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Full download Economics 1st Edition Karlan Test Bank all chapter 2024 pdf
Full download Economics 1st Edition Karlan Test Bank all chapter 2024 pdf
Full download Economics 1st Edition Karlan Test Bank all chapter 2024 pdf
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Chapter 13
Perfect Competition
A. fully informed price-taking buyers and sellers easily trade a standardized good.
13-1
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
4. Perfectly competitive markets:
B. have very little competitive features and so are regulated by the government.
C. are monopolies.
A. have so much competition that they have no ability at all to set their own price.
B. have no competition and so must set the market price on their own.
C. have so much competition that that they must work together perfectly to set a market
price.
13-2
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
8. An essential characteristic of a perfectly competitive market is:
C. buyers have complete control over the market price and sellers have none.
D. sellers have complete control over the market price and buyers have none.
13-3
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
12. An essential characteristic of a perfectly competitive market is:
A. are interchangeable.
C. are unique.
13-4
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
16. An example of a standardized good is:
A. grain.
B. iron.
C. crude oil.
17. Commodities:
A. grain.
B. granola cereal.
C. hamburgers.
D. digital cameras.
B. the government regulations must promote competition and lower prices to be efficient.
13-5
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
20. A characteristic that is important, but not essential to defining a perfectly competitive market
is:
21. Having free entry and exit in a market can help drive:
A. innovation.
B. cost-cutting.
C. quality improvements.
22. Collusion:
A. are able to sell as much as they want without affecting the market price.
C. often undercut the competition's price and force firms to leave the market.
13-6
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
24. In a perfectly competitive market, total revenue:
A. measures how much revenue the firm takes in from all sales.
25. For firms that sell one product in a perfectly competitive market, the market price:
26. For firms that sell one product in a perfectly competitive market, the market price:
27. For firms that sell one product in a perfectly competitive market, the market price:
13-7
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
28. For firms that sell one product in a perfectly competitive market, average revenue:
29. For firms that sell one product in a perfectly competitive market, average revenue:
30. For firms that sell one product in a perfectly competitive market, marginal revenue:
31. For firms that sell one product in a perfectly competitive market, marginal revenue:
13-8
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
32. For firms that sell one product in a perfectly competitive market, average revenue:
33. For firms that sell one product in a perfectly competitive market, average revenue:
34. This table shows price and quantity produced for a single firm in a perfectly competitive
market.
Given the information in the table shown, what is the marginal revenue when 25 units are
produced?
A. $250
B. $25
C. $10
D. $20
13-9
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
35. This table shows price and quantity produced for a single firm in a perfectly competitive
market.
Given the information in the table shown, what is the total revenue when 23 units are
produced?
A. $230
B. $10
C. $23
D. $2.30
36. This table shows price and quantity produced for a single firm in a perfectly competitive
market.
Given the information in the table shown, what is the average revenue when 24 units are
produced?
A. $240
B. $10
C. $24
D. $2.40
13-10
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
37. This table shows price and quantity produced for a single firm in a perfectly competitive
market.
Given the information in the table shown, what is the market price?
A. $20
B. $10
C. $2
D. $260
38. If a perfectly competitive firm faces a market price of $3 per unit, and it decides to produce
30,000 units, the market price will likely:
A. increase.
B. decrease.
39. If a firm in a perfectly competitive market faces a market price of $5, and it decides to
produce 400 units, the firm's total revenue will be:
A. $5.
B. $400.
C. $2,000.
13-11
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
40. If a firm in a perfectly competitive market faces a market price of $4, and it decides to
produce 700 units, the firm's average revenue will be:
A. $4.
B. $2,800.
C. $175.
D. $700.
41. If a firm in a perfectly competitive market faces a market price of $2, and it decides to
increase its production from 2,000 units to 4,000 units, the firm's marginal revenue:
42. If a firm in a perfectly competitive market faces a market price of $8, and it decides to
increase its production from 300 units to 550 units, the firm's total revenue:
13-12
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
43. If a firm in a perfectly competitive market faces a market price of $7, and it decides to
increase its production from 4,000 to 12,000 units, the firm's marginal revenue:
44. When a firm faces a perfectly competitive market and buys its inputs from perfectly
competitive markets, the only choice the firm has to affect its profits is to:
45. Because firms in perfectly competitive markets can sell any quantity without driving down
prices, they should:
13-13
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
46. Firms in perfectly competitive markets who wish to maximize profits ought to:
47. Firms in perfectly competitive markets who wish to maximize profits should produce where:
48. Firms in perfectly competitive markets who wish to maximize profits should:
A. keep producing more as long as marginal cost is less than marginal revenue.
49. Firms in perfectly competitive markets who wish to maximize profits should produce:
13-14
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
50. A firm in a perfectly competitive market can maximize its profits by:
A. producing the level of output where marginal cost equals marginal revenue.
B. producing any level below where marginal cost equals marginal revenue.
C. producing any level beyond where marginal cost equals marginal revenue.
D. producing at capacity.
51. For a firm in a perfectly competitive market, if it produces where marginal cost exceeds
marginal revenue:
D. The firm is not maximizing profits, but it is impossible to tell how quantity should be
changed without more information.
52. For a firm in a perfectly competitive market, if it is producing at a level of output where
marginal costs are less than marginal revenue:
D. The firm is not maximizing profits, but it is impossible to tell how quantity should be
changed without more information.
13-15
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
53. For a firm in a perfectly competitive market, if it is producing at a level of output where
marginal costs are equal to marginal revenue:
D. The firm is not maximizing profits, but it is impossible to tell how quantity should be
changed without more information.
D. no chance of maximizing profits, since they have no control over market price.
55. If a firm in a perfectly competitive market is producing at a level of output where marginal
costs exceed marginal revenue:
13-16
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
56. If a firm in a perfectly competitive market is producing at a level of output where marginal
costs are less than marginal revenue:
57. The profit-maximizing level of output for any firm in a perfectly competitive market is to
produce where:
A. MC = MR.
B. MC > MR.
C. MC < MR.
D. MR = P*.
13-17
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
58. This table shows the total costs for various levels of output for a firm operating in a perfectly
competitive market.
A. $500
B. $150
C. $50
13-18
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
59. This table shows the total costs for various levels of output for a firm operating in a perfectly
competitive market.
According to the table shown, what is the firm's total revenue when 4 units are produced?
A. $160
B. $50
C. $200
D. $40
13-19
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
60. This table shows the total costs for various levels of output for a firm operating in a perfectly
competitive market.
According to the table shown, what is the firm's marginal revenue from the 3 rd unit
produced?
A. $50
B. $90
C. $150
D. $60
13-20
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
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which took the initiative in calling the international conference
which arranged for a great reduction in naval armaments.
General References
Charles A. Beard, American Government and Politics, pp. 315-341;
Ibid., Readings in American Government and Politics, pp. 291-307;
Everett Kimball, National Government of the United States, pp. 540-
573;
A. B. Hart, Actual Government, pp. 430-445;
John W. Foster, The Practice of Diplomacy, especially pp. 34-54;
P. S. Reinsch, Readings in American Federal Government, pp. 651-
682;
E. S. Corwin, The President’s Control of Foreign Relations, passim;
Gaillard Hunt, The Department of State.
Group Problems
1. The Monroe Doctrine. Is it obsolete? The international situation
during the years 1815-1823. The Holy Alliance, its organization and aims.
Spain in America. The revolt of the Spanish Colonies. Preliminaries of the
declaration. Canning’s suggestion. Scope of the doctrine as announced.
Subsequent applications and extensions. The French in Mexico. The
Venezuela controversy. Present scope of the doctrine. Attitude of Europe
toward it. Attitude of the Spanish-American states. Its value for the future.
Conclusion. References: Hiram Bingham, The Monroe Doctrine: An
Obsolete Shibboleth, pp. 3-55; A. B. Hart, The Monroe Doctrine, pp. 55-
83, and passim; A. C. Coolidge, The United States as a World Power,
pp. 95-120; C. H. Sherrill, Modernizing the Monroe Doctrine, pp. 64-76;
C. L. Jones, Caribbean Interests of the United States, pp. 323-351; J. H.
Latané, The United States and Spanish America, pp. 292-334; D. C.
Gilman, James Monroe (American Statesmen Series, Standard Library
Edition), pp. 156-174; Theodore Roosevelt, American Ideals, pp. 220-
237; Cyclopedia of American Government, Vol. II, pp. 456-468; Dexter
Perkins, “Europe, Spanish America, and the Monroe Doctrine” in
American Historical Review (January, 1922).
2. The diplomatic service and how it can be improved. References:
J. W. Foster, The Practice of Diplomacy, pp. 34-54; John A. Fairlie,
National Administration, pp. 77-91; E. Van Dyne, Our Foreign Service,
pp. 45-113; Cyclopedia of American Government, Vol. I, pp. 593-595; P.
S. Reinsch, Readings on American Federal Government, pp. 651-658;
675-682.
3. The chief rules of international law; how can their enforcement
be ensured? References: G. B. Davis, Elements of International Law,
pp. 19-30; T. J. Lawrence, Principles of International Law, pp. 119-138;
G. G. Wilson and G. F. Tucker, International Law (7th ed.), pp. 44-60;
A. S. Hershey, The Essentials of International Public Law, pp. 143-169;
A. H. Snow, The American Philosophy of Government, pp. 113-154; 267-
283. See also the General References to Chapter XXX.
Short Studies
1. The rights and duties of neutrals. G. B. Davis, Elements of
International Law, pp. 376-395 (Rights of Neutrals); pp. 396-445 (Duties
of Neutrals).
2. The privileges of diplomats. J. W. Foster, The Practice of
Diplomacy, pp. 159-174.
3. How treaties are made. G. B. Davis, Elements of International Law,
pp. 223-249.
4. The power of the Senate in relation to treaties. Ralston Hayden,
The Senate and Treaties, especially pp. 169-195; J. W. Foster, The
Practice of Diplomacy, pp. 262-283.
5. The Venezuelan controversy. Grover Cleveland, Presidential
Problems, pp. 173-281.
6. Arbitration as a method of settling International disputes. R. L.
Jones, International Arbitration as a Substitute for War between Nations,
pp. 218-269; J. W. Foster, Arbitration and The Hague Court, pp. 39-57;
J. B. Moore, American Diplomacy, pp. 200-222.
7. The Hague Conferences. G. B. Davis, Elements of International
Law, pp. 258-263; 519-524; 525.
8. The proposed codification of international law. A. H. Snow, The
American Philosophy of Government, pp. 395-418.
Questions
1. What is international law? Is it properly a system of law? Explain the
sense in which you use the term law in the following expressions: law of
gravitation; law of the land; law of supply and demand; law of fashion.
2. Look up and explain the following terms: belligerent, contraband,
unneutral service, filibustering, blockade, three-mile limit, diplomatic
immunity.
3. Make a list of (a) the rights of neutrals; (b) the duties of neutrals, and
show how each right involves a duty.
4. Draw up, in the form of a diary, a day’s happenings in the American
embassy at Tokyo, putting down at least six things done by the
ambassador during the day.
5. Explain what is meant by secret diplomacy. To what extent has the
United States avoided it and why?
6. Give an account (from your studies in American History) of some
important treaty to which the United States was a party. Tell how it was
negotiated, signed, and ratified.
7. Is the principle set forth by Washington and Jefferson concerning the
true policy of the United States in foreign affairs applicable at the present
time?
8. Are the following statements true of the United States today:
(a) “In the wars of European powers in matters relating to themselves
we have never taken any part.”
(b) “With the existing colonies or dependencies of any European power
we have not interfered”?
9. What is meant by the saying that “the covenant of the League of
Nations does not destroy the Monroe Doctrine but extends it to the whole
world”? Is that statement correct?
10. What seems to you to be the most important among American
contributions to international law?
Topics for Debate
1. All members of the diplomatic service, including ambassadors,
should be chosen under civil service rules.
2. A majority vote in the Senate should be made sufficient for the
ratification of treaties.
3. It would be a violation of the Monroe Doctrine if Great Britain were to
sell the island of Jamaica to Germany.
CHAPTER XXX
THE UNITED STATES AS A WORLD POWER
The purpose of this chapter is to answer the question: What are the
relations of the United States to the rest of the world?
By Edwin A. Abbey
From a mural painting in the Pennsylvania
State Capitol at Harrisburg.
This is a very striking picture, one of the
artist’s best. In the background are the huge
derricks which lift the oil from the bowels of the
earth. In front of them golden-haired figures,
robed in gauze with torch in hand, are swirling
upward in joyous energy like a swarm of fireflies.
In making this picture the artist took infinite
pains. Each figure was first drawn from a living
model. Each was then photographed and by the
use of a lantern the figures were projected upon
the canvas where they were manœuvred into
place for the artist’s guidance. The whole picture
is successful in conveying the impression of
spontaneity combined with lightness and grace.