C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

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B. the costs of receiving necessary medical education are higher C. a relatively small number of students are admitted to medical schools D. all of the above Part 1 of 1 -90.0/ 100.0 Points Question 1 of 205.0/ 5.0 Points A possible reason to impose a protectionist policy such as a tariff is to __________ . A. increase the welfare of domestic consumers B. slow domestic production C. aid other nations in developing their own industries D. protect domestic workers from foreign competition Question 2 of 205.0/ 5.0 Points Which of the following situations will arise in the domestic market following the removal of an import quota? A. imports increase, domestic production increases, prices increase B. imports increase, domestic production decreases, prices decrease C. imports decrease, domestic production increases, prices decrease D. imports decrease, domestic production decreases, prices increase Question 3 of 205.0/ 5.0 Points If Italy can produce grapes at a lower opportunity cost than any other nation, Italy is said to have a(n. __________ in the production of grapes.
A. autarky B. absolute advantage C. comparative disadvantage D. comparative advantage Question 4 of 205.0/ 5.0 Points Which of the following statements is true? A. Free trade will benefit all workers in a nation equally. B. As a result of specialization some workers will be displaced and harmed in the short run by free trade. C. Free trade leads to lower wages for all workers in both nations. D. Specialization will result in a decline in an industry, and none of those workers will be able to find other jobs. Question 5 of 205.0/ 5.0 Points A possible reason a nation might impose a protectionist policy such as a tariff is to __________ . A. help domestic firms establish a world monopoly in a particular market B. increase the level of imports C. encourage specialization in the good in which the nation has a comparative advantage D. increase the welfare of domestic consumers Question 6 of 205.0/ 5.0 Points Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces only teapots, it can make 80 per day. If Arcadia produces only surfboards, it can make 30 per day. What is the opportunity cost of 1 teapot in Arcadia?
Page 1 and 2: C13 Microeconomics Online Exams 1-8
Page 3 and 4: C. the cost of bait, any other mone
Page 5 and 6: A. allowing the government and othe
Page 7 and 8: C. The answer depends on how much y
Page 9 and 10: D. 20 Question 2 of 205.0/ 5.0 Poin
Page 11 and 12: C. consumer income D. the cost of p
Page 13 and 14: Question 13 of 5.0/ 5.0 Points 20 T
Page 15 and 16: A. consumer income rises B. the pri
Page 17 and 18: C. $55,000 D. $100,000 Question 4 o
Page 19 and 20: B. maximum amount the consumer woul
Page 21 and 22: If the government imposes a maximum
Page 23 and 24: B. a monetary payment from the gove
Page 25 and 26: A. increase and output will decreas
Page 27 and 28: D. encourage driving to generate re
Page 29 and 30: A. are designed to encourage more p
Page 31 and 32: C. Fixed costs are always the large
Page 33 and 34: A. the different combinations of tw
Page 35 and 36: C. the foregone interest and the co
Page 37 and 38: The equimarginal rule __________ .
Page 39 and 40: A. a perfectly competitive market B
Page 41 and 42: A. demand for butter increased caus
Page 43 and 44: C. firms act strategically D. all o
Page 45 and 46: A. change in labor necessary to pro
Page 47 and 48: D. reduce the wealth of the poorest
Page 49 and 50: A. an increase in demand for highly
Page 51: C. individual labor supply D. marke
Page 55 and 56: A. increase imports and raise price
Page 57 and 58: Suppose there are only two nations,
Page 59: C. produced by a nation before trad

C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

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