Microeconomics Unit 4 Milestone - Custom Scholars
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Microeconomics Unit 4 Milestone

question
A(n) __________ good is one that, when consumed by one person, cannot be consumed by another.
answer
rivalrous
question
When a business owner uses process mapping, an activity is marked by __________.
answer
a box or rectangle
question
Which of the following statements below is true in terms of unemployment and a healthy economy?
answer
The natural rate of unemployment is 5%, according to most economists.
question
Which of the following best describes externalities?
answer
Third party costs or benefits that skew the correct market equilibrium
question
Which of the following corresponds with unemployment insurance claims?
answer
Leading indicators that firms might use to predict which part of the business cycle an economy is in
question
What is contingent valuation as it relates to alternative methods for estimating the value of environmental regulations?
answer
Multiplying the amount of people who are willing to pay for trips to natural resources by the number of citizens to construct an estimate on the value of environmental goods
question
Sarah is a great teacher; however, she struggles with the technology used by potential students and school districts, and thus is not able to find work. Sarah's type of unemployment is considered __________.
answer
structural
question
An estimate of the money and paperwork spent complying with environmental regulations could be compared to the advantages of cleaning up pollution.This method of determining the value of the environment is known as __________.
answer
cost-benefit analysis
question
Which of the following examples would correspond with a principal-agent problem?
answer
A doctor recommending an unnecessary surgery because it generates income for her
question
A public good is considered which of the following?
answer
Non-rivalrous and non-exclusive
question
Which of the following situations has revealed the level of influence that investors have in defining public company behavior?
answer
Investor vigilance regarding compensation for CEOs
question
All of the following are reasons why companies are slow to adopt sustainable practices that are better for the environment EXCEPT__________.
answer
the universal adoption of the Kyoto Protocol
question
Which of the following statements is NOT true regarding process mapping?
answer
It is an established procedure, developed in the 1930s
question
Which of the following statements best describes the minimum wage?
answer
It is a price floor that decreases consumer surplus as compared to the free market equilibrium price and output.
question
Which of the following always occurs when a tax is imposed?
answer
The price of the good will increase.
question
The price at which the consumer purchases the taxed good increases by less than the amount of the tax.Who of the following bears more of the burden of this tax, assuming that demand is more elastic than supply?
answer
Producers
question
Which of the following is an example of the "tragedy of the commons?"
answer
It is difficult to keep people from polluting the air because it is rivalrous but not exclusive.
question
Which one of the following is NOT an example of a practice that contributes to anthropomorphic climate change?
answer
Change in migration patterns
question
An economy in which price and quantity sold of goods and services is determined solely by supply and demand is a ___________.
answer
market economy
question
Determine which example represents a coincidence indicator.
answer
Consumer Confidence Index
1 of 20
question
A(n) __________ good is one that, when consumed by one person, cannot be consumed by another.
answer
rivalrous
question
When a business owner uses process mapping, an activity is marked by __________.
answer
a box or rectangle
question
Which of the following statements below is true in terms of unemployment and a healthy economy?
answer
The natural rate of unemployment is 5%, according to most economists.
question
Which of the following best describes externalities?
answer
Third party costs or benefits that skew the correct market equilibrium
question
Which of the following corresponds with unemployment insurance claims?
answer
Leading indicators that firms might use to predict which part of the business cycle an economy is in
question
What is contingent valuation as it relates to alternative methods for estimating the value of environmental regulations?
answer
Multiplying the amount of people who are willing to pay for trips to natural resources by the number of citizens to construct an estimate on the value of environmental goods
question
Sarah is a great teacher; however, she struggles with the technology used by potential students and school districts, and thus is not able to find work. Sarah's type of unemployment is considered __________.
answer
structural
question
An estimate of the money and paperwork spent complying with environmental regulations could be compared to the advantages of cleaning up pollution.This method of determining the value of the environment is known as __________.
answer
cost-benefit analysis
question
Which of the following examples would correspond with a principal-agent problem?
answer
A doctor recommending an unnecessary surgery because it generates income for her
question
A public good is considered which of the following?
answer
Non-rivalrous and non-exclusive
question
Which of the following situations has revealed the level of influence that investors have in defining public company behavior?
answer
Investor vigilance regarding compensation for CEOs
question
All of the following are reasons why companies are slow to adopt sustainable practices that are better for the environment EXCEPT__________.
answer
the universal adoption of the Kyoto Protocol
question
Which of the following statements is NOT true regarding process mapping?
answer
It is an established procedure, developed in the 1930s
question
Which of the following statements best describes the minimum wage?
answer
It is a price floor that decreases consumer surplus as compared to the free market equilibrium price and output.
question
Which of the following always occurs when a tax is imposed?
answer
The price of the good will increase.
question
The price at which the consumer purchases the taxed good increases by less than the amount of the tax.Who of the following bears more of the burden of this tax, assuming that demand is more elastic than supply?
answer
Producers
question
Which of the following is an example of the "tragedy of the commons?"
answer
It is difficult to keep people from polluting the air because it is rivalrous but not exclusive.
question
Which one of the following is NOT an example of a practice that contributes to anthropomorphic climate change?
answer
Change in migration patterns
question
An economy in which price and quantity sold of goods and services is determined solely by supply and demand is a ___________.
answer
market economy
question
Determine which example represents a coincidence indicator.
answer
Consumer Confidence Index
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