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1001EconomicsMedium

Korea’s keirestsu-like corporate conglomerates is known as?

Abourgeoisie

Bzaibatsu

Claissez faire

Dchaebol

Correct answer

D. chaebol

Explanation

The correct answer is chaebol.

1002EconomicsMedium

An increase in demand for a product should?

AIncrease equilibrium price and decrease quantity

BIncrease equilibrium price and quantity

CDecrease equilibrium price and quantity

DDecrease equilibrium price and increase quantity

Correct answer

D. Decrease equilibrium price and increase quantity

Explanation

The correct answer is Decrease equilibrium price and increase quantity.

1003EconomicsMedium

If the consumption of good by one person does not reduce the quantity available by others and nobody can be easily excluded from consumption, we are referring to a?

APrivate good

Babundant good

Cmerit good

Dpublic good

Correct answer

D. public good

Explanation

The correct answer is public good.

1004EconomicsMedium

A case when internal economies of scale bring about a continuously falling average cost curve that makes having more than one firm in an industry inefficient is illustrative of?

AThe existence of oligopoly

Ban individual firm facing a horizontal (perfectly elastic) demand curve in LDCs

Can LDC’s limit of one firm to an industry

Da natural monopoly

Correct answer

D. a natural monopoly

Explanation

The correct answer is a natural monopoly.

1005EconomicsMedium

Refer to Exhibit 4. If a tax is placed on the product in this market, producer surplus is the area?

CA + B + C + D

DA + B + E

Correct answer

A. D

Explanation

The correct answer is D.

1006EconomicsMedium

Which of the following countries is not a low income country?

AMalaysia

BIndonesia

CIndia

DNigeria

Correct answer

A. Malaysia

Explanation

The correct answer is Malaysia.

1007EconomicsMedium

Which of the following is True is LDCs?

AIt is cheaper to hire labor in LDC because its productivity is relatively higher than in DCs

BAdapting existing Western technology to LDC conditions requires little creativity

CLabor is usually considered the scarce factor

DLabor is often underemployed, having a low alternative cost

Correct answer

D. Labor is often underemployed, having a low alternative cost

Explanation

The correct answer is Labor is often underemployed, having a low alternative cost.

1008EconomicsMedium

Economic rent?

Aare the payments above the minimum essential to attract the resources to the market?

Bdoes not include monopoly profits

Cis the wage used to pay unskilled workers?

Dis productive activity to obtain private benefit from public action and resources

Correct answer

A. are the payments above the minimum essential to attract the resources to the market?

Explanation

The correct answer is are the payments above the minimum essential to attract the resources to the market?.

1009EconomicsMedium

Billy Graham,s religious revival meetings are an example of________?

Asocial movements

Bexpressive crowds

Cpeople, s fear of the unknown

Dspiritual awakening

Correct answer

B. expressive crowds

Explanation

The correct answer is expressive crowds.

1010EconomicsMedium

Under the EU’s Common Agricultural Policy, a variable import levy equals the?

Asupport price of the EU

Bamount the which the EU’s support price exceeds the world price

Cworld price

Damount by which the world price exceeds the EU’s support price

Correct answer

B. amount the which the EU’s support price exceeds the world price

Explanation

The correct answer is amount the which the EU’s support price exceeds the world price.

An increase in demand for a product should?

AIncrease equilibrium price and decrease quantity

BIncrease equilibrium price and quantity

CDecrease equilibrium price and quantity

DDecrease equilibrium price and increase quantity

Correct answer

D. Decrease equilibrium price and increase quantity

Explanation

The correct answer is Decrease equilibrium price and increase quantity.

Which of the following is True is LDCs?

AIt is cheaper to hire labor in LDC because its productivity is relatively higher than in DCs

BAdapting existing Western technology to LDC conditions requires little creativity

CLabor is usually considered the scarce factor

DLabor is often underemployed, having a low alternative cost

Correct answer

D. Labor is often underemployed, having a low alternative cost

Explanation

The correct answer is Labor is often underemployed, having a low alternative cost.

Economic rent?

Aare the payments above the minimum essential to attract the resources to the market?

Bdoes not include monopoly profits

Cis the wage used to pay unskilled workers?

Dis productive activity to obtain private benefit from public action and resources

Correct answer

A. are the payments above the minimum essential to attract the resources to the market?

Explanation

The correct answer is are the payments above the minimum essential to attract the resources to the market?.

Under the EU’s Common Agricultural Policy, a variable import levy equals the?

Asupport price of the EU

Bamount the which the EU’s support price exceeds the world price

Cworld price

Damount by which the world price exceeds the EU’s support price

Correct answer

B. amount the which the EU’s support price exceeds the world price

Explanation

The correct answer is amount the which the EU’s support price exceeds the world price.