ust solve questions 18-23, thanks. 16 Assuming intercity bus travel is an inferior good, a decrease in consumer income will cause which of these effects a movement up along the demand curve for bus travel a movement down along the demand curve for bus travel a rightward shift in the demand curve for bus travel a leftward shift in the demand curve for bus travel 17 A price floor means that: inflation is severe in this particular market some sellers are artificially restricting supply in order to raise prices the government is imposing a legal price that is below the equilibrium price the government is imposing a legal price that is above the equilibrium price 18 Which of the following definitions is correct? Accounting profit + economic profit = normal profit Economic profit - accounting profit = explicit costs Economic profit = accounting profit - implicit costs Economic profit - implicit costs = accounting profit 19 Which of the following statements best expresses the law of diminishing marginal returns? Because large-scale production allows the realization of increasing returns to scale, the costs of production vary directly with the level of output. Population growth automatically adjusts to that level at which the average product per worker will be at a maximum. As successive amounts of one resource (labour) are added to fixed amounts of other resources, beyond some point the resulting extra output will decline. The same percentage increase in all inputs will result in a lower percentage increase in total output. The achievement of full employment frequently conflicts with the economic goal of: economic efficiency economic growth price stability a viable balance of payments An entry barrier that involves illegal pricing strategies is: increasing returns to scale advertising restricted ownership of resources predatory pricing GDP may be defined as: the monetary value of all final goods and services produced within a nation in a given year GNP minus all non-income charges against output the monetary value of the capital stock used in the production of a year's output the monetary value of all goods and services, both final and intermediate, produced in a given year4 23 Canada’s GNP differs from its GDP in that: GNP measures the output of Canadian owned factors at home and abroad, whereas the GDP measures the output produced by factors located in Canada. GNP measures the output produced by the factors located in Canada, whereas GDP measures the ouput produced by Canadian owned factors. GNP includes net exports, whereas GDP excludes net exports None of the above are differences between GNP and GDP 24To be officially unemployed, a person must: be in the labour force be 21 years of age or older have just lost a job be collecting Employment Insurance 25Ms. Eckstein has lost her job in a Quebec textile plant because of import competition. She intends to take a short course in electronics and move to Alberta where she anticipates new jobs will be available. We can say that Ms. Eckstein is faced with: secular unemployment cyclical unemployment structural unemployment frictional unemployment 26Inflation: Always reduces the cost of living Always reduces the standard of living Reduces the price of products Reduces purchasing power

ust solve questions 18-23, thanks. 16 Assuming intercity bus travel is an inferior good, a decrease in consumer income will cause which of these effects a movement up along the demand curve for bus travel a movement down along the demand curve for bus travel a rightward shift in the demand curve for bus travel a leftward shift in the demand curve for bus travel 17 A price floor means that: inflation is severe in this particular market some sellers are artificially restricting supply in order to raise prices the government is imposing a legal price that is below the equilibrium price the government is imposing a legal price that is above the equilibrium price 18 Which of the following definitions is correct? Accounting profit + economic profit = normal profit Economic profit - accounting profit = explicit costs Economic profit = accounting profit - implicit costs Economic profit - implicit costs = accounting profit 19 Which of the following statements best expresses the law of diminishing marginal returns? Because large-scale production allows the realization of increasing returns to scale, the costs of production vary directly with the level of output. Population growth automatically adjusts to that level at which the average product per worker will be at a maximum. As successive amounts of one resource (labour) are added to fixed amounts of other resources, beyond some point the resulting extra output will decline. The same percentage increase in all inputs will result in a lower percentage increase in total output. The achievement of full employment frequently conflicts with the economic goal of: economic efficiency economic growth price stability a viable balance of payments An entry barrier that involves illegal pricing strategies is: increasing returns to scale advertising restricted ownership of resources predatory pricing GDP may be defined as: the monetary value of all final goods and services produced within a nation in a given year GNP minus all non-income charges against output the monetary value of the capital stock used in the production of a year's output the monetary value of all goods and services, both final and intermediate, produced in a given year4 23 Canada’s GNP differs from its GDP in that: GNP measures the output of Canadian owned factors at home and abroad, whereas the GDP measures the output produced by factors located in Canada. GNP measures the output produced by the factors located in Canada, whereas GDP measures the ouput produced by Canadian owned factors. GNP includes net exports, whereas GDP excludes net exports None of the above are differences between GNP and GDP 24To be officially unemployed, a person must: be in the labour force be 21 years of age or older have just lost a job be collecting Employment Insurance 25Ms. Eckstein has lost her job in a Quebec textile plant because of import competition. She intends to take a short course in electronics and move to Alberta where she anticipates new jobs will be available. We can say that Ms. Eckstein is faced with: secular unemployment cyclical unemployment structural unemployment frictional unemployment 26Inflation: Always reduces the cost of living Always reduces the standard of living Reduces the price of products Reduces purchasing power

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

just solve questions 18-23, thanks.

16 Assuming intercity bus travel is an inferior

good, a decrease in consumer income will cause

which of these effects

a movement up along the demand curve for

bus travel

a movement down along the demand curve for

bus travel

a rightward shift in the demand curve for bus

travel

a leftward shift in the demand curve for bus

travel

17 A price floor means that:

inflation is severe in this particular market
some sellers are artificially restricting supply in

order to raise prices

the government is imposing a legal price that

is below the equilibrium price

the government is imposing a legal price that is

above the equilibrium price

18 Which of the following definitions is correct?

Accounting profit + economic profit = normal

profit

Economic profit - accounting profit = explicit

costs

Economic profit = accounting profit - implicit

costs

Economic profit - implicit costs = accounting

profit

19 Which of the following statements best

expresses the law of diminishing marginal returns?

Because large-scale production allows the

realization of increasing returns to scale, the

costs of production vary directly with the level

of output.

Population growth automatically adjusts to that

level at which the average product per worker

will be at a maximum.

As successive amounts of one resource (labour)

are added to fixed amounts of other resources,

beyond some point the resulting extra output

will decline.

The same percentage increase in all inputs will

result in a lower percentage increase in total

output.

The achievement of full employment frequently

conflicts with the economic goal of:

economic efficiency
economic growth
price stability
a viable balance of payments
An entry barrier that involves illegal pricing

strategies is:

increasing returns to scale
advertising
restricted ownership of resources
predatory pricing
GDP may be defined as:
the monetary value of all final goods and

services produced within a nation in a given

year

GNP minus all non-income charges against

output

the monetary value of the capital stock used

in the production of a year's output

the monetary value of all goods and services,

both final and intermediate, produced in a

given year4

23 Canada’s GNP differs from its GDP in that:

GNP measures the output of Canadian owned

factors at home and abroad, whereas the GDP

measures the output produced by factors located

in Canada.

GNP measures the output produced by the

factors located in Canada, whereas GDP measures

the ouput produced by Canadian owned factors.

GNP includes net exports, whereas GDP excludes

net exports

None of the above are differences between GNP

and GDP

24To be officially unemployed, a person must:
be in the labour force
be 21 years of age or older
have just lost a job
be collecting Employment Insurance
25Ms. Eckstein has lost her job in a Quebec textile

plant because of import competition. She intends

to take a short course in electronics and move to

Alberta where she anticipates new jobs will be

available. We can say that Ms. Eckstein is faced

with:

secular unemployment
cyclical unemployment
structural unemployment
frictional unemployment
26Inflation:
Always reduces the cost of living
Always reduces the standard of living
Reduces the price of products
Reduces purchasing power

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