9.An increase in the demand for land willа.increase the price of land and increase the quantity of land suppliedb. increase the price of land but not change the quantity of land suppliedincrease the quantity of land supplied but not change the price of landd. do none of the precedingС.10.If a £ is cheaper in terms of a foreign currency than the equilibrium exchange rate, aexists at the current exchange rate that will putpressure on the exchange value of a£.a. surplus of £; downwardb. surplus of £; upwardС.shortage of £; downwardd. shortage of £; upward11.The statement “the government should increase spending for the space program" isa. objective and testableb. a positive statementc. subjective, prescriptive, and normatived. a fact and very important for the defence of our country 6.If a firm's ATC is falling in the long run, thena. it is subject to economies of scale over that range of outputb. it is subject to diseconomies of scale over that range of outputit is subject to constant return to scale over that range of outputd. it has reached the minimum efficient scale of productionC.e. both it is subject to constant return to scale over that range of output and it hasreached the minimum efficient scale of production are true7.Which of the following is true?a. Productive efficiency occurs in perfect competition because the firm produces atthe minimum of the ATC curve.b. Allocative efficiency occurs when P = MC; production is allocated to reflectconsumers' wants.Both Productive efficiency occurs in perfect competition because the firm producesat the minimum of the ATC curve and Allocative efficiency occurs when P = MC;production is allocated to reflect consumers' wants are true.d. None of these is true.8.In game theory.a. there is not always a dominant strategyb.a Nash equilibrium is a dominant strategyC.collusion is an example of a cooperative gamed. all of these

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9. An increase in the demand for land will a. increase the price of land and increase the quantity of land supplied b. increase the price of land but not change the quantity of land supplied c. increase the quantity of land supplied but not change the price of land d. do none of the preceding

9. An increase in the demand for land will a. increase the price of land and increase the quantity of land supplied b. increase the price of land but not change the quantity of land supplied c. increase the quantity of land supplied but not change the price of land d. do none of the preceding

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 21P

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Question

100%

9.
An increase in the demand for land will
а.
increase the price of land and increase the quantity of land supplied
b. increase the price of land but not change the quantity of land supplied
increase the quantity of land supplied but not change the price of land
d. do none of the preceding
С.
10.
If a £ is cheaper in terms of a foreign currency than the equilibrium exchange rate, a
exists at the current exchange rate that will put
pressure on the exchange value of a
£.
a. surplus of £; downward
b. surplus of £; upward
С.
shortage of £; downward
d. shortage of £; upward
11.
The statement “the government should increase spending for the space program" is
a. objective and testable
b. a positive statement
c. subjective, prescriptive, and normative
d. a fact and very important for the defence of our country

6.
If a firm's ATC is falling in the long run, then
a. it is subject to economies of scale over that range of output
b. it is subject to diseconomies of scale over that range of output
it is subject to constant return to scale over that range of output
d. it has reached the minimum efficient scale of production
C.
e. both it is subject to constant return to scale over that range of output and it has
reached the minimum efficient scale of production are true
7.
Which of the following is true?
a. Productive efficiency occurs in perfect competition because the firm produces at
the minimum of the ATC curve.
b. Allocative efficiency occurs when P = MC; production is allocated to reflect
consumers' wants.
Both Productive efficiency occurs in perfect competition because the firm produces
at the minimum of the ATC curve and Allocative efficiency occurs when P = MC;
production is allocated to reflect consumers' wants are true.
d. None of these is true.
8.
In game theory.
a. there is not always a dominant strategy
b.
a Nash equilibrium is a dominant strategy
C.
collusion is an example of a cooperative game
d. all of these

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