Twenty-Seven
Margo's bakery is committed to producing as many cakes as customers want to buy at a fixed price of $15 per cake. this is an example of _____ supply curve.
A. Elastic
B. Perfectly elastic
C. Inelastic
D. Downward sloping
E. Perfectly inelastic
B. Perfectly elastic
A survey in what year found that 1 in 10 Americans do not believe climate change is happening, and 3 out of 4 believe that it is?
A. 2019
B. 2021
C. 2022
D. 2023
E. 2020
B. 2021
When a firm or individual puts out pollution, it uses up some of the clean air available. However, it is very difficult to regulate the use of air. This makes it a _____ good.
A. Collective
B. Public
C. Private
D. Capital
E. Common
E. Common
The last successful round of multilateral trade negotiations occurred from 1986 to 1993 (the _____ Round), during which the GATT Articles were incorporated into the World Trade Organization (WTO).
A. Paraguay
B. Norway
C. Germany
D. Uruguay
E. Hungary
D. Uruguay
What is the main difference between microeconomics and macroeconomics
A. All of the above
B. Microeconomics focuses on national economics, while macroeconomics focuses on individual behavior.
C. Microeconomics concentrates on individual behavior and markets, while macroeconomics concentrates on overall national economy
D. Microeconomics is concerned with value judgements, while macroeconomics is concerned with efficiency.
E. Macroeconomics deals with normative statements, while microeconomics deal with positive statements.
C. Microeconomics concentrates on individual behavior and markets, while macroeconomics concentrates on overall national economy
The idea that my consumption of a public good does not compete with your consumption of the same good indicates the public good has a defining characteristic of being _________.
A. Rival
B. Invisible
C. Equitable
D. Nonrival
E. Progressive
D. Nonrival
A profit maximizing firm currently has a marginal cost of $15 and charges a price of $20. Which is NOT a possible market type for this firm?
A. Perfect competition
B. Oligopoly
C. Monopoly
D. Natural monopoly
E. Monopolistic competition
A. Perfect Competition
International Energy Agency (IEA) noted that growth in renewables was much greater than expected, due in large part to government support in _____, the European Union (EU), and Latin America.
A. Brazil
B. Russia
C. The U.S
D. China
E. Ukraine
D. China
The bicycle market includes four members, Mike Stacey, Lin, and Jacob. Mike supplies 35 bikes, Stacey 20, Lin 65, and Jacob 5. What is the total quantity of bikes available in the market?
A. 120
B. 100
C. 115
D. 125
E. 65
D. 125
Concerning Pareto efficiency, if an economy consists of twelve people who produce $60 worth of goods and services, which of the following scenarios is NOT efficient?
A. Each person receives $5 of benefits from the production.
B. One person receives $49 of benefits and everyone else each receives $1 of benefits.
C. Four persons each receive $10 of benefits and everyone else each receives $2 of benefits
C. Four persons each receive $10 of benefits and everyone else each receives $2 of benefits
In an economy with a money supply of 1 billion dollars, where each dollar is used 10 times per year on average, and output is 20 billion dollars. What is the price level?
A. 1
B. 20
C. 2
D. 0.5
E. It cannot be determined
D. 0.5
In the current equilibrium, a good sells for $10 per unit, and 500 units are sold. In general, a $2 tax per unit will raise ____ in revenue.
A. Between $0 and $1,000
B. $6,000
C. $0
D. Exactly $1,000
E. $5,000
A. Between $0-$1,000
Economists think that, in reality, supply and demand is a good model for _____.
A. Markets that have reasonably similar products, and more than a few sellers, and buyers
B. All markets
C. Markets with only one seller and many buyers
D. Markets that have identical products, but only a few sellers and buyers
E. Only markets that have identical products, many sellers, and many buyers
A. Markets that have reasonably similar products, and more than a few sellers, and buyers
You, a congressperson, lobby for the construction of a new military base in your district. There is limited value to the construction of the base, but it will create jobs for your constituents. This is an example of.....
A. Rent seeking
B. A negative externality
C. Pork Barrel politics
D. Military Keynesianism
E. A positive externality
C. Pork Barrel Politics
Rice can be considered a substitute for pasta. If there is a shock to the price of pasta causing the price of pasta to increase rapidly, which of the following is likely to result?
A. Demand will shift right
B. Supply will shift left
C. The price of pasta will not affect the demand for rice
A. Demand will shift right
What is the general approach taken by the international scientific body responsible, the IPCC (Intergovernmental Panel on Climate Change), regarding the economic damages associated with climate change?
A. Usa very precise and numeric calculations
B. Round up to most repetitive output
C. Project the most likely overall outcome
D. Round down to the lowest base result
E. Estimate different "pathways" of change
E. Estimate different "pathways" of change
In estimating the climate damages to poorer countries, which of the following is the first factor that comes into play?
A. Altitude
B. Population Density
C. Latitude
A. Latitude
The federal government is concerned that the economy is expanding too quickly. Which of the following policies would they wish to implement?
A. Raise taxes
B. Lower taxes
C. Raise military spending
A. Raise taxes
Continuing discoveries of oil and natural gas, as in Canada's ____ tar sands, as well as new "fracking" technologies for underground gas, kept oil and gas prices relatively low in the early part of the twenty-first century.
A. Nova Scotia
B. Alberta
C. Manitoba
D. Ontario
E. British Columbia
B. Alberta
Suppose that the marginal cost of the last unit produced exceeds the marginal benefit to consumers of that unit. Which of the following is TRUE?
A. Society would be made better off if the quantity of the good were decreased
B. Society cannot be made better off
C. Society would be made better off if the price were higher but the quantity was held constant
A. Society would be made better off if the quantity of the good were decreased