The processor market for desktop and laptop computers is dominated by ________.
  • field
  • Intel
  • point and click technology
  • OneNote
Which of the following activities is carried out by the ALU?
  • Desktop
  • Performs arithmetic calculations
  • It is only for super computers.
  • clear out your unnecessary files
Which of the following is a proprietary OS for desktop and laptop computers?
  • Android and iOS
  • OneNote
  • Windows
  • Desktop
QuarkXPress is an example of ________ software.
  • web authoring
  • desktop publishing
  • accounting
  • course mangement
The rule of thumb that predicts that the number of transistors on a CPU will double every 2 years is called ________ Law.
  • operating system
  • Windows
  • Moore's
  • Apple
To securely erase data, the U.S. Department of Defense suggests that data be ________.
  • Android and iOS
  • overwritten multiple times
  • Adobe Photoshop Elements
  • File Compression
________ provides high-speed information processing by enabling a new set of instructions to start before the previous set is finished.
  • Disk Defragmenter
  • solid-state drive
  • Hyperthreading
  • Spreadsheet
Blackboard is an example of ________ software.
  • solid-state drive
  • Microsoft OneNote
  • desktop publishing
  • course mangement
Running the CPU at a faster speed than the manufacturer recommends is called ________.
  • virtual memory
  • clear out your unnecessary files
  • function
  • overclocking
Using applications on smartphones and tablets to buy and sell products is known as ________ commerce.
  • Tablet
  • mobile
  • volatile
  • virtual memory
Apache OpenOffice is an example of a(n) ________ productivity suite.
  • Spreadsheet
  • overclocking
  • open source
  • utility software
A(n) ________ software installation enables you to decide which features you want to install on the hard drive.
  • custom
  • OneNote
  • Intel
  • File History
________ software is used to perform calculations and numerical analyses.
  • Task Manager
  • mechanical hard drive
  • File History
  • Spreadsheet
The CPU consists of which two parts?
  • It is stored completely on a web server instead of your hard drive.
  • The BIOS is activated by turning on the computer.
  • The control unit and the arithmetic logic unit
  • A laser burns tiny pits onto a platter.
How many channels are in a Dolby 7.1 Surround Sound System?
  • 8
  • Task Manager
  • DDR3
  • Desktop
Unwanted or unneeded software included by manufacturers on new computers is called ________.
  • overclocking
  • function
  • mobile
  • bloatware
Which utility temporarily removes redundancies in a file to reduce the file size?
  • inventory.xlsx
  • Disk Defragmenter
  • File Compression
  • Android and iOS
C: denotes a(n) ________ directory that is at the top of the filing structure of a computer.
  • OneNote
  • root
  • path
  • Intel
In databases, a data category is called a ________.
  • DDR3
  • Intel
  • field
  • Trash
Using hard disk space to temporarily store data or instructions from RAM is referred to as the ________.
  • bloatware
  • virtual memory
  • function
  • overclocking
Which of the following is the first step in the boot process?
  • Performs arithmetic calculations
  • It is only for super computers.
  • use a variety of animations on most slides to keep your audience's attention
  • The BIOS is activated by turning on the computer.
________ software helps run the computer coordinates instruction between other software and the hardware devices.
  • operating system
  • System
  • Spreadsheet
  • custom
The ________ has the largest capacity of any storage device.
  • mechanical hard drive
  • point and click technology
  • File History
  • solid-state drive
QuickBooks is an example of ________ software.
  • accounting
  • desktop publishing
  • Tablet
  • overclocking
The Mac OS was the first commercially available OS to incorporate ________.
  • clear out your unnecessary files
  • point and click technology
  • Android and iOS
  • Intel
Dreamweaver is an example of ________ software.
  • course mangement
  • milliseconds
  • accounting
  • web authoring
Running the Disk Cleanup utility is a quick way to ________.
  • The BIOS is activated by turning on the computer.
  • clear out your unnecessary files
  • It is only for super computers.
  • overclocking
Software designed specifically for managing real estate is an example of ________ software.
  • vertical market
  • virtual memory
  • bloatware
  • Apple
To remove all the changes made to your system, the Windows ________ utility returns your computer to the state it was in when it came from the factory.
  • Adobe Photoshop Elements
  • Refresh
  • Trash
  • root
To remove red eye from a digital image, you would use software such as ________.
  • File Compression
  • overwritten multiple times
  • Android and iOS
  • Adobe Photoshop Elements
When using a spreadsheet, SUM in the expression =SUM(B10:B16), is called a(n) ________.
  • custom
  • function
  • mobile
  • bloatware
All of these are examples of implicit costs
  • -The demand curve for the monopoly and the market are the same-It can use market power to charge higher prices than a competitive firm-It has no direct competitors
  • a novel printed in paperback that sells for more than the same book in an electronic format
  • the additional output that results when one more worker is hired, holding all other resources constant
  • -depreciation expenses-earnings that an entrepreneur could have made in another job-opportunity cost of a firm's capital
The price of a seller's product in perfect competition is determined by:
  • Market demand and market supply.
  • operating in the short run
  • Captures all consumer surplus
  • differentiated products
If Bob is consuming his utility maximizing bundle and the price of one good rises, what happens to the marginal utility per dollar spent on this good (MU/P), and what should Bob do?
  • anything of value owned by a person or a firm
  • MU/P has decreased and Bob should buy less of this good
  • Julia eats three cookies. She takes 20 seconds to eat the first one, 1 minute to eat the second one, and 3 minutes to finish the third one
  • stockholders
What is the BEST example of a natural monopoly?an electric utility companya tobacco products company a coffee shopan airline
  • an oligopoly
  • differentiated products
  • There are restrictions on exit of firms.
  • an electric utility company
Knoxville Utilities Board (KUB) is responsible for electricity distribution in Knoxville then KUB:
  • The inability of one seller to influence price.
  • -zero economic profits in the long run -many firms in the market-ease of entry into the market
  • There are restrictions on exit of firms.
  • KUB is a monopoly due to economies of scale.
Wendy leaves her job as a dancer to start her own dance studio. As a dancer, she made $34,000 per year. During the studio's first year she paid $4,300 per year for insurance, $1,846 for music and licensing fees, $150 for a boom box, and $11,300 for rent and utilities. She received $60,480 in tuition payments. Wendy's economic profit was:
  • third-degree price discrimination
  • $39
  • $8,884
  • $41,500
Ian owned his own dry cleaning shop, but he later sold it to his cousin Norman. Norman incorporated the business and is the only stockholder. Which of these is the MOST likely reason for the incorporation?
  • attention to sunk costs because he kept going to the gym even after he reached his goal because he had paid for the membership
  • third-degree price discrimination
  • Julia eats three cookies. She takes 20 seconds to eat the first one, 1 minute to eat the second one, and 3 minutes to finish the third one
  • Norman wanted to have limited liability
Assume an industry contains four firms and has a Herfindahl-Hirschman Index equal to 3,If three of the firms have market share of 50%, 25%, and 10%, respectively, what is the market share of the remaining firm?
  • The budget line rotates to have a flatter slope
  • 15%
  • $39
  • The firm would earn more profits by increasing output
If a competitive firm can sell steel for $500 a ton, has an average variable cost of $400 a ton, and a marginal cost of $600 a ton, the firm should:
  • operating in the short run
  • Increase its output.
  • 5 utility units
  • reduce output
What is the least common type of business?
  • Stock represents ownership in a firm
  • Profit is maximized where marginal cost equals marginal revenue.
  • a novel printed in paperback that sells for more than the same book in an electronic format
  • partnership
Suppose a monopoly firm produces software and can sell 10 items per month at a price of $50 each. In order to increase sales by one item per month, the monopolist must lower the price of the software by $1 to $The marginal revenue of the 11th item is:
  • 75%
  • makes $4,000 in total revenue
  • $39
  • Consumption of good X should increase, and consumption of good Y should decrease
Hannah owns an auto repair shop. She has incurred over $100,000 in startup costs (sunk costs) and currently faces fixed costs of $5,000 per month. She also has labor costs equal to $3,000 per month. Hannah earns revenue of $10,000 per month. Given this information, Hannah should:
  • continue to run her business since she is making a profit of $2,000
  • information on the degree of product differentiation in each market
  • Choosing a rate of output using existing plant and equipment
  • third-degree price discrimination
Which of the following is a clear example of the law of diminishing marginal utility?
  • It shifts inward to a new line that is parallel to the original budget line
  • anything of value owned by a person or a firm
  • -the failure to take into account the implicit costs of an activity-the failure to ignore sunk costs-being overly optimistic about their future behavior
  • Julia eats three cookies. She takes 20 seconds to eat the first one, 1 minute to eat the second one, and 3 minutes to finish the third one
What is an example of an implicit cost of production?
  • Each maximizes profits by producing a quantity for which marginal revenue equals marginal cost
  • There are restrictions on exit of firms.
  • rent that could have been earned on a building owned and used by the firm
  • -the failure to take into account the implicit costs of an activity-the failure to ignore sunk costs-being overly optimistic about their future behavior
companies that do not sell stock in financial markets
  • private firms
  • partnership
  • framing bias
  • A patent
What are characteristics of a perfectly competitive market structure?
  • a novel printed in paperback that sells for more than the same book in an electronic format
  • Each maximizes profits by producing a quantity for which marginal revenue equals marginal cost
  • -soup companies sending coupons to select buyers -retirees getting a discount at a local movie theater-drug companies charging people living in wealthier countries higher prices for a drug than they charge people living in a poorer country for the same drug
  • -There are a very large number of firms that are small compared to the market.-All firms sell identical products.-There are no restrictions to entry by new firms.
Competition in a market results in
  • The optimal mix of goods and services being produced
  • payment to hire a security worker to guard the gate to the factory around the clock
  • firms produce goods and services at the lowest cost
  • The inability of one seller to influence price.
What is not a characteristic of a perfectly competitive market structure?
  • The demand curve is perfectly elastic
  • No, because price is greater than marginal cost
  • There are restrictions on exit of firms.
  • being overly pessimistic about their future behavior
What is an example of a fixed cost?
  • advertising that it will match its rival's price
  • Stock represents ownership in a firm
  • rent that could have been earned on a building owned and used by the firm
  • payment to hire a security worker to guard the gate to the factory around the clock
Academic book publishers hire editors, designers, and production and marketing managers who help prepare books for publication. Because these employees work on several books simultaneously, the number of people the company hires will not go up and down with the quantity of books the company publishes during any particular year. The salaries and benefits of people in these job categories will be included in:
  • makes $4,000 in total revenue
  • fixed cost and total cost but not variable cost
  • Market demand and market supply.
  • buy more grapes and fewer pears
Who controls a partnership?
  • partnership
  • the owners
  • -The demand curve for the monopoly and the market are the same-It can use market power to charge higher prices than a competitive firm-It has no direct competitors
  • It is a price taker
If a perfectly competitive firm produces and sells more output, what will increase?
  • 5 utility units
  • Total utility decreases with additional consumption
  • decrease
  • Total revenue
A merger between two large airlines, such as American Airlines and U.S. Airways would:
  • Would not be allowed by the Federal Trade Commission if the merger reduced competition
  • increase the quantity it sells at the quota price
  • Total utility decreases with additional consumption
  • Bob cannot tell which farm the peaches he purchased came from because all the peaches look alike.
What can be used to protect a monopoly from competition?
  • Total revenue
  • A patent
  • partnership
  • rent that could have been earned on a building owned and used by the firm
What are examples of price discrimination
  • partnership
  • -soup companies sending coupons to select buyers -retirees getting a discount at a local movie theater-drug companies charging people living in wealthier countries higher prices for a drug than they charge people living in a poorer country for the same drug
  • -The demand curve for the monopoly and the market are the same-It can use market power to charge higher prices than a competitive firm-It has no direct competitors
  • being overly pessimistic about their future behavior
Firms in _____ markets have a more difficult time applying the profit-maximization rule than firms in other markets because _____.
  • being overly pessimistic about their future behavior
  • The firm incurs a normal profit; the market is in a long-run equilibrium
  • increase the quantity it sells at the quota price
  • oligopoly; the firm's demand curve depends on the decisions of rival firms
Golda Rush quit her job as a manager for Home Depot to start her own hair dressing salon, Goldilocks. She gave up a salary of $40,000 per year, invested her savings of $30,000 (which was earning 5 percent interest) and borrowed $10,000 from a close friend, agreeing to pay 5 percent interest per year. In her first year, Golda spent $18,000 to rent a salon, hired a part-time assistant for $12,000 and incurred another $15,000 on equipment and hairdressing material. Based on this information, what is the amount of her implicit costs?
  • $8,884
  • $41,500
  • $39
  • Loss of $6,000
The average total cost of production
  • Profit is maximized where marginal cost equals marginal revenue.
  • equals total cost of production divided by the level of output
  • Its marginal revenue curve is below its demand curve
  • payment to hire a security worker to guard the gate to the factory around the clock
Both buyers and sellers are price takers in a perfectly competitive market because:
  • oligopoly; the firm's demand curve depends on the decisions of rival firms
  • -There are a very large number of firms that are small compared to the market.-All firms sell identical products.-There are no restrictions to entry by new firms.
  • Each buyer and seller is too small relative to others to independently affect the market price.
  • There are restrictions on exit of firms.
Red Stone Creamery currently hires 5 workers. When it added a 6th worker, its output actually fell. Which of the following statements is true?
  • Demand; marginal revenue and marginal cost
  • The marginal product of the sixth worker must be negative
  • The budget line rotates to have a flatter slope
  • The firm is maximizing profits
How do a sole proprietorship and a corporation differ?
  • Each maximizes profits by producing a quantity for which marginal revenue equals marginal cost
  • -Corporations face more taxes than do proprietorships-Proprietorships have unlimited liability while corporations have limited liability-Corporations can issue stocks and bonds, while proprietorships cannot.
  • -There are a very large number of firms that are small compared to the market.-All firms sell identical products.-There are no restrictions to entry by new firms.
  • -the failure to take into account the implicit costs of an activity-the failure to ignore sunk costs-being overly optimistic about their future behavior
What is not true for a monopoly?
  • interdependence of firms
  • physical capital.
  • It is a price taker
  • Stock represents ownership in a firm
What is NOT an example of price discrimination?
  • rent that could have been earned on a building owned and used by the firm
  • a novel printed in paperback that sells for more than the same book in an electronic format
  • Choosing a rate of output using existing plant and equipment
  • It is a price taker
T or F:Office rent expenses are an example of an implicit cost
  • Market demand and market supply.
  • FALSE
  • No, because price is greater than marginal cost
  • private firms
Assume there is a budget line with bagels on the vertical y-axis and bananas on the horizontal x-axis. What happens to the budget line when the price of bagels rises and the price of bananas falls?
  • The equilibrium price is likely to decrease and profits are likely to decrease
  • The inability of one seller to influence price.
  • The budget line rotates to have a flatter slope
  • The firm incurs a normal profit; the market is in a long-run equilibrium
Suppose you have a fixed amount of income to spend on two goods, X and Y. The price of good X is Px = $10 and the price of good Y is Py = $The marginal utility of X is MUx = 60 utils and the marginal utility of Y is MUy = 15 utils. How should consumption of X and Y change, if at all, to increase utility?
  • Consumption of good X should increase, and consumption of good Y should decrease
  • Each buyer and seller is too small relative to others to independently affect the market price.
  • The equilibrium price is likely to decrease and profits are likely to decrease
  • fixed cost and total cost but not variable cost
The machines workers have to work with are considered
  • Total revenue
  • operating in the short run
  • accounting cost
  • physical capital.
A monopolist practicing first-degree price discrimination
  • differentiated products
  • Captures all consumer surplus
  • The demand curve is perfectly elastic
  • interdependence of firms
The prices per pound of apples, pears, and grapes are $1.50, $2, and $2.50, respectively. Clara's marginal utils for the last pound bought of each is: 30 MU for apples, 35 MU for pears, and 60 MU for grapes. If Clara wants to maximize utility out of her limited budget for fruit, she should:
  • makes $4,000 in total revenue
  • continue to run her business since she is making a profit of $2,000
  • third-degree price discrimination
  • buy more grapes and fewer pears
Is a monopolistically competitive firm allocatively efficient?
  • The demand curve is perfectly elastic
  • Captures all consumer surplus
  • No, because price is greater than marginal cost
  • There are restrictions on exit of firms.
Marginal utility is the
  • Total utility decreases with additional consumption
  • extra satisfaction received from consuming one more unit of a product
  • average total cost is the lowest
  • equals total cost of production divided by the level of output
If average total cost is rising, then marginal cost must be __________ average total cost and marginal cost must be __________:
  • Has market power
  • an oligopoly
  • Total revenue
  • above; rising
If a producer is not able to expand its plant capacity immediately, it is
  • 5 utility units
  • Increase its output.
  • operating in the short run
  • Total revenue
Two different markets each have many buyers and many sellers, none of which have market power. What would be MOST helpful in determining whether each market is monopolistically competitive or perfectly competitive?
  • continue to run her business since she is making a profit of $2,000
  • The firm would earn more profits by increasing output
  • information on the degree of product differentiation in each market
  • makes $4,000 in total revenue
If a firm faces a downward-sloping demand curve,
  • Its marginal revenue curve is below its demand curve
  • No, because price is greater than marginal cost
  • firms produce goods and services at the lowest cost
  • it must reduce its price to sell more units.
Monopolistically competitive markets and perfectly competitive markets do NOT share what?
  • average total cost is the lowest
  • Captures all consumer surplus
  • operating in the short run
  • differentiated products
If a cartel member is considering cheating in order to earn profits, it should:
  • Increase its output.
  • advertising that it will match its rival's price
  • increase the quantity it sells at the quota price
  • There are restrictions on exit of firms.
If a seafood restaurant can raise the price of its fried shrimp without losing all of its customers, then the restaurant definitely
  • Total revenue
  • Economies of scale
  • Loss of $6,000
  • Has market power
When the producer of Doritos tortilla chips spends money for television commercials, it intends to shift the:
  • demand curve to the right and make demand less elastic
  • Should price it at the market price
  • Demand; marginal revenue and marginal cost
  • being overly pessimistic about their future behavior
An asset is
  • stockholders
  • anything of value owned by a person or a firm
  • being overly pessimistic about their future behavior
  • attention to sunk costs because he kept going to the gym even after he reached his goal because he had paid for the membership
Marta takes her 72-year-old mother and her 11-year-old son to the local water park. Marta pays $12 for her ticket, $8 for her mother's senior citizen ticket, and $6 for her son's children's ticket. This is an example of:
  • The budget line rotates to have a flatter slope
  • There are restrictions on exit of firms.
  • makes $4,000 in total revenue
  • third-degree price discrimination
A very large number of small sellers who sell identical products imply:
  • it must reduce its price to sell more units.
  • The inability of one seller to influence price.
  • advertising that it will match its rival's price
  • increase the quantity it sells at the quota price
If total utility increases at a decreasing rate as a consumer consumes more coffee, then marginal utility must
  • reduce output
  • Increase its output.
  • decrease
  • Total revenue
Productive efficiency is achieved when
  • equals total cost of production divided by the level of output
  • Its marginal revenue curve is below its demand curve
  • The optimal mix of goods and services being produced
  • firms produce goods and services at the lowest cost
Since a monopoly has market power,
  • payment to hire a security worker to guard the gate to the factory around the clock
  • being overly pessimistic about their future behavior
  • Its marginal revenue curve is below its demand curve
  • it must reduce its price to sell more units.
Assume that a monopolistically competitive firm faces the following situation: P = $16output = 9,000 unitsMC = $11ATC = $10AVC = $7MR = $14What is correct regarding profit maximization?
  • The budget line rotates to have a flatter slope
  • The firm is maximizing profits
  • The equilibrium price is likely to decrease and profits are likely to decrease
  • The firm would earn more profits by increasing output
firms that sell stock in financial markets
  • partnership
  • It is a price taker
  • public firms
  • accounting cost
If a market has twenty competing firms and 20% of those firms produce 80% of the sales, then the market structure would be described as:
  • Economies of scale
  • an oligopoly
  • Loss of $6,000
  • 5 utility units
The marginal product of labor is defined as
  • the additional output that results when one more worker is hired, holding all other resources constant
  • equals total cost of production divided by the level of output
  • extra satisfaction received from consuming one more unit of a product
  • a novel printed in paperback that sells for more than the same book in an electronic format
Monopolistically competitive markets and perfectly competitive markets share what characteristics?
  • Bob cannot tell which farm the peaches he purchased came from because all the peaches look alike.
  • oligopoly; the firm's demand curve depends on the decisions of rival firms
  • No, because price is greater than marginal cost
  • -zero economic profits in the long run -many firms in the market-ease of entry into the market
If marginal utility is negative, what must be true about total utility?
  • increase the quantity it sells at the quota price
  • average total cost is the lowest
  • Total utility decreases with additional consumption
  • The inability of one seller to influence price.
The explicit cost of production is also called
  • public firms
  • private firms
  • accounting cost
  • physical capital.
Assume the market for organic produce sold at farmers' markets is perfectly competitive. All else equal, as more farmers choose to produce and sell organic produce at farmers' markets, what is likely to the equilibrium price of the produce and profits of the organic farmers in the long run?
  • buy more grapes and fewer pears
  • The firm incurs a normal profit; the market is in a long-run equilibrium
  • the additional output that results when one more worker is hired, holding all other resources constant
  • The equilibrium price is likely to decrease and profits are likely to decrease
What is true for a monopoly?
  • Profit is maximized where marginal cost equals marginal revenue.
  • payment to hire a security worker to guard the gate to the factory around the clock
  • -The demand curve for the monopoly and the market are the same-It can use market power to charge higher prices than a competitive firm-It has no direct competitors
  • -soup companies sending coupons to select buyers -retirees getting a discount at a local movie theater-drug companies charging people living in wealthier countries higher prices for a drug than they charge people living in a poorer country for the same drug
In terms of overall domestic consumption, about how much petroleum did the U.S. produce within its own borders in 2015?
  • 75%
  • above; rising
  • 15%
  • $39
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