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BAM 223 Unit 2 Examination – Of the following high-income

BAM 223 Principles of Economics Unit 2 Examination Multiple Choice Questions (Enter your answers on the enclosed answer sheet)1. Of the following high-income countries, which has the highest infant mortality rate?a.b.c.d. CanadaJapanUnited KingdomUnited States 2. The health care system in ________ is referred to as a universal health insurance system,under which every resident is required to enroll in either a private or the government-providedhealth insurance program.a.b.c.d. CanadaJapanUnited KingdomUnited States 3. Typically, the ________ in a country, the higher the level of spending per person on health care.a.b.c.d. larger the populationhigher the level of income per personlower the median age of the populationhigher the level of income taxes Figure 5-1 Figure 5-1 represents the market for vaccinations. Vaccinations are considered a benefit to society,and the figure shows both the marginal private benefit and the marginal social benefit fromvaccinations.4. Refer to Figure 5-1. The market equilibrium quantity is ________ thousand vaccinations.a.b.c.d.111 100200300>300 BAM 223 Principles of Economics Unit 2 Examination 5. What is the term that describes a situation in which one party to an economic transaction hasless information than the other party?a.b.c.d. inefficient market hypothesisunequal market structureasymmetric informationmonopsony 6. Economists refer to the actions people take after they have entered into a transaction thatmakes the other party to the transaction worse off as:a.b.c.d. bad faitheconomic inefficiencymarket failuremoral hazard Figure 5-4 Figure 5-4 represents the market for medical services with and without insurance, and theeffect of a third-party payer system on the demand for medical services.7. Refer to Figure 5-4. The efficient quantity of medical services is:a.b.c.d. 200500700>700 8. Because consumers who have insurance provided by their employers usually only pay adeductible for a visit to the doctor’s office, they ________ of health care services than theywould if they paid a price that better represented the true cost of providing the service.a.b.c.d.112 demand a larger quantitysupply a larger quantitysupply a smaller quantitydemand a smaller quantity BAM 223 Principles of Economics Unit 2 Examination 9. Which of the following is not part of the “regulation of health insurance” provision of thePatient Protection and Affordable Care Act (ACA)?a. All policies must provide coverage for dependant children up to age 26.b. Limits on the size of deductibles and on waiting periods before coverage takes effect willbe eliminated.c. Individuals with pre-existing medical conditions will be able to acquire health insurance.d. Lifetime dollar maximums on coverage will be prohibited. 10. Which type of business has the least government rules and regulations affecting it?a.b.c.d. corporationsole proprietorshippartnershipThey all have the same set of rules and regulations affecting them. 11. A firm in a market economy must do all of the following to succeed except:a. have access to sufficient fundsb. be organized as a corporationc. produce the goods and services that consumers want at a lower cost than consumersthemselves can produced. organize the factors of production into a functioning, efficient unit 12. What is the most common type of business?a.b.c.d. corporationsole proprietorshippartnershipThey are equally represented because of Federal laws 13. The interest payment on a bond is called:a.b.c.d. the face valuethe interest rateprincipalthe coupon payment 14. :PVIBWFBCPOEUIBUQBZTQFSZFBSJODPVQPOQBZNFOUT8IJDIPGUIFGPMMPXJOHXPVMEresult in an increase in the price of your bond?a.b.c.d. 113 Coupon payments on newly-issued bonds rise to $80 per year.Coupon payments on newly-issued bonds fall to $50 per year.The likelihood that the firm issuing your bond will default on debt increases.The price of a share of stock in the company falls. BAM 223 Principles of Economics Unit 2 Examination 15. If a corporation retains all of its profits and distributes none of the profits to owners, how canowners benefit?a. Owners will only benefit if some profits are paid out in the form of dividends.b. If the retained earnings are expected to create future profits, the market price of the firm’sstock will increase and create a capital gain for stockholders if the stock is sold.c. Owners will benefit by changing the board of directors.d. Shares of stock can be converted into bonds so stockholders will be able to earn couponpayments. 16. If a consumer receives 20 units of utility from consuming two candy bars, and 25 units ofutility from consuming three candy bars, the marginal utility of the third candy bar is:a.b.c.d. 25 utility units20 utility units5 utility unitsunknown as more information is needed to determine the answer 17. What is the common feature displayed by the following items?t eating in a newly opened “fusion” cuisine restaurantt attending a Red Sox game in Fenway Parkt wearing Lucky Brand designer jeansa.b.c.d. They are all highly inelastic goods.The consumption of these goods takes place publicly.The consumption of these goods takes place privately.They tend to be consumed by better educated people. 18. Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to thegame for $325 or $400. Krueger found that (a) 94 percent of those surveyed would not havepaid $3,000 for their tickets, and (b) 92 percent of those surveyed would not have sold theirtickets for $3,000. These results are an example of:a.b.c.d. 114 the endowment effectthe failure to ignore sunk costsrational consumer behaviorthe fallacy of composition BAM 223 Principles of Economics Unit 2 Examination 19. Jenna runs a small boutique in Capitola. She tells one of her suppliers that she is willing topay $6 for a pair of wool hand warmers and not a dime more. On the basis of this information,what can you conclude about her price elasticity of demand for wool hand warmers?a.b.c.d. It is perfectly inelasticIt is perfectly elasticThe price elasticity coefficient is 0It is elastic Table 7-9Price per Pound(dollars) Quantity of Cheese Demanded(pounds) $16 3 14 4 12 5 10 6 8 7 6 8 4 9 2 10 20. Refer to Table 7-9. Over what range of prices is the demand elastic?a.b.c.d. between $2 and $8between $14 and $16between $8 and $16over the entire range of prices 21. A firm has successfully adopted a positive technological change when:a.b.c.d. itititit can pay its workers less yet increase its outputsees an increase in worker productivityproduces less pollution in its production processcan produce more output using the same inputs 22. The change in a firm’s total cost from producing one more unit of a good or service is thefirm’s:a.b.c.d. 115 marginal cost of productionexplicit cost of productionaverage cost of productionimplicit cost of production BAM 223 Principles of Economics Unit 2 Examination 23. The long-run average cost curve shows:a.b.c.d. the lowest average cost of producing every level of output in the long runthe average cost of producing where diminishing returns are not presentthe plant size or scale that the firm should buildwhere the most profitable level of output occurs 24. If a firm doubles all its inputs, its average cost of production increases, then productiondisplays:a.b.c.d. diseconomies of scalediminishing returnseconomies of scaledeclining fixed costs 25. The president of Toyota’s Georgetown plant was quoted as saying, “Demand for high volumessaps your energy. Over a period of time, it eroded our focus [and] thinned out the expertise andknowledge we painstakingly built up over the years.” Based on this quote, what must be true ofthe plant’s average cost of production curve?a.b.c.d. 116 ItItItIt isisisis U-shaped.upward-sloping.a ray from the origin.downward-sloping.

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