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Ответы на тесты National Regulations of Entrepreneurship in the System of Trade Policies Measures.d

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Бесплатные ответы на тесты по предмету «National Regulations of Entrepreneurship in the System of Trade Policies Measures.d» — Синергия и МТИ

Вопрос 1Ответ открыт бесплатно

Which of the following statements is false?

  1. Even if a country acquired no extra resources, its output could grow
  2. Even if a country had no technological progress, its total factor productivity could increase
  3. Even if a country's workforce stayed the same, there could be an increase in human capital
  4. If a country's GDP per head rose by 3% a year, it would take about 33 years for its output GDP per head to double✓ Правильный ответ
✓ Правильный ответ

If a country's GDP per head rose by 3% a year, it would take about 33 years for its output GDP per head to double

Вопрос 2

Suppose GDP was constant over a period of years and yet living standards increased. Which of the following might not be a reason for this?

  1. There might be an increase in household production
  2. There might be an increase in production by the underground economy
  3. There might be an increase in exports
  4. There might be an increase in leisure
Вопрос 3

Which of the following statements is false?

  1. Growth is no help in efforts to ease relative poverty
  2. Over a period of time when economic welfare increased, total welfare could decrease
  3. If a country decides to invest in more capital this year, then living standards may initially fall and yet in time be higher than they would otherwise have been
  4. Growth has reduced drudgery
Вопрос 4

In the basic neoclassical growth model, where does equilibrium occur?

  1. Where investment per worker equals saving per worker
  2. Where investment per worker equals depreciation per worker
  3. Where investment per worker equals capital per worker
  4. Where capital per worker equals output per worker
Вопрос 5

Suppose the proportion of the population in the workforce increases while everything else stays the same. According to the neoclassical growth model, which of the following statements is false

  1. Initially, output per worker will fall
  2. Eventually, output per head of population will be higher than it started
  3. There will be sustained economic growth
  4. There will be capital widening
Вопрос 6Ответ открыт бесплатно

According to the neoclassical growth model, which of the following statements is false?

  1. If the population continually grows, while everything else stays the same, then living standards will be lower than they would be if the population was constant
  2. If people save and invest a higher proportion of their incomes, while everything else stays the same, then there will be sustained growth✓ Правильный ответ
  3. If people save and invest a higher proportion of their incomes, while everything else stays the same, living standards could fall
  4. A new technology which makes workers more productive, while everything else stays the same, may not lead to sustained growth
✓ Правильный ответ

If people save and invest a higher proportion of their incomes, while everything else stays the same, then there will be sustained growth

Вопрос 7

Suppose inflation over the next year is expected to be 5%, and assume there are no supply shocks. What rate of inflation will the short-run Phillips curve show at the natural rate of unemployment?

  1. 3%
  2. Between 0% and 5%
  3. 5%
  4. Over 5%
Вопрос 8

There are many reasons why a poor country may fail to catch up with a rich neighbour. Which of the following is not one of these reasons?

  1. The poor country may have more rapid population growth
  2. The rich country may have more human capital
  3. The poor country may have a higher saving ratio
  4. The rich country may be more open to the world economy
Вопрос 9

Which of the following explains why the long-run Phillips curve is drawn as a vertical line?

  1. Because in the long run, government policies will ensure that unemployment is at its natural rate
  2. Because in the long run, the labour market will settle so that unemployment is at its natural rate
  3. Because of the quantity theory of money
  4. Because its true shape is unknown
Вопрос 10Ответ открыт бесплатно

Which of the following statements about y=Ak growth models is false?

  1. They assume the production function shifts upwards whenever the stock of physical capital increases
  2. They suggest that if the level of investment is higher than depreciation, then there could be sustained growth
  3. They are called endogenous growth theories
  4. They argue that increasing the saving ratio will have only a temporary effect on output per worker✓ Правильный ответ
✓ Правильный ответ

They argue that increasing the saving ratio will have only a temporary effect on output per worker

Вопрос 11

Which of the following statements about factors of production is false?

  1. The term 'factors of production' is another term for resources
  2. The factor of production termed labour means human resources
  3. The factor or production termed land means natural resources
  4. The factor of production termed capital means the money which the owners of firms need in order to set their firms up
Вопрос 12

Which of the following statements about the use of resources is not one of the key questions in economics?

  1. How are resources used?
  2. Where are resources used?
  3. For what are resources used?
  4. For whom are resources used?
Вопрос 13Ответ открыт бесплатно

Which of the following statements about producers is false?

  1. Households produce many goods and services for themselves
  2. People set up some producers who do not aim to make profits
  3. All the goods and services consumed in any country are produced by its own producers✓ Правильный ответ
  4. Governments arrange the production of some goods and services
✓ Правильный ответ

All the goods and services consumed in any country are produced by its own producers

Вопрос 14

Which of the following statements is true?

  1. Despite the problem of scarcity, people do not always want producers to use the most efficient production methods
  2. The problem of scarcity would disappear if the world's population grew to ensure more labour was available
  3. A producer who uses no more resources than it needs must display productive efficiency
  4. The world's economies were as integrated 50 years ago as they are today
Вопрос 15

What is meant by intermediate goods and services?

  1. The same as capital goods, such as plant, buildings, vehicles and machinery
  2. Products which one firm buys off another and then uses up in its own products
  3. All inputs bought by firms, including labour and raw materials
  4. Imports
Вопрос 16Ответ открыт бесплатно

What is meant by the term final goods and services?

  1. The same as the term intermediate goods and services
  2. The same as the term consumer goods and services
  3. All goods and services except those traded second hand
  4. Goods and services which are finished as far as the economy is concerned✓ Правильный ответ
✓ Правильный ответ

Goods and services which are finished as far as the economy is concerned

Вопрос 17

Which of the following statements is false?

  1. Purchases of capital goods are called investment
  2. GDP equals the total value of wages received by households
  3. In a simple economy with just households and firms, the value of investment equals the value of saving
  4. In a simple economy with just households and firms, the value of investment plus consumers' expenditure equals GDP
Вопрос 18

Which of the following statements is false?

  1. GDP measures the value of all the goods and services produced in the economy
  2. GDP stands for gross domestic product
  3. GDP excludes intermediate goods and services
  4. GDP equals wages plus trading profits
Вопрос 19

Which of the following statements is true?

  1. Microeconomics is concerned chiefly with the economy as a whole
  2. Macroeconomics is concerned chiefly with individual markets
  3. Governments have no influence over market prices
  4. When economists study the price in a market, their chief aims are to understand why the price is what it is and why it may change
Вопрос 20Ответ открыт бесплатно

Which of the following statements is false?

  1. An economic model is a theory based on key variables and expressed in formal terms
  2. An economic model is tested by seeing how accurate its predictions are
  3. Testing economic models is rarely tricky✓ Правильный ответ
  4. The words 'ceteris paribus' mean other things remaining the same
✓ Правильный ответ

Testing economic models is rarely tricky

Вопрос 21

Which of the following is not required for a country to be producing at a point on its production possibility frontier?

  1. Full employment of labour
  2. producers using the latest technology
  3. Stable prices
  4. producers having productive efficiency
Вопрос 22

Which of the following statements is true?

  1. The production possibility frontier is steeper at the right end than the left because some resources are better suited to making some products than others
  2. The production possibility frontier is straight because some resources are better suited to making some products than others
  3. The production possibility frontier is steeper at the left end than the right because some resources are better suited to making some products than others
  4. The production possibility passes the point which represents total wants in the economy
Вопрос 23Ответ открыт бесплатно

Which of the following will not shift a country's production possibility frontier?

  1. A fall in unemployment✓ Правильный ответ
  2. An increase in the age at which people retire
  3. The introduction of improved technology
  4. Purchases of new capital by firms
✓ Правильный ответ

A fall in unemployment

Вопрос 24

Which of the following types of economy describes the economy of the UK?

  1. A command economy
  2. A market economy
  3. A mixed economy
  4. A planned economy
Вопрос 25

All the following government policies are likely to increase the quantity of some products that are produced. But with one policy, this effect is a side-effect rather than the aim. Which policy is that?

  1. A policy intended to improve efficiency
  2. The introduction of subsidies on some products
  3. A policy intended to reduce unemployment
  4. The introduction of taxes on the rich and transfers to the poor
Вопрос 26Ответ открыт бесплатно

Which of the following policies would increase production by taking it to a point closer to the production possibility frontier, but would not shift the frontier?

  1. A policy that encouraged firms to buy more industrial plant
  2. A policy that encouraged firms to develop and introduce improved technology
  3. A policy that encouraged firms to buy more machinery
  4. A policy that encouraged firms to adopt better technologies that are already available✓ Правильный ответ
✓ Правильный ответ

A policy that encouraged firms to adopt better technologies that are already available

Вопрос 27

Suppose a country is currently producing at a point on its production possibility frontier, and undertakes no trade with other countries. Then trade is opened up. Which of the following would not occur as a direct result?

  1. Its production possibility frontier would shift
  2. Its production would shift to another point on its production possibility frontier
  3. The pattern of products that the country produced would differ from the pattern that its consumers consumed
  4. Consumers would be able to consume at a point outside the production possibility frontier
Вопрос 28

Which of the following policies is not classed as a stabilization policy?

  1. A policy aimed at reducing unemployment
  2. A policy aimed at reducing the number of people in poverty
  3. A policy aimed at reducing the rate of inflation
  4. A policy aimed at shifting the production possibility frontier outwards
Вопрос 29

Which of the following statements is a positive statement?

  1. Bankers' bonuses should be taxed
  2. The eurozone ought to allow member countries in difficulty to stop using the euro and use currencies of their own instead
  3. One of the largest industries in the UK is the financial services industry
  4. The UK government ought to split up some of the largest UK banks to promote more competition in the banking industry
Вопрос 30Ответ открыт бесплатно

Suppose you buy Economics by David King. What is the opportunity cost of your purchase?

  1. The money you paid for the book
  2. Whatever you would have spent the money on if you had not bought the book✓ Правильный ответ
  3. The cost of producing the book
  4. The time you spend studying the book
✓ Правильный ответ

Whatever you would have spent the money on if you had not bought the book

Вопрос 31

The supply and demand model applies when three of the following four conditions are met. Which condition is not required?

  1. There must be many buyers
  2. There must be many sellers
  3. The buyers and sellers must trade an identical item
  4. The item traded must be a product
Вопрос 32

Which of the following predictions is not made by the supply and demand model?

  1. If there is excess demand, the price will rise
  2. If there is excess supply, the price will fall
  3. If there is no excess demand or excess supply, the market will be in equilibrium
  4. A market which is out of equilibrium will always move rapidly to the equilibrium
Вопрос 33Ответ открыт бесплатно

Suppose there is excess supply in a market and the price decreases. Which of the following combinations of events will occur?

  1. There will be a fall in quantity supplied and a rise in quantity demanded✓ Правильный ответ
  2. There will be a fall in quantity supplied and a rise in demand
  3. There will be a fall in supply and a rise in quantity demanded
  4. There will be a fall in supply and a rise in demand
✓ Правильный ответ

There will be a fall in quantity supplied and a rise in quantity demanded

Вопрос 34

Suppose there is a decrease in supply in a market where the supply curve slopes upwards and the demand curve slopes downwards. Which of the following would not occur?

  1. An excess supply
  2. A fall in price
  3. A fall in supply
  4. A fall in the equilibrium level of expenditure
Вопрос 35

Suppose a market is in equilibrium, and then the demand increases. Which of the following would be shown on a graph that illustrated the effects?

  1. An excess demand at the initial equilibrium price
  2. An excess demand at the new equilibrium price
  3. An excess supply at the initial equilibrium price
  4. An excess supply at the new equilibrium price
Вопрос 36Ответ открыт бесплатно

Suppose there is an increase in demand in a market where the supply curve slopes upwards and the demand curve slopes downwards. Which of the following might not occur?

  1. An excess supply
  2. A fall in price
  3. A rise in the quantity traded
  4. A fall in the equilibrium level of expenditure✓ Правильный ответ
✓ Правильный ответ

A fall in the equilibrium level of expenditure

Вопрос 37

Which of the following might not lead to an increase in the demand for a product that can be stored?

  1. A fall in the price of a complement
  2. A rise in consumer incomes
  3. An increase in the number of buyers
  4. An expected rise in price
Вопрос 38

Which of the following might not lead to a decrease in the demand for a type of labour?

  1. A decrease in the number of firms using the labour
  2. An increase in the productivity of the labour
  3. A fall in the price of a substitute input
  4. A decrease in the demand for the produce or products which the labour is used to produce
Вопрос 39

Which of the following would not lead to a decrease in the supply of a product that can be stored?

  1. An increase in the demand for a joint product
  2. A rise in the price of another input
  3. A decrease in the number of firms supplying the product
  4. An expected rise in the price of the product
Вопрос 40Ответ открыт бесплатно

Which of the following could not lead to an increase in price combined with an increase in the quantity traded?

  1. An increase in demand combined with unchanged supply
  2. An increase in demand combined with a decrease in supply
  3. A decrease in demand combined with an increase in supply✓ Правильный ответ
  4. An increase in demand combined with an increase in supply
✓ Правильный ответ

A decrease in demand combined with an increase in supply

Вопрос 41

Suppose Countries A and B use only labour as an input and produce only cloth and wheat. In A, a worker in a day could produce 2 units of cloth or 4 units of wheat. In B, a worker in a day could produce 3 units of cloth or 9 units of wheat. At present the countries do not trade. Which of the following statements is false?

  1. Country A has a comparative advantage in cloth
  2. Country B has a comparative advantage in wheat
  3. Country A has an absolute advantage in cloth
  4. Country B has an absolute advantage in wheat
Вопрос 42

Return to the countries in question 1. Suppose trade opens up. Which of the following statements is true?

  1. Country A will export cloth to B, and import wheat from B, and each country will be able to consume more of both products than before
  2. Country A will export wheat to B, and import cloth from B, and each country will be able to consume more of both products than before
  3. Country A will export cloth to B, and import wheat from B, but only country B will gain from the trade
  4. Country A will export wheat to B, and import cloth from B, but only country B will gain from the trade
Вопрос 43Ответ открыт бесплатно

Suppose Countries C and D use only labour as an input and produce only tables and tents. In A, a worker in a week could produce 4 tables or 2 tents. In B, a worker in a week could produce 6 tables. Initially the countries do not trade, and then trade opens up. Under which circumstances will country C export tables?

  1. Under no circumstances
  2. If a worker in country D could produce fewer than 3 tents a week
  3. If a worker in country D could produce 3 tents a week
  4. If a worker in country D could produce more than 3 tents a week✓ Правильный ответ
✓ Правильный ответ

If a worker in country D could produce more than 3 tents a week

Вопрос 44

Suppose two countries E and F use many inputs. Country E exports tractors and imports televisions. Assuming there are no economies of scale, which of the following statements is true?

  1. If the countries did not trade, then E would have a lower opportunity cost for tractors
  2. Even though there is trade, E has a lower opportunity cost for tractors
  3. E is sure to produce no televisions while F is sure to produce no tractors
  4. Neither country can consume at a point outside its production possibility frontier
Вопрос 45

Which of the following statements is false?

  1. Two countries may benefit from trade, even if their production possibility frontiers have identical shapes, if preferences differ in the two countries
  2. Two countries may benefit from trade, even if their production possibility frontiers have identical shapes, if industries have substantial economies of scale
  3. When two countries benefit from the opening up of trade, all citizens in each country will benefit
  4. Differences in the degree of human capital offer one reason why two countries may have production possibility frontiers that differ in shape
Вопрос 46Ответ открыт бесплатно

Suppose a small country imposes a tariff on a good. Which of the following statements is false?

  1. Consumer surplus from the good will decrease
  2. Producer surplus from the good will decrease✓ Правильный ответ
  3. The quantity imported will fall
  4. The deadweight loss will be less than the total fall in surplus
✓ Правильный ответ

Producer surplus from the good will decrease

Вопрос 47

Suppose a large country imposes a tariff on a good. Which of the following statements is false?

  1. The total consumer plus producer surplus decreases
  2. The price for consumers rises from the pre-tariff situation by the amount of the tariff
  3. If other countries do not retaliate, the country may be better off
  4. If other countries do not retaliate, the country may be worse off
Вопрос 48

Which of the following arguments for trade barriers offers potential benefits to consumers?

  1. To soften the fall of declining industries
  2. To protect industries from competition from low wage countries
  3. To protect industries from dumping
  4. To nurture infant industries by protecting them from cheaper imports
Вопрос 49

Which of the following might shift the short-run Phillips curve to the left?

  1. A rise in the expected rate of inflation
  2. A natural disaster which temporarily disrupts production
  3. A rise in the benefits paid to unemployed people
  4. An increase in the labour force
Вопрос 50Ответ открыт бесплатно

Which of the following statements is false?

  1. Over 150 countries belong to the World Trade Organisation
  2. If a country joins a customs union, it may do less trade with non-members than it did previously
  3. A single market requires the removal of barriers to the movement of labour
  4. Members of a free trade area agree to have uniform tariffs on imports from non-members✓ Правильный ответ
✓ Правильный ответ

Members of a free trade area agree to have uniform tariffs on imports from non-members

Вопрос 51

When statisticians discuss the distribution of income, which of the following figures do they look at?

  1. The incomes of different individuals
  2. The incomes of different households
  3. The incomes each household would need to maintain its present living standard if it comprised just one adult
  4. The incomes each household would need to maintain its present living standard if it comprised just a married or cohabiting couple
Вопрос 52

Which of the following definitions of a household's income is false?

  1. Its original income is its income from earnings, investments and pensions other than State Pensions
  2. Its gross income adds in transfers from the government
  3. Its disposable income deducts taxes paid directly to the government
  4. Its post-tax income deducts other taxes and adds in the value of government services received free of charge
Вопрос 53Ответ открыт бесплатно

Which of the following statements about income inequality is false?

  1. Gross incomes are less unequal than original incomes
  2. Final incomes are less unequal than disposable incomes
  3. A curve which plots a cumulative percentage of income against a cumulative percentage of households is called a Lorenz curve
  4. If we compare the distribution of two incomes, the one with the lower Gini coefficient is the more unequal✓ Правильный ответ
✓ Правильный ответ

If we compare the distribution of two incomes, the one with the lower Gini coefficient is the more unequal

Вопрос 54

Which of the following might help to make the distribution of original incomes more unequal?

  1. A rise in the State Pension
  2. A ceiling on the number of hours that people were allowed to work each week
  3. A policy to encourage more low income households to buy shares in companies
  4. An effective policy to reduce bankers' bonuses
Вопрос 55

Which of the following might help to make original incomes less unequal?

  1. People living longer
  2. A rise in the demand for unskilled labour
  3. Lower occupational pensions in many jobs
  4. A rise in unemployment
Вопрос 56Ответ открыт бесплатно

Many rich people support government policies for redistribution. Which of the following would not help to explain why they do so?

  1. Rich people may be altruistic
  2. Rich people may fear that one day in the future they may be poor themselves
  3. Rich people may feel redistribution should be left to voluntary donations
  4. Rich people regard redistribution as a public good✓ Правильный ответ
✓ Правильный ответ

Rich people regard redistribution as a public good

Вопрос 57

Which of the following statements is false?

  1. Utilitarians believe the government should aim to maximize total utility
  2. Followers of Rawls believe the government should aim to make the person with the lowest original income as well off as possible
  3. With each tax, the higher the rate, the larger the revenue
  4. A government which pursued complete equality of final incomes might leave everyone on very low incomes
Вопрос 58

Which of the following statements about approaches to poverty is false?

  1. On every approach, a doubling of the incomes of all households would reduce the number of people in poverty
  2. A problem with the absolute approach to poverty is deciding what items to put on the list
  3. A problem with the relative approach to poverty is deciding what percentage of average incomes to use
  4. A problem with hybrid approaches to poverty is deciding exactly what to include
Вопрос 59

Suppose a UK newspaper headline reads 'government figures show that more children are in poverty than was the case ten years ago'. What can we be sure of from this?

  1. More children are in households which find it harder to survive than was the case ten years ago
  2. Many children are in households whose incomes are lower than they were ten years ago
  3. The incomes of poorer families have risen less over the last ten years than the incomes of average families
  4. The very poorest households are poorer than they were ten years ago
Вопрос 60Ответ открыт бесплатно

Which of the following does not cause problems for the government in its efforts to reduce poverty?

  1. The fact that means-tested transfers may create an unemployment trap
  2. The fact that housing is covered by separate benefits✓ Правильный ответ
  3. The fact that some people may become benefit-reliant
  4. The fact that some people do not claim benefits to which they are entitled
✓ Правильный ответ

The fact that housing is covered by separate benefits

Вопрос 61

A drunken passenger on a train sets off the alarm for no good reason, and the train comes to a halt. There is then a long delay before it sets off again. This delights a small boy who enjoys the kerfuffle, but it irritates the other passengers and holds up a freight train behind. Which of the following externalities from consumption has the passenger not created?

  1. An external benefit to consumers
  2. An external cost to consumers
  3. An external benefit to producers
  4. An external cost to producers
Вопрос 62

Suppose both the production and the consumption of a product generate externalities. At which of the following outputs would output be at the Pareto-efficient level

  1. Where marginal private cost equals marginal private benefit
  2. Where marginal private cost equals marginal social benefit
  3. Where marginal social cost equals marginal private benefit
  4. Where marginal social cost equals marginal social benefit
Вопрос 63Ответ открыт бесплатно

Suppose a large city has several power stations which all emit CO2. The government wants to reduce CO2 emissions, but knows that it will cost some power stations more than others to reduce their emissions. In order to secure the most reduction from the stations which would find it cheapest to cut back, which of the following policies would be best?

  1. A regulation limiting how much CO2 a power station can emit per megawatt of electricity generated
  2. A tax on electricity
  3. A tax on emissions of CO2✓ Правильный ответ
  4. Giving power stations the property right to emit CO2, and relying on people affected to bribe them to cut back
✓ Правильный ответ

A tax on emissions of CO2

Вопрос 64

Return to the city in the last question. Suppose the government wishes to reduce CO2 emissions but does not want to measure them. Which of the following policies would be best?

  1. A regulation limiting how much CO2 a power station can emit per megawatt of electricity generated
  2. A tax on electricity
  3. A tax on emissions of CO2
  4. Giving power stations the property right to emit CO2, and relying on people affected to bribe them to cut back
Вопрос 65

Which of the following statements is true?

  1. When Wimbledon's Centre Court has the legal maximum number of 15,000 spectators, watching a match there is non-rival because so many people are watching it
  2. A tennis racket is non-rival, because one person can use it today while another can use it tomorrow
  3. All motorways are excludable, because people could be charged tolls for using them
  4. National Health Service hospitals are non-excludable, because patients are not charged for using them
Вопрос 66Ответ открыт бесплатно

Which of the following statements about rational expectations is false?

  1. They assume that people take account of all information
  2. They assume that, on average, people's forecasts are correct
  3. They imply that expected changes in demand have no effects on unemployment or the price level
  4. They imply that unexpected changes in demand have long-lasting effects on both unemployment and the price level✓ Правильный ответ
✓ Правильный ответ

They imply that unexpected changes in demand have long-lasting effects on both unemployment and the price level

Вопрос 67

Consider a fishing ground. Which of the following statements is false?

  1. The fish may be driven to extinction
  2. The efficient yield may be more than the maximum sustainable yield
  3. More boats may fish in it than are needed for the maximum sustainable yield
  4. Fewer boats may fish in it than are needed for the maximum sustainable yield
Вопрос 68

Which of the following problems may be caused by asymmetric information? It may lead to an adverse selection of used cars being offered for sale It may lead to an adverse selection of borrowers applying for loans at a bank It may lead to an adverse selection of drivers applying for comprehensive car insurance

  1. 1 and 2 and 3
  2. 1 and 2 only
  3. 1 and 3 only
  4. 2 and 3 only
Вопрос 69

Which of the following statements is false?

  1. Investing in pension schemes may be regarded as a merit good because many people underestimate the need to save for retirement
  2. Controlled substances may be seen as demerit goods because people may become addicted to them, despite the damage to their health
  3. If healthcare was provided by private suppliers, and people financed it by taking out private insurance, then unhealthy people might end up facing the highest premiums
  4. It is fair for students to meet the full cost of higher education, because they get all the benefits
Вопрос 70Ответ открыт бесплатно

Which of the following statements is false?

  1. The median voter theorem states that competing parties select their policies on any issue to meet the preferences of the median voter on that issue
  2. It is rational for voters to be ignorant
  3. Bureaucrats may push for government spending at levels above the efficient level
  4. Rent-seekers may push for government spending at levels below the efficient level✓ Правильный ответ
✓ Правильный ответ

Rent-seekers may push for government spending at levels below the efficient level

Вопрос 71

Which of the following is not an argument against government intervention in a market?

  1. If the government reduces output below the free market level, consumer surplus will fall
  2. If the government reduces output below the free market level, producer surplus will fall
  3. If the government raises output above the free market level, consumers will get no benefit from the extra units of output
  4. If the government raises output above the free market level, some units of output will cost more to produce than the value placed on them by consumers
Вопрос 72

Which of the following statements about a price ceiling is false?

  1. The number of buyers who gain from the ceiling is smaller than the original number of buyers
  2. The ceiling creates an excess demand
  3. The ceiling generates losers as well as gainers
  4. To have any effect, the price ceiling must be set at a higher level than the original market price
Вопрос 73Ответ открыт бесплатно

Assuming that everyone is law-abiding, which of the following would not reduce the quantity traded in a market?

  1. The imposition of an effective price ceiling
  2. The removal of an effective price floor✓ Правильный ответ
  3. The imposition of a supply-side quantity control
  4. The imposition of a demand-side quantity control
✓ Правильный ответ

The removal of an effective price floor

Вопрос 74

Suppose the government introduces a specific tax of £5 a unit on a product which has sloping supply and demand curves. Which of the following statements about the resulting curve S+tax is true?

  1. The gap between S+tax and S will be higher at high quantities than at low quantities
  2. The gap between S+tax and S will be higher at low quantities than at high quantities
  3. The gap between S+tax and S will be £5 at each quantity
  4. The gap between S+tax and S will be whatever is needed to show that the equilibrium price for consumers increases by £5
Вопрос 75

On a graph showing the effects of an ad valorem tax, where do we find the price received by producers?

  1. At the point on S below the point where S+tax intersects D
  2. At the point where S intersects D
  3. At the point where S+tax intersects D
  4. At the initial price minus the amount of the tax
Вопрос 76Ответ открыт бесплатно

Suppose the labour market is away from equilibrium, with unemployment above the natural rate. The new Keynesian view of inflation and unemployment offers several reasons why the labour market can stay away from equilibrium for long periods. Which of the following is not one of these reasons?

  1. Efficiency wages may hold wages below the equilibrium level✓ Правильный ответ
  2. Workers may resist wage cuts which reduce their wages below those paid to other workers in the same occupation
  3. Prices may be sticky downwards in some markets because consumers prefer stable prices
  4. Prices may be sticky downwards in some markets because consumers may judge quality by price
✓ Правильный ответ

Efficiency wages may hold wages below the equilibrium level

Вопрос 77

Suppose the CAP has imposed a tariff on the import of a certain foodstuff from outside the EU, and suppose that EU consumers always pay a price equal to the rest of the world price plus the tariff. Which of the following events would not lead to a higher price for EU consumers?

  1. A rise in the supply of the foodstuff by EU producers
  2. An increase in the tariff
  3. A rise in the demand for the foodstuff by non-EU consumers
  4. A fall in the supply of the foodstuff by non-EU producers
Вопрос 78

Suppose the CAP reduces the tariff on imports of a certain foodstuff from outside the EU. Which of the following statements is false?

  1. The quantity consumed in the EU would increase
  2. The quantity of imports into the EU would increase
  3. The incomes of EU farmers would increase
  4. The incomes of non-EU farmers would increase
Вопрос 79

Suppose the government introduces a prohibition on the supply or purchase of some substance. Assuming that some suppliers and some users ignore the law, which of the following could not occur?

  1. The price might rise
  2. The price might stay the same
  3. The price might fall
  4. There would be no price because the market would disappear underground
Вопрос 80Ответ открыт бесплатно

Which of the following statements about the incidence of a specific tax is false?

  1. The incidence which falls on consumers plus the incidence which falls on producers equals the amount of the tax
  2. The incidence falls more heavily on producers than consumers if the demand curve is flatter than the supply curve
  3. The incidence falls more heavily on consumers than producers if the supply curve is flatter than the demand curve
  4. The incidence always falls wholly on consumers✓ Правильный ответ
✓ Правильный ответ

The incidence always falls wholly on consumers

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