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MT445 Unit 10 Review Part 3

MT445 Unit 10 Review Part 3
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ECONOMICS

MT445 / MT 445
Managerial Economics
Kaplan University (KU Campus)

William A. McEachern
Economics: A Contemporary Introduction, 8e
Hoboken, NJ: John Wiley & Sons.


Unit 10: Monetary Policy and International Trade

Unit 10 Review / Quiz Answers / Final Exam Part 3

51. Derived demand refers to (Points: 1)

52. For a firm hiring a resource in a perfectly competitive resource market, its demand curve for the resource is its (Points: 1)

53. The marginal revenue product of land curve indicates (Points: 1)

54. The demand for labor is likely to increase when (Points: 1)

55. An improvement in technology that allows workers to process twice as many insurance forms in an hour than before will cause (Points: 1)

56. The equilibrium wage (Points: 1)

57. Other things equal, the supply of labor will be greater to a job that (Points: 1)

58. When industrial unions negotiate with an entire industry, wage gains come at the cost of (Points: 1)

59. Which of the following explains the recent decline in union membership in the United States? (Points: 1)

60. Because of discrimination, which of the following have systematically earned less than others of equal ability? (Points: 1)

61. Government controls of price, output, entry of new firms, and quality of service in industries where monopoly appears desirable are known as (Points: 1)

62. If producers support proposed regulation of their industry, then (Points: 1)

63. The purpose of antitrust laws is to (Points: 1)

64. The Sherman Act (Points: 1)

65. Competing-interest legislation involves (Points: 1)

66. Filing a fraudulent income tax return that understates income or overstates deductions is known as (Points: 1)

67. Relative to private firms, we should expect public bureaus to be (Points: 1)

68. Public choices are government decisions about (Points: 1)

69. When consumption of a good or service produces benefits or costs that are not reflected in the market price for the good, this is known as a(n) (Points: 1)

70. Marginal social cost is equal to (Points: 1)

71. The socially efficient level of output is determined where (Points: 1)

72. In order to increase society's well-being, a process that produces a positive externality might be (Points: 1)

73. A depression can be defined as (Points: 1)

74. Economic fluctuations (Points: 1)

75. When economists refer to the economy's price level, they mean (Points: 1)

 

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