[{"id":214799,"question":"The allocation of resources is not efficient it","choices":[{"text":"The marginal cost of production does not equal society marginal benefit","value":"A"},{"text":"The distribution is inequitable","value":"B"},{"text":"Economic growth is low","value":"C"},{"text":"Unemployment is high","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214798,"question":"A competitive equilibrium is Pareto efficient because.","choices":[{"text":"Producers are price takers","value":"A"},{"text":"Consumers and producer's face the same prices","value":"B"},{"text":"Marginal costs and benefits are equal","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214797,"question":"We cannot say whether one allocation of resources is better than another allocation because.","choices":[{"text":"some people cant count","value":"A"},{"text":"Some people may not be permanent residents","value":"B"},{"text":"Not all economic activity is legal","value":"C"},{"text":"We cant make value judgements to compare different people welfare.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214796,"question":"An allocation is Pareto efficient if no reallocation of resources would make some people_______ whiteout making others","choices":[{"text":"Worse off, worse off","value":"A"},{"text":"better off, better off","value":"B"},{"text":"better off, worse off","value":"C"},{"text":"equal , unequal","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214795,"question":"Moral Hazard means that the act of insuring __________ that the desired outcome will occur.","choices":[{"text":"Reduces the likelihood","value":"A"},{"text":"Increase the likelihood","value":"B"},{"text":"Guarantees","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214794,"question":"Land will be allocated between competing uses so that.","choices":[{"text":"Housing gets priority","value":"A"},{"text":"Industry gets priority","value":"B"},{"text":"Faming gets priority","value":"C"},{"text":"The equilibrium rental rate equilibrium total demand with supply","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214793,"question":"In the short run, the supply of capital is _______ and in the long run iwll depend on.","choices":[{"text":"Variable technology","value":"A"},{"text":"Fixed, expectations","value":"B"},{"text":"Fixed, rental rate of capital","value":"C"},{"text":"Variable, interest rates.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214792,"question":"The value of an asset depends upon","choices":[{"text":"Its scrap value","value":"A"},{"text":"Its depreciation","value":"B"},{"text":"The present value of the failure stream of income it can earn.","value":"C"},{"text":"the cost of loans","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214791,"question":"The cost of using capital services is the","choices":[{"text":"wage rate of capital","value":"A"},{"text":"Interest charges","value":"B"},{"text":"Marginal capital cost","value":"C"},{"text":"Rental rate for capital","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214790,"question":"Efficiency wages are_______ that raise","choices":[{"text":"Low wages , employment","value":"A"},{"text":"High wages, labor supply","value":"B"},{"text":"High wages, productivity","value":"C"},{"text":"High wages, employment","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214789,"question":"In the UK in recent years, union membership has ______ and days of work lost because of strikes has.","choices":[{"text":"Grown, declined","value":"A"},{"text":"declined, declined","value":"B"},{"text":"declined, grown","value":"C"},{"text":"grown , grown","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214788,"question":"Women and non whiles on average receive lower comes than white men because.","choices":[{"text":"They tend to work in relatively unskilled jobs","value":"A"},{"text":"Educational disadvantage","value":"B"},{"text":"Firms are reluctant to invest in training","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214787,"question":"In the UK under a _________ of the labour force belong to a trade union.","choices":[{"text":"Quarter","value":"A"},{"text":"Third","value":"B"},{"text":"Half","value":"C"},{"text":"Three quarters","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214786,"question":"By restricting labour supply a trade union can _________ and_______","choices":[{"text":"Increase the wage, increase employment","value":"A"},{"text":"Maintain the wage, increase employment","value":"B"},{"text":"Increase the wage lower employment","value":"C"},{"text":"Maintain the wage, lower employment","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214785,"question":"The opportunity cost of acquiring education is.","choices":[{"text":"Course fees","value":"A"},{"text":"Course fees and living expenses","value":"B"},{"text":"The earning foregone","value":"C"},{"text":"Course fees, living expenses and textbooks","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214784,"question":"Skilled labour is relatively scarce because.","choices":[{"text":"There are too few teachers","value":"A"},{"text":"Too few student places in higher education","value":"B"},{"text":"It is costly to acquire human capital","value":"C"},{"text":"Teachers salaries are too low","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214783,"question":"The most important source of wage differentiate are.","choices":[{"text":"Reginal variation","value":"A"},{"text":"Unionization","value":"B"},{"text":"Relative danger","value":"C"},{"text":"Skills","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214782,"question":"Human capital can be described as.","choices":[{"text":"The tools used by workers to entrances productivity","value":"A"},{"text":"a persons inherited abilities.","value":"B"},{"text":"The stock of expertise accumulated by a worker","value":"C"},{"text":"Education","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214781,"question":"Top footballers land to earn more than lecturers because.","choices":[{"text":"Footballers give more entertainment","value":"A"},{"text":"Lecturers are lazy","value":"B"},{"text":"The labour markets are imperfect","value":"C"},{"text":"Top footballers are relatively scarce in relation to lecturers","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214780,"question":"The participation rate in the labour force is affected by","choices":[{"text":"Higher real wages","value":"A"},{"text":"Lower fixed costs of working","value":"B"},{"text":"Lower non labor income","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214779,"question":"A profit maximizing firm will hire labor until _______ equal the","choices":[{"text":"Marginal revenue, marginal cost","value":"A"},{"text":"Long run marginal revenue, long run marginal cost","value":"B"},{"text":"Labour output ratio, capital output ratio","value":"C"},{"text":"Marginal cost of labour, marginal revenue product","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214778,"question":"A dominant strategy is.","choices":[{"text":"A winning strategy","value":"A"},{"text":"A losing strategy","value":"B"},{"text":"A players best strategy when moving fist","value":"C"},{"text":"a player's best strategy whatever the strategies adopted by rivals","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214777,"question":"In Nash equilibrium each player chooses the best strategy.","choices":[{"text":"Assuming other players move first.","value":"A"},{"text":"Dominated by the other players","value":"B"},{"text":"Given the strategies of other players","value":"C"},{"text":"That is a credible threat","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214776,"question":"The prisoners Dilemma Game demonstrates that.","choices":[{"text":"Players are better off to act independently","value":"A"},{"text":"Monopoly is better than competition","value":"B"},{"text":"People will always cheat","value":"C"},{"text":"Players are better off if they con operate","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214775,"question":"When a market is contestable , incumbent firms must.________ to avoid the entry of new competitors.","choices":[{"text":"Behave like competitive firms","value":"A"},{"text":"Agree to act together","value":"B"},{"text":"Differentiate their products","value":"C"},{"text":"Practice price discrimination","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214774,"question":"A natural monopoly has a declining ________ over a large range of output.","choices":[{"text":"Long run marginal cost","value":"A"},{"text":"Short run marginal cost","value":"B"},{"text":"Long run average cost","value":"C"},{"text":"Long run marginal cost","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214773,"question":"All of the following are types of imperfect competition except","choices":[{"text":"Monopolistic competition","value":"A"},{"text":"Oligopoly","value":"B"},{"text":"Monopoly","value":"C"},{"text":"Unfair competition","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214772,"question":"A monopoly may be self perpetuating because profits may be used for","choices":[{"text":"research","value":"A"},{"text":"Cost saving","value":"B"},{"text":"Technical advance","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214771,"question":"Perfect price discrimination means that every customer.","choices":[{"text":"Buys the same amount","value":"A"},{"text":"Pays the same price","value":"B"},{"text":"Pays what she thinks the product is worth","value":"C"},{"text":"Contributes the same revenue.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214770,"question":"Comparing a monopoly and a competitive firm the monopolist will.","choices":[{"text":"Produce less at a lower price","value":"A"},{"text":"Produce more at a lower price","value":"B"},{"text":"Produce less at a higher price","value":"C"},{"text":"Produce less at a lower price","value":"D"},{"value":"E"}],"correctAnswer":3}]