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5) Suppose an individual wheat farmer's income is influenced by the region's average daily temperature. When examining the determinants of individual farmer income, the average daily temperature is a(n) __ variable. A) endogenous B) exogenous C) flow D) dependent E) induced

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Deanna Hettinger
Deanna HettingerLv2
14 Dec 2017
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Related questions

5) Choose the statement that best describes how endogenous variables differ from exogenous variables. A) An endogenous variable is explained within the theory, while an exogenous variable influences the endogenous variables but is determined outside the theory. B) An endogenous variable is a flow, while an exogenous variable is a stock, C) An endogenous variable is explained outside the theory and influences an exogenous variable in a way determined by the theory. D) An exogenous variable is a function of the endogenous variable, and both are flow variables. E) An endogenous variable is a function of the exogenous variable, and both are stock variables.

6) Suppose there is a theory that several things influence the price of fish in Halifax, one of which is the weather during the fishing season. When examining the determinants of the price of fish, the weather A) an endogenous variable, as it influences the price of fish. B) an exogenous variable, as it is determined outside the theory. C) a stock, as it influences the quantity of fish caught. D) an act of God and, therefore, has no legitimate connection with the theory. E) an endogenous variable, as it is determined within the theory. This table shows how much cotton and cocoa can be produced in Peru and Brazil with one unit of equivalent resources. Cocoa Beans (bales) (bushels) Peru 4 Brazil TABLE 33-4

1. A perfectly elastic demand function

Select one:

a. is characteristic of an individual firm operating in a perfectly competitive market.

b. shows that a consumer is willing to pay any amount for the product.

c. shows that the individual firm can increase sales by lowering the price of output.

d. has a marginal revenue that is always decreasing.

 

2. Your local farmer has many competitors and exists in a market structure known as perfect competition. This means that price is determined outside of the individual farmer's ability to charge a price higher than the going market for a bushel of wheat, hence the farmer is

Select one:

a. a price maker and can therefore charge different customers different prices.

b. a price taker and cannot affect the market price of wheat.

c. always able to price produce above the competition and earn a larger profit.

d. never able to determine any prices he charges for anything, such as soybeans

 

 

3. All of the following are true regarding perfectly competitive price determination EXCEPT

Select one:

a. the individual firm takes the market price as given.

b. the individual firm is known as a market price maker.

c. the individual firm's marginal revenue curve is horizontal at the market price.

d. the market price is determined by the interactions among all buyers (households) and firms.

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