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Microeconomics,11e(Parkin)
Part6Review
1FactorMarkets,Inequality,andUncertainty
1)Iftheinterestrateis5percent,thepresentvalueof$2,000tobereceivedoneyearfromtodayisabout
A)$2,005.
B)$1,995.
C)$1,905.
D)$2,100.
Answer:C
Topic:PresentValue
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
2)Iftheinterestrateis5percent,thepresentvalueof$2,000tobereceivedtwoyearsfromtodayisabout
A)$2,010.
B)$1,814.
C)$1,905.
D)$1,980.
Answer:B
Topic:PresentValue
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
3)Abigail'sTaxHelp,isafirmthatsellsadvicetotaxpayers.Abigailisconsideringbuyinganewputerthatcosts$1,500.Sheexpectsthattheputerwillgenerateanadditionalprofitof$1,200attheendofthefirstyearand$500attheendofthesecondyear,afterwhichitwillbeworthless.Iftheannualinterestrateinthenexttwoyearsis5percent,whatisthepresentvalueoftheprofitfromtheputer?
A)$1,596
B)$1,500
C)$1,361
D)$1,654
Answer:A
Topic:PresentValue
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
4)Abigail'sTaxHelp,isafirmthatsellsadvicetotaxpayers.Abigailisconsideringbuyinganewputerthatcosts$1,600.Sheexpectsthattheputerwillgenerateadditionalprofitof$1,200attheendofthefirstyearand$500attheendofthesecondyear,afterwhichitwillbeworthless.Iftheannualinterestrateinthenexttwoyearsis8percent,whatisthepresentvalueoftheprofitfromthetheputer?
A)$1,600
B)$1,286
C)$1,540
D)$1,750
Answer:C
Topic:PresentValue
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
5)Inthefigureabove,thedemandandsupplyofhigh-skilledworkershasanHsubscriptandthedemandandsupplyoflow-skilledworkersasanLsubscript.Inthemarketforlow-skilledlabor,theequilibriumwagerateis
A)$4.
B)$6.
C)$10.
D)$14.
Answer:A
Topic:WageRatesofHigh-SkilledandLow-SkilledLabor
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
6)Inthefigureabove,thedemandandsupplyofhigh-skilledworkershasanHsubscriptandthedemandandsupplyoflow-skilledworkersasanLsubscript.Thequantityoflow-skilledlaboremployedis
A)6,000hoursperday.
B)2,000hoursperday.
C)4,000hoursperday.
D)5,000hoursperday.
Answer:D
Topic:EmploymentofHigh-SkilledandLow-SkilledLabor
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
7)Inthefigureabove,thedemandandsupplyofhigh-skilledworkershasanHsubscriptandthedemandandsupplyoflow-skilledworkersasanLsubscript.Thequantityofhigh-skilledlaboremployedis
A)2,000hoursperday.
B)4,000hoursperday.
C)5,000hoursperday.
D)6,000hoursperday.
Answer:B
Topic:EmploymentofHigh-SkilledandLow-SkilledLabor
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
8)Inthefigureabove,thedemandandsupplyofhigh-skilledworkershasanHsubscriptandthedemandandsupplyoflow-skilledworkersasanLsubscript.Inthemarketforhigh-skilledlabor,theequilibriumwagerateis
A)$6.
B)$4.
C)$14.
D)$10.
Answer:C
Topic:WageRatesofHigh-SkilledandLow-SkilledLabor
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
9)Inthefigureabove,thedemandandsupplyofhigh-skilledworkershasanHsubscriptandthedemandandsupplyoflow-skilledworkersasanLsubscript.Thedifferenceinwageratebetweenlow-skilledandhigh-skilledlaboris
A)$8.
B)$10.
C)$4.
D)$14.
Answer:B
Topic:WageRatesofHigh-SkilledandLow-SkilledLabor
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
10)Contestscanhelpexplainwhy
A)thesuperrichearnvastlymorethanotherpeoplewhohavesimilaramountsofhumancapital.
B)humancapitalamongthepoorhasbeenincreasing.
C)theworlddistributionofineisbeingmoreequal.
D)theaveragewomanearnslessthantheaverageman.
Answer:A
Topic:Contests
Skill:Conceptual
Status:New10thedition
AACSB:ReflectiveThinking
11)Thebigtradeoffisatradeoffbetween
A)equityandefficiency.
B)equalityandinequality.
C)marginalcostandmarginalbenefit.
D)monopolyandperfectpetition.
Answer:A
Topic:TheBigTradeoff
Skill:Recognition
Status:Previousedition,Chapter19
AACSB:EthicalReasoning
12)Jenniferhastheutilityofwealthcurveshowninthefigureabove.Sheownsacarworth$15,000,andthatisheronlywealth.Thereisa10percentchancethatJenniferwillhaveanaccidentwithinayear.Ifshedoeshaveanaccident,hercarisworthless.WhatisJennifer'sexpectedwealth?
A)$15,000
B)$12,000
C)$13,500
D)$9,000
Answer:C
Topic:ExpectedWealth
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
13)Jenniferhastheutilityofwealthcurveshowninthefigureabove.Sheownsacarworth$15,000,andthatisheronlywealth.Thereisa10percentchancethatJenniferwillhaveanaccidentwithinayear.Ifshedoeshaveanaccident,hercarisworthless.WhatisJennifer'sexpectedutility?
A)60
B)90
C)98
D)50
Answer:B
Topic:ExpectedUtility
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
14)Jenniferhastheutilityofwealthcurveshowninthefigureabove.Sheownsacarworth$15,000,andthatisheronlywealth.Thereisa10percentchancethatJenniferwillhaveanaccidentwithinayear.Ifshedoeshaveanaccident,hercarisworthless.Jenniferwouldhavethesameexpectedutilityasshecurrentlyhasifherwealthwas________withnorisk.
A)$13,500
B)$12,000
C)$4,500
D)$9,000
Answer:D
Topic:ExpectedUtility
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
15)Jenniferhastheutilityofwealthcurveshowninthefigureabove.Sheownsacarworth$15,000,andthatisheronlywealth.Thereisa10percentchancethatJenniferwillhaveanaccidentwithinayear.Ifshedoeshaveanaccident,hercarisworthless.ThemaximumamountthatJenniferiswillingtopayforautoinsuranceis
A)$3,500.
B)$2,000.
C)$4,500.
D)$9,000.
Answer:C
Topic:MaximumValueofInsurance
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
16)Oligopolydiffersfromperfectpetitionbecauseasinglepetitivefirm'sbehaviordoesnotaffectthebehaviorofitspetitorswhilethebehaviorofasingleoligopolisticfirmdoesaffectthebehaviorofitsrivals.
Answer:TRUE
Topic:Oligopoly
Skill:Conceptual
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
17)Jenniferownsacarworth$15,000,andthatisheronlywealth.Thereisa10percentchancethatJenniferwillhaveanaccidentwithinayear.AninsurancepanyagreestopayacarownerlikeJenniferthefullvaluehercar,ifthecarownerbuysthepany'sinsurancepolicy.Thepany'soperatingexpensesare$1,000.Whatistheminimuminsurancepremiumthatthepanyiswillingtoaccept?
A)$2,500
B)$2,000
C)$1,500
D)$1,000
Answer:A
Topic:MinimumCostofInsurance
Skill:Analytical
Status:Previousedition,PartReview6
AACSB:AnalyticalSkills
18)Jenniferhastheutilityofwealthcurveshowninthefigureabove.Sheownsacarworth$15,000,andthatisheronlywealth.Thereisa10percentchancethatJenniferwillhaveanaccidentwithinayear.Ifshedoeshaveanaccident,her
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