Check Your Economics Knowledge (Ungraded)
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3/17/2015
Check Your Economics Knowledge (Ungraded)
Check Your Economics Knowledge (Ungraded) Help Center
5/30 questions correct
Score required to pass: 24 of 30 correct, or higher.
Retake Next (/learn/principlesofmicroeconomics/lecture/nhlnI/anintroductiontomicroeconomics)
1.
Disclaimer: This quiz is ungraded and optional. The U.S. economy may be characterized as:
Mixed Perfectly competitive
Sorry, that's incorrect. We will cover monopolies and competition in Module 7: Monopoly and Monopolistic Competition
Primarily monopolies I haven't learned this yet
2.
When the government raises taxes to redistribute income from the rich to the poor through mechanisms like food stamps or Medicare: https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
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Economic efficiency is reduced
Well done! Great job! We will dig even deeper into economic efficiency in Module 12: Public Goods and Externalities
Economic efficiency improves There is no effect on economic efficiency I haven't learned this yet
3.
Production Theory helps us understand: Why the supply curve slopes downward Why firms price and produce products the way they do.
Well done! Great job! We will dig even deeper into production theory in Module 5: Supply and Production Theory
Both 1 and 2 I haven't learned this yet
4.
Which of these is a nonrival good that leads to the public goods problem? Lighthouse Hamburger Computer I haven't learned this yet
Sorry, that's incorrect. No problem we will dig cover public goods in Module 12: Public Goods and Externalities https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
2/14
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Check Your Economics Knowledge (Ungraded)
5.
Why does quantity demanded tend to fall as price rises? The Substitution Effect The Income Effect Both 1 and 2 I haven't learned this yet
Sorry, that's incorrect. No problem we will cover income and substitution effects in Modules 3 "Supply, Demand and Equilibrium" and 4 "Demand and Consumer Behavior"
6.
Suppose the price of chicken rises. Which way do you think the beef demand curve will shift? Inward and leftward Outward and rightward It won’t shift I haven't learned this yet
Sorry, that's incorrect. No problem we will cover supply, demand and equilibrium in Module 3: Supply, Demand and Equilibrium
7.
To say something is in equilibrium in economics is to say that: 1. The dynamic forces pushing on it cancel each other out.
https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
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Check Your Economics Knowledge (Ungraded)
2. The upward pressure on price is exactly offset by the downward pressure on price. Both 1 and 2 I haven't learned this yet
Sorry, that's incorrect. No problem we will cover equilibrium in Module 3: Supply, Demand and Equilibrium
8.
Who said: “The theory of economics must begin with a correct theory of consumption.” Jeremy Bentham Stanley Jevons Adam Smith I haven't learned this yet
Sorry, that's incorrect. No problem we will cover the fundamentals in Module 1: An Introduction to Microeconomics
9.
Which measure of utility simply ranks goods relative to one another? Cardinal Ordinal Subliminal I haven't learned this yet
Sorry, that's incorrect. No problem we will cover utility theory in Module 4: Demand and Consumer Behavior https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
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Check Your Economics Knowledge (Ungraded)
10.
According to the equimarginal principle, utility is maximized when the marginal utility of the last dollar spent on each good is: Exactly the same as the marginal utility of the last dollar spent on any other good Greater than the marginal utility of the last dollar spent on any other good Less than marginal utility of the last dollar spent on any other good I haven't learned this yet
Sorry, that's incorrect. No problem we will cover the equimarginal principle in Module 4: Demand and Consumer Behavior
11.
If an increase in price results in a relatively large decrease in the quantity demanded, the price elasticity of demand is said to be: Elastic Inelastic Unit elastic I haven't learned this yet
Sorry, that's incorrect. No problem we will cover demand price elasticity in Module 4: Demand and Consumer Behavior
12.
Total revenue equals: Profits https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
5/14
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Check Your Economics Knowledge (Ungraded)
Price divided by quantity Price times quantity
Well done! Great job! We will dig even deeper into total revenue in Module 4: Demand and Consumer Behavior
I haven't learned this yet
13.
Why don’t most new cars sell at their sticker price and instead require buyers to negotiate? The industry pricing strategy is to sort out “comparison shoppers” with more elastic demands from “impulse buyers” who have inelastic demands and charge impulse buyers more The industry pricing strategy is to sort out “comparison shoppers” with more inelastic demands from “impulse buyers” who have more elastic demands and charge impulse buyers more Cars are more complicated purchases I haven't learned this yet
Sorry, that's incorrect. No problem we will cover industry structure, conduct, and performance in Module 6: Perfect Competition
14.
In the long run: All factors in the production function except capital can be adjusted. All factors in the production function, including capital, can be adjusted. Technology is constant I haven't learned this yet https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
6/14
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Check Your Economics Knowledge (Ungraded)
Sorry, that's incorrect. No problem we will cover production function in Module 5: Supply and Production Theory
15.
Elements that contribute to economies of scale include: 1. Labor Specialization 2. Managerial Specialization Both 1 and 2 I haven't learned this yet
Sorry, that's incorrect. No problem we will cover economices of scale in Module 5: Supply and Production Theory
16.
Concentration ratios: 1. Measure pricing power 2. Serve as an indicator of the degree of strategic interaction Both 1 and 2 I haven't learned this yet
Sorry, that's incorrect. No problem we will cover concentration ratios in Module 7: Monopoly and Monopolistic Competition
17.
Antitrust laws have:
https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
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Check Your Economics Knowledge (Ungraded)
Been completely effective at stopping collusive behavior Been somewhat effective at stopping collusive behavior Been completely ineffective at stopping collusive behavior I haven't learned this yet
Sorry, that's incorrect. No problem we will cover collusion in Module 7: Monopoly and Monopolistic Competition
18.
Which market structure is the most economically efficient? Monopoly Monopolistic Competition Oligopoly Perfect Competition
Well done! Great job! We will dig even deeper into perfect competition in Module 7: Monopoly and Monopolistic Competition
I haven't learned this yet
19.
A key difference between perfect competition and monopolistic competition is that with monopolistically competitive firms: 1. Products are differentiated 2. Nonprice competition is common Both 1 and 2 I haven't learned this yet
https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
8/14
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Check Your Economics Knowledge (Ungraded)
Sorry, that's incorrect. No problem we will cover perfect competition and monopolistic competition in Module 7: Monopoly and Monopolistic Competition
20.
Forms of imperfect competition include Monopolistic competition Monopoly Oligopoly All of the above I haven't learned this yet
Sorry, that's incorrect. No problem we will cover imperfect competition in Module 7: Monopoly and Monopolistic Competition
21.
Given a market structure of perfect competition, what kind of conduct with respect to pricing can we expect? 1. P = MC 2. MR = MC Both 1 and 2 I haven't learned this yet
Sorry, that's incorrect. No problem we will cover perfect competition in Module 6: Perfect Competition
https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
9/14
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Check Your Economics Knowledge (Ungraded)
22.
A perfectly competitive industry will produce where: 1. Price equals average total cost curve at its minimum 2. Earn zero economic profits. Both 1 and 2 I haven't learned this yet
Sorry, that's incorrect. No problem we will cover perfect competition in Module 6: Perfect Competition
23.
Analyzing economic questions within the context of “what should be” is a form of what kind of analysis? Normative or prescriptive Positive or descriptive Philosophical I haven't learned this yet
Sorry, that's incorrect. No problem we will cover analyzing economic questions in Module 6: Perfect Competition
24.
Breaking up a natural monopoly into smaller firms is likely to: Lower unit costs Raise unit costs Have no effect on unit costs https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
10/14
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I haven't learned this yet
Sorry, that's incorrect. No problem we will cover natural monopoly in Module 7: Monopoly and Monopolistic Competition
25.
A cartel: Is an organization of independent firms Produces similar products Works together to raise prices and restrict output. All of the above
Well done! Great job! We will dig even deeper into cartels in Module 8: Oligopoly and Strategic Behavior
I haven't learned this yet
26.
Dynamic efficiency measures: 1. The rate of profit growth in an industry 2. The rate of technological change and innovation in an industry Both 1 and 2 I haven't learned this yet
Sorry, that's incorrect. No problem we will cover dynamic efficiency in Module 7: Monopoly and Monopolistic Competition
https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
11/14
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Check Your Economics Knowledge (Ungraded)
27.
What type of inefficiency is illustrated in the accompanying figure that is associated with price regulator of natural monopolies using costplus pricing?
Allocative inefficiency Distributive inefficiency Xinefficiency I haven't learned this yet
Sorry, that's incorrect. No problem we will cover inefficiencies in Module 7: Monopoly and Monopolistic Competition
28.
The goal of production differentiation is to: 1. Increase demand 2. Decrease price elasticity of demand Both 1 and 2 I haven't learned this yet
Sorry, that's incorrect. No problem we will cover production differentiation in Module 7: Monopoly and Monopolistic Competition
https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
12/14
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Check Your Economics Knowledge (Ungraded)
29.
Which type of market structure offers a better chance of firms colluding? Monopoly Monopolistic competition Oligopoly I haven't learned this yet
Sorry, that's incorrect. No problem we will cover oligopoly in Module 8: Oligopoly and Strategic Behavior
30.
In the accompany figure, what is the output for the minimum efficient scale?
AC AD BC I haven't learned this yet
Sorry, that's incorrect. No problem we will cover the minimum efficient scale in Module 5: Supply and Production Theory https://www.coursera.org/learn/principlesofmicroeconomics/quiz/HFFpi/checkyoureconomicsknowledgeungraded
13/14
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Check Your Economics Knowledge (Ungraded)
AB
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