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22 Jan 2018

14. “Flat of the curve medicine” refers to the situation where the
a. aggregate value of health care inputs approaches zero
b. marginal value of health care inputs approaches zero
c. average value of health care inputs approaches zero
d. median value of health care inputs approaches zero
e. none of the above
15. At the monopolist’s profit maximizing level of output:
a. marginal cost is less than marginal benefit
b. marginal cost is greater than marginal benefit
c. marginal cost is less than marginal revenue
d. marginal cost is greater than marginal revenue
16. Which of the following will not lead to an increase in the price of blueberries
a. rise in agricultural wages
b. bug infestation that damages the blueberry crop
c. decrease in the price of strawberries
d. study showing that blueberries reduce the risk of stomach cancer
17. Each of the following leads to more elastic demand for a product, except:
a. plentiful substitutes
b. longer time-horizon
c. larger share of household budget
d. greater degree of necessity
18. In a regression examining the determinants of income, the estimated effect of education on income will be upward biased if education is:
a. positively correlated with an omitted variable which is uncorrelated with income
b. positively correlated with an omitted variable which is negatively correlated with income
c. positively correlated with an omitted variable which is positively correlated with income
d. uncorrelated with an omitted variable which is positively correlated with income
19. Which of the following correctly identifies an efficiency property of competitive equilibria:
a. the good is produced by the lowest cost producers
b. consumers who deserve the good the most get it
c. the good is produced up to the point where marginal benefit equals zero
d. none of the above

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Jamar Ferry
Jamar FerryLv2
22 Jan 2018
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