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Question
Considering an apartment building, a retail business in a leased space, a housing subdivision selling finished homes or an unimproved tract of land, the apartment building is most likely to result in a negative cash flow.Answer
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Related questions
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Which of the distributive standards does NOT involve a value judgment?
A) Productivity standard
B) Egalitarian standard
C) Merit standard
D) All of the standards involve value judgments.
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All of the following are possible criticisms of social regulation EXCEPT A) that the costs may outweigh the benefits.B) that social regulation may create anticompetitive effects.C) that the regulations have not resulted in safer working conditions.D) that the regulations lead to higher production costs.
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Explain the difference between informational advertising and persuasive advertising. Give an example of a product that would be the subject of each type of advertising and explain why that type of advertising fits the product.
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Discuss and explain the relationships between the monopolistʹs demand curve, average revenue curve, and marginal revenue curve.
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The benefits of social regulation usually are
A) small.
B) obvious to people while the costs are hidden.
C) less than the costs of social regulation, reducing overall welfare.
D) difficult to measure.
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Explain how advertising can act as a signal.
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The opportunity cost of capital isA) the rate of return realized on an investment.B) the rate of return that could be earned by the ownerʹs capital were it used elsewhere.C) the rate used to calculate a firmʹs tax liability.D) the rate of interest the government uses to calculate legal business tax penalties.
Q:
Quantity of Hamburgers/WkTotal UtilityQuantity of Movies/WkTotal Utility14014002602700376385048649505915100069361025Refer to the above table. The price of a hamburger is $2, the price of a movie is $10, and the consumer has $44. What is the change in quantity demanded of hamburgers if the price of a hamburger decreases to $1?A) Quantity demanded increases by 1 hamburger.B) Quantity demanded increases by 2 hamburgers. C) Quantity demanded increases by 3 hamburgers. D) Quantity demanded increases by 4 hamburgers.
Q:
Refer to the above figure. The market supply and demand curves in a perfectly competitive market intersect at $4. Which of the graphs represent the situation for an individual firm?A) Panel A B) Panel B C) Panel C D) Panel D
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When a firm uses profits to purchase new capital equipment, it is engaging inA) tax evasion.B) balance sheet accounting. C) reinvestment.D) the most risky way the firm can obtain investment funds.
Q:
Which of the following would most likely exhibit the highest price elasticity of demand?A) Gasoline B) One particular brand of toothpasteC) Motor oil D) Salt
Q:
If all firms had to bear all the social costs of their actions, we should observe marginal cost curves
A) of all firms shifting up.
B) of some firms shifting up, of some others shifting down, and of the rest not shifting at all.
C) of all firms that had generated externalities shifting up while there would be no change for the rest of the firms.
D) of some firms shifting up and of the rest shifting down.
Q:
If MFC < MRPL, the firm shouldA) hire more workers. B) lower wages.C) get rid of some capital. D) reduce the number of workers.
Q:
In a cartel, participating members can cheat byA) letting more entrants join the cartel. B) leaving the industry.C) producing a lower production level than the cartel quota. D) charging a slightly lower price and raising production.
Q:
The additional utility or satisfaction that one derives from consuming one more unit of any good or service is referred to asA) total utility. B) substantive utility. C) average utility. D) marginal utility.
Q:
The demand for diet soft drinks (as a group) is relatively inelastic because
A) there are many of them on the market.
B) there are few substitutes.
C) the purchase of a soft drink represents a large portion of a personʹs budget.
D) none of the above.
Q:
For a monopsonist, marginal factor cost exceeds the wage rate sinceA) more workers have to be paid the prevailing wage rate.B) the supply of labor is perfectly elastic.C) when new workers are hired the wage rate must be increased for all workers and not just for the additional workers.D) the labor demand is downward sloping.
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A firm should hire workers up to the point whereA) MP = P. B) MFC = P. C) MFC = MRP. D) MP = MRP.
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Products such as office supplies are examples ofA) experience goods. B) simple goods.C) search goods. D) selective goods.
Q:
The market demand curve in perfect competition is found byA) horizontally summing the supply curves of the individual firms in the industry.B) horizontally summing the demand curves of the individual consumers. C) utility maximizing behavior of the ʺrepresentative consumer.ʺD) the interaction of supply and demand at the individual firm and consumer levels.
Q:
QTFCTVCTC0$90$ 0$ 901902511529032122390421324906415459095185Refer to the above table. What is MC when output rises from 0 unit to 1 unit?A) $0 B) $25 C) $90 D) $115
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The two most important rationales for government intervention in non -monopolistic markets areA) market failure and asymmetric information.B) substandard products and job creation for public employees.C) job creation and income maintenance. D) unfair pricing and usury.
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A member in a cartel can earn more profits byA) charging a slightly lower price and raising production. B) producing less than the agreed rate.C) selling less than the agreed amount. D) none of the above.
Q:
Which of the following statements is correct about the demand curve of the perfectly competitive industry?A) The demand curve of the perfectly competitive industry is horizontal as are the demand curves facing the individual firms.B) The market demand curve of perfect competition is vertical because the individual consumers are buying a homogeneous product.C) The market demand curve of the perfectly competitive industry is downward sloping while the demand curve facing an individual firm is horizontal.D) The market demand curve of the perfectly competitive industry is downward sloping, so the demand curves of the individual firms are also downward sloping.
Q:
Implicit costs areA) the costs of using factors that a producer hires or rents.B) the opportunity costs of using factors that a producer does not buy or hire but already owns.C) costs that are taken into consideration by accountants.D) costs that are variable in the short run and fixed in the long run.
Q:
A perfectly competitive industryʹs market price is found by
A) finding the point on the market demand curve where the largest number of units will be purchased.
B) locating the intersection of the market demand and market supply curves.
C) the horizontal summation of all the industry firmsʹ individual supply curves.
D) identifying the price at which each firm realizes its largest economic profit.
Q:
Economists once believed utility could be measured. The philosophical school based on the thought known as utilitarianism was developed by the English philosopherA) Jeremy Bentham. B) Henri Leconte.C) John Lennon. D) Bernard Mandeville.
Q:
To totally internalize an externality, a government can levy a tax related only to the physical quantity of pollution if
A) the economic damages associated with the pollution are different across different locations.
B) the economic damages are too large to be determined.
C) the economic damages associated with the pollution are the same across different locations.
D) the economic damages are zero.
Q:
PriceQuantity$191118121713161415151416Given the data in the above table, what is the marginal revenue when the 13th unit is sold?A) $7.00 B) $5.00 C) $3.00 D) $1.00
Q:
QTFCTVCTC0$90$ 0$ 901902511529032122390421324906415459095185Refer to the above table. When output rises from 4 units to 5 units, marginal costs areA) $19. B) $10. C) $22. D) $31.