If demand for cigarettes is relatively inelastic, how should a government implement a $1 per pack excise tax on cigarettes if the government's goal is to minimize cigarette consumption?
A. The government should levy the tax on cigarette consumers.
B. The tax will have the same impact whether it is levied on consumers or producers.
C. The government should levy the tax on cigarette producers.
D. The tax will have no impact on consumption in either case.
正解:B
質問 2:
A new technological improvement is invented for the production of coffee. At the same time, the price of tea (a substitute for coffee) decreases, and the price of sugar (a complement to both coffee and tea) increases. What is the known result for the new equilibrium for coffee?
A. Quantity and price both decrease
B. Quantity and price both increase
C. Price decreases
D. Price increases
正解:C
質問 3:
During a prolonged recession, a hotel chain sees reservations at one of its locations decline by five percent. The chain soon decides to close that location. Why would a small change in capacity utilization have this effect?
A. The consumers most affected by the recession are generally those with lower willingness to pay.
B. Closing the location will allow the hotel chain to recover some of its sunk costs.
C. Fixed costs are too high for the hotel to remain profitable at this decreased quantity.
D. Demand for hotel rooms in this location is extremely elastic.
正解:C
質問 4:
A chain of grocery stores operates in two neighboring towns. The store in one of the towns charges five percent more than the other store for the same products. How can the company charge different prices and remain competitive?
A. The grocery chain has no substitutes in either town.
B. The grocery chain pays higher rent at the store where it charges higher prices.
C. Delivery of produce to the expensive store costs more than to the cheaper store.
D. Shoppers living near the expensive store are unwilling to drive farther for lower prices.
正解:D
質問 5:
In order to predict an employee's probability of success at work, a company requires employees to complete a test that measures Intelligence Quotient (IQ) and Emotional Intelligence Quotient (EQ). A new manager at the company believes that the probability of being successful at work is closely related to an employee's Reputation Quotient (RQ).
Based on the two regressions outputs below, does adding the RQ component help forecast the probability of being successful at work?
A. Yes, the Adjusted R2 increased from 0.8441 to 0.8670 when RQ was added.
B. No, the coefficient of RQ is close to 0.
C. Yes, the R2 increased from 0.8504 to 0.8751 when RQ was added.
D. Yes, the standard error decreased from 0.11 to 0.10 when RQ was added.
正解:A
質問 6:
Why would an entrepreneur want to operate a mobile food truck instead of a restaurant?
A. A mobile food truck invites a wider variety of customers than a restaurant.
B. In the long-run restaurants make zero economic profit.
C. A mobile food truck has lower fixed costs than a restaurant.
D. In the short-run restaurants make zero economic profit.
正解:C
質問 7:
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A manager at a large gold mining company is trying to determine how a series of recent events will affect the future of his industry.
The following events occur simultaneously:
Flooding damages several gold mines in a region.
The price of platinum, a substitute for gold, increases.
A new government policy mandates an increased wage rate for mine workers.
What should the manager expect regarding the new equilibrium price and quantity for gold?
A. The effect on price is unknown, and the equilibrium quantity increases.
B. The equilibrium price increases and equilibrium quantity decreases.
C. The equilibrium price increases and the effect on quantity is unknown.
D. The equilibrium price increases and equilibrium quantity increases.
正解:C
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