Kahoot Questions - Through Module Eleven PDF

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Kahoot Questions Module 2 1) Managerial Economics is the study of: a. How to make a profit b. How to direct scarce resources c. How to maximize revenue d. How to identify inflation 2) Monetary Policy is controlled by: a. Congress b. President c. Federal Reserve d. Treasury 3) Which of the following is NOT a required key economic function of money: a. Medium of Exchange b. Unit of Account c. Store of Value d. Inflation adjustment 4) If the nominal interest rate is 5% and the inflation rate is 3% what is the real interest rate? a. 5% b. 2% c. 3% d. 0% 5) Which of the following is NOT a tool of Monetary Policy used by the Federal Reserve? a. Required reserve ratio b. Discount rate c. Tax credits d. Open-market operations 6) The CPI is measured (monthly or quarterly) by the (which government agency). a. Monthly, Department of Commerce b. Quarterly, Department of Commerce c. Monthly, Bureau of Labor Statistics d. Quarterly, Bureau of Labor Statistics 7) “Official” recessions in the United States are declared by: a. Congress b. Bureau of Labor Statistics c. National Bureau of Economic Research d. Department of the Treasury

Module 3 1) An example of an Implicit Cost is: a. The cost of paper clips b. The value of hourly labor recently paid c. The value of equipment recently purchased d. The value of another job offer that was declined 2) The difference between Accounting Profit and Economic Profit is: a. Economic Profit subtracts Implicit Costs b. Accounting Profit subtracts Implicit Costs c. Accounting Profit subtracts Explicit Costs d. Economic Profit subtracts Explicit Costs 3) Economic Profit is calculated as: a. Total Revenues – Explicit Costs b. Total Revenues – Explicit Costs – Implicit Costs c. Total Revenue – Implicit Costs d. Total Revenue – Objective Costs 4) When evaluating a project the difference between Present Value and Net Present Value is: a. Present Value considers future values b. Net Present Value must be greater than zero c. Net Present Value subtracts the cost of the project d. Present Value is always less than Net Present Value 5) Net Benefits is maximized if: a. Total Benefits are greater than Total Costs b. Marginal Costs are positive c. Marginal Benefits are greater than Marginal Cost d. Marginal Benefits equal Marginal Cost

Module 4 1) If when the price of Good Y increases and the demand for Good X decreases then Good Y is a(n): a. Inferior good b. Substitute good c. Normal good d. Complement good 2) The area under the demand curve that lies above the market price is the: a. Producer surplus b. Substitute surplus c. Consumer surplus d. Income surplus 3) Which of the following would not shift the demand for Good X? a. Consumer Income b. Price of Good X c. Price of Good Y d. Population 4) For a Price Ceiling to be effective the price must be _____ the market price and creates a _______. a. above, shortage b. below, shortage c. above, surplus d. below, surplus 5) If the demand for Good X decreases as Incomes increase then Good X is considered a(n): a. Inferior good b. Normal good c. Luxury good d. Substitute good

Module 5 1) Which of the elasticity items noted below are always a negative value? a. Own Price Elasticity b. Income Elasticity c. Cross Price Elasticity d. Significant Elasticity 2) An item with an Own Price Elasticity of -1.5 would be considered: a. Unit Elastic b. Elastic c. Inelastic d. Band Elastic 3) Which of the following factors would NOT affect own price elasticity of a good? a. Available Substitutes b. Time c. Price of an Input d. Expenditure Share 4) When demand is elastic a price increase leads to a(n) _______ in total revenue. a. Increase b. Expansion c. Marginal growth d. Decrease 5) If cross price elasticity is positive that means that the two goods are: a. Normal goods b. Substitutes c. Complements d. Inferior goods 6) If income elasticity is negative that means that the good is a(n): a. Normal good b. Substitute c. Complement d. Inferior good 7) If cross price elasticity is -2.00 when Price of Good Y increased 5% then regarding Good X: a. Increased Qdx by 10% b. Increased Qdx by 2.5% c. Decreased Qdx by 10% d. Decreased Qdx by 2.5%

Module 6 1) The difference between Short-run and Long-run is: a. In the long-run all factors of production are variable b. There are more fixed costs in the long-run c. There are no variable costs in the short-run d. 6 months 2) For Average Product to be declining then: a. Total Product Curve must be decreasing b. Total Product Curve must be increasing c. Marginal Product Curve must be above Average Product Curve d. Marginal Product Curve must be below Average Product Curve 3) If Total Product is 100 with 5 units of labor then: a. Marginal Product equals 20 b. Marginal Product equals 5 c. Average Product equals 20 d. Average Product equals 5 4) The change in total output attributable to the last unit of an input is the: a. Marginal return b. Marginal Product c. Average Product d. Total Product 5) Economies of Scale exist when long-run average costs: a. Remain constant as output is increased b. Increase as output is increased c. Decrease as output is increased d. Balance as output is increased 6) The demand for Capital by a profit-maximizing firm is determined by: a. MPK = MC b. VMPK = r c. MPK = r d. VMPK = MC

Module 7 1) Which of the following is NOT a method of procuring inputs: a. Spot market b. Contract c. Survey results d. Vertical Integration 2) Which of the following is NOT a preferred solution to the manager-worker problem. a. Piece rates b. Revenue sharing c. Time clocks d. Profit sharing 3) When the four-firm concentration ratio is closer to 1 that means: a. The industry is more concentrated b. The industry is less concentrated c. The industry is not concentrated d. The industry concentration is 1% 4) The benefit of the four-firm concentration ratio versus Herfindahl-Hirschman (HHI) index is: a. The four-firm is easier to calculate b. The four-firm tells us about all the firms c. The four-firm is a larger value than the HHI d. The four-firm is greater than 1 5) If an industry is a monopoly then the Herfindahl-Hirschman (HHI) index would be: a. 10 b. 1,000 c. 100 d. 10,000 6) Which of the following is NOT a potential barrier to entry: a. Business location restrictions due to local laws b. Current labor market c. Pharmaceutical patent d. Cost to open a business 7) A market where only a few large firms dominate the market is called: a. Oligopoly b. Perfect Competition c. Monopoly d. Monopolistic Competition 8) Which of the following is NOT an example of Shirking: a. Long lunch hours b. Leaving work early c. Carpooling d. Sleeping at work 9) A negative side of a revenue-sharing plan is that it: a. Does not induce hard or better work b. Gives no incentive for workers to minimize costs c. Can be costly if revenues are low d. Can be difficult to manage from an accounting standpoint

Module 8 1) Which of the following most closely resembles a firm in a Perfect Competition? a. Fast food hamburger restaurant b. Corn Farmer c. Supermarket d. Electric Company 2) In a Perfect Competition which of the following is NOT always true? a. Individual demand curve equals the market price b. Marginal revenue equals average revenue c. Market price equals marginal revenue d. Price equals average variable cost 3) In a Perfect Competition in the short run if the price is between AVC and ATC the firm will be: a. Making a lost and continue to produce b. Making a profit and shut down c. Making a loss and shut down d. Making a profit and continue to produce 4) In a Perfectly Competitive market to maximize profits set: a. P = ATC b. MR = MC c. MR = AVC d. P = TC 5) In the long run if P < ATC firms will ____ this market shifting the market supply curve ____. a. Enter, left b. Enter, right c. Exit, left d. Exit, right 6) Which of the following is most likely an example of a monopoly? a. Soft serve ice cream store b. Internet search engine c. Supermarket d. Local electric company in a small town. 7) Monopolistic competition is characterized by: a. Barriers to entry b. Homogeneous products c. Heterogeneous products d. A few firms controlling most of the industry

Module 9 1) Which of the following is NOT a price-setting oligopoly model? a. Cournot b. Bertrand c. Sweezy d. They are all price-setting 2) An oligopoly market composed of two firms is called a: a. Dexaopoly b. Triopoly c. Equipo Dos d. Duopoly 3) Which of the following is NOT true in an oligopoly? a. There are a few firms in the market serving many customers b. Firms can produce differentiated or homogeneous products c. Barriers to entry exist d. Firms or price takers 4) Which of the following is NOT an output-setting oligopoly? a. Cournot b. Bertrand c. Stackleberg d. They are all output-setting oligopolies 5) Which of the following is NOT true of a Bertrand oligopoly? a. Price wars could develop b. It must be a differentiated product c. Collusion is possible if firms cooperate d. Firms produce identical products at a constant Marginal Cost

Module 10 1) Results in highest payoff to a player regardless of opponent’s actions is called a(n): a. Dominant strategy b. Optimal strategy c. Secure strategy d. One-shot game 2) When each player makes decisions without the knowledge of other players’ decisions is called: a. Sequential-move game b. Optimal strategy c. Dominant strategy d. Simultaneous-move game 3) When no player can improve their payoff by unilaterally changing their own strategy is called: a. Dominant strategy b. Nash equilibrium strategy c. Secure strategy d. Optimal strategy 4) The general principle for players in a sequential game is to: a. Trigger a sequence of irrational responses from competitors b. Trigger a sequence of rational responses from competitors c. Trigger a sequence of rational decisions from competitors d. Look ahead and extrapolate back 5) Which is NOT true with a finitely repeated game with a known end of game: a. Collusion is not sustainable b. Has an end-of-period problem c. Cannot punish a player for “cheating” d. Uses same trigger strategy as an infinitely repeated game 6) A strategy that guarantees the highest payoff given the worst possible scenario is called: a. Dominant strategy b. Optimal strategy c. Secure strategy d. Nash equilibrium

Module 11 1) Which of the following is NOT a condition for a firm to engage in price discrimination? a. Consumers can be split into two types based on elasticity b. Consumers reveal their true nature openly and honestly c. The good cannot be available for resale d. Firm is able to identify various types of consumers 2) To calculate a Markup factor a firm can use the ______ of the firm. a. Variable cost b. Total cost c. Price elasticity d. Income elasticity 3) Which of the following is NOT a method to extract consumer surplus: a. Price Discrimination b. Marginal pricing c. Block pricing d. Two-part pricing 4) Charging different prices based on differences in demand across consumer groups is called: a. First-degree price discrimination b. Second-degree price discrimination c. Third-degree price discrimination d. Fourth-degree price discrimination 5) Which group of policies aims at extracting all consumer surplus? a. Price discrimination and peak load pricing b. Price matching and randomized pricing c. Cross-subsidization and brand loyalty d. Two-part pricing and commodity bundling 6) Local eateries sometimes give UCF students a student discount. Which is likely the reason? a. Students are usually “stuck” near campus b. Local businesses are required to give students discounts c. Entrepreneurs are benevolent d. Students have a more elastic demand than other customers...