Multiple Choice Questions

While the original purpose of the Chinese pagoda was to house relics and sacred writings, this structure was also used as
  • a vertical marker in the landscape
  • reduce the mass without diminishing the strength of the wall
  • the teachings of Confucius
  • "perfect sphere"
The Pantheon walls, nearly 20 feet thick, are not solid mass, but instead are broken up by shallow chambers which
  • reduce the mass without diminishing the strength of the wall
  • the teachings of Confucius
  • all of the above (correct answer)exemplar of architecture devoid of unnecessary ornament an architecture that reflects extraordinary sensitivity to building materials an architecture that is integral with nature rather than being imposed on it
  • a vertical marker in the landscape
According to Professor Tilson's lecture on China and Japan, the Shrine at ISE, a Shinto shrine dedicated to goddess Amaterasu-ōmikami, in Katsura is
  • forum
  • all of the above (correct answer)exemplar of architecture devoid of unnecessary ornament an architecture that reflects extraordinary sensitivity to building materials an architecture that is integral with nature rather than being imposed on it
  • "holy field"
  • Vitruvious
In Chinese architecture, the overarching architectural principles that governed palace design were also used in
  • houses
  • atrium
  • Vitruvious
  • forum
According to Professor Tilson's lecture on Rome, the precursor to the Italian Piazza, the Spanish Plaza and North American Square was the
  • all of the above (correct answer)exemplar of architecture devoid of unnecessary ornament an architecture that reflects extraordinary sensitivity to building materials an architecture that is integral with nature rather than being imposed on it
  • "holy field"
  • forum
  • Vitruvious
According to Professor Tilson's lecture on China and Japan, the Forbidden City in Beijing is the clearest example of an application of a diagram which creates what some scholars call a __________, organizing material space with cosmic space.
  • forum
  • "holy field"
  • "perfect sphere"
  • Vitruvious
According to Professor Tilson's lecture on Rome, the Pantheon was designed to contain a
  • "holy field"
  • forum
  • "perfect sphere"
  • Vitruvious
Other things equal, if a full-employment economy reallocated a substantial quantity of its resources to capital goods, we would expect
  • labor productivity to rise.
  • 5 percent.
  • increase labor productivity.
  • the product is an inferior good.
Personal income will equal disposable income when
  • technological advance.
  • the accumulation of capital stock.
  • personal taxes are zero.
  • may either rise or fall.
When producers do not have to pay the full cost of producing a product, they tend to
  • overproduce the product because of a supply-side market failure.
  • marginal benefit of production that is too low, and there is a demand-side market failure.
  • the income of consumers and the demand for a product
  • the purchase of baseball uniforms by a professional baseball team
A glass company making windows for houses also makes windows for other things (cars, boats, stores, etc.). We would expect its supply curve for house windows to be
  • relatively more elastic than those of firms that make only house windows
  • costs more to produce than it provides in benefits.
  • negative externalitiespositive externalitiespublic goods
  • marginal benefit of production that is too low, and there is a demand-side market failure.
Rising real wages for women in the U.S. workforce since the 1960s have
  • increased due to higher wages, expanded job accessibility, changing preferences and attitudes, and other factors.
  • an increase in the size of the labor force
  • increased the opportunity cost of staying at home.
  • decreases as price decreases
Suppose the total monetary value of all final goods and services produced in a particular country in 2015 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that
  • rise in the growth of living standards.
  • supply-side market failure
  • demand-side market failure.
  • GDP in 2015 is $500 billion.
Which of the following is an intermediate good?
  • Successful public schools provide benefits to the students who attend them, as well as to the community as a whole, including those who don't go to those public schools.
  • the income of consumers and the demand for a product
  • A firm keeps its production costs down by dumping its waste in the nearby river, adversely affecting water quality for residents in the area.
  • the purchase of baseball uniforms by a professional baseball team
All of the following are sources of increasing returns and economies of scale except
  • negative externalitiespositive externalitiespublic goods
  • network effects.learning by doing.simultaneous consumptionCorrectthe multiplier effect. Correct
  • the income of consumers and the demand for a product
  • Ben cannot afford to buy a high-end Mercedes Benz luxury car.
If 100 shirts are sold when the unit price is $10, while 75 shirts are sold when the unit price is $15, one can conclude that in this price range,
  • labor productivity to rise.
  • demand for the shirts is inelastic.
  • increase price and leave quantity sold unchanged.
  • independent goods.
A negative income elasticity of demand coefficient indicates that
  • personal taxes are zero.
  • an increase in the size of the labor force
  • the product is an inferior good.
  • labor productivity to rise.
Tom Atoe grows fruits and vegetables for home consumption. This activity is
  • negative externalitiespositive externalitiespublic goods
  • productive but is excluded from GDP because no market transaction occurs.
  • a reduction in price results in a decrease in total revenue.
  • overproduce the product because of a supply-side market failure.
If many people in a community get flu shots, the whole community benefits, including those that did not get flu shots. Therefore, not enough people may decide to get the shots. This is one illustration of
  • GDP in 2015 is $500 billion.
  • demand-side market failure.
  • demand for the shirts is inelastic.
  • proponent of economic growth.
Suppose Smith pays $100 to Jones.
  • supply curves don't reflect the full cost of producing a good or service.
  • private markets do not allocate resources in the most economically desirable way.
  • We need more information to determine whether GDP has changed.
  • the purchase of baseball uniforms by a professional baseball team
"GDP price index" measures changes in the
  • prices of the output produced in the nation.
  • education, training, and skills of workers.
  • capital increases faster than labor.
  • rise in the growth of living standards.
When producers do not produce the efficient amount of a product because they are unable to charge consumers what they need to get in order to produce the efficient amount, then we have a
  • demand for the shirts is inelastic.
  • demand-side market failure.
  • overproduce the product because of a supply-side market failure.
  • labor productivity to rise.
One year nominal GDP was $286 billion and the price index wasReal GDP that year was
  • increase labor productivity.
  • low unemployment.
  • technological advance.
  • $325 billion.
Which of the following situations is not an example of market failure?
  • the purchase of baseball uniforms by a professional baseball team
  • network effects.learning by doing.simultaneous consumptionCorrectthe multiplier effect. Correct
  • Ben cannot afford to buy a high-end Mercedes Benz luxury car.
  • overproduce the product because of a supply-side market failure.
If a 10 percent increase in the price of one good results in no change in the quantity demanded of another good, then it can be concluded that the two goods are
  • 5 percent.
  • complementary products.
  • independent goods.
  • demand for the shirts is inelastic.
Depreciation is all of the following, except
  • the accumulation of capital stock.
  • prices of the output produced in the nation.
  • the income of consumers and the demand for a product
  • the product is an inferior good.
Market failure is said to occur whenever
  • result in overproduction or underproduction of a good.
  • demand curves don't reflect consumers' full willingness to pay for a good or service.
  • private markets do not allocate resources in the most economically desirable way.
  • We need more information to determine whether GDP has changed.
The coefficient of price-elasticity of supply for a product is 2 if
  • The increase in the stock of real capital exceeds the increase in inputs of labor.
  • a 1 percent decrease in price causes a 2 percent decrease in quantity supplied.
  • overproduce the product because of a supply-side market failure.
  • total investment less the amount of investment goods used up in producing the year's output.
In the immediate market period for a highly perishable crop like tomatoes, the individual farmer's supply curve tends to be
  • decreases as price decreases
  • independent goods.
  • perfectly inelastic.
  • technological advance.
Which of the following is an example of market failure?
  • negative externalitiespositive externalitiespublic goods
  • an increase in the size of the labor force
  • Ben cannot afford to buy a high-end Mercedes Benz luxury car.
  • A firm keeps its production costs down by dumping its waste in the nearby river, adversely affecting water quality for residents in the area.
Market failures
  • education, training, and skills of workers.
  • a reduction in price results in a decrease in total revenue.
  • negative externalitiespositive externalitiespublic goods
  • result in overproduction or underproduction of a good.
Answer the question based on the following table, which shows a demand schedule.Price Quantity Demanded$5 104 133 152 191 25 At a price of $3, the total revenues of sellers will be
  • $45
  • labor productivity to rise.
  • economy C only.
  • +2.0.
A major effect of the rise in the rate of productivity growth in the United States is a(n)
  • rise in the growth of living standards.
  • increase price and leave quantity sold unchanged.
  • decreases as price decreases
  • an increase in the size of the labor force
Demand is said to be inelastic when
  • a reduction in price results in a decrease in total revenue.
  • productive but is excluded from GDP because no market transaction occurs.
  • the purchase of baseball uniforms by a professional baseball team
  • a firm's output less the value of the inputs bought from others.
A 3 percent increase in the price of tea causes a 6 percent increase in the demand for coffee. The cross elasticity of demand for coffee with respect to the price of tea is
  • $325 billion.
  • demand-side market failure.
  • +2.0.
  • 70,000
People enjoy outdoor holiday lighting displays and would be willing to pay to see these displays but can't be made to pay. Because those who put up lights are unable to charge others to view them, they don't put up as many lights as people would like. This is an example of a
  • supply-side market failure
  • GDP in 2015 is $500 billion.
  • labor productivity to rise.
  • demand-side market failure.
A nation's gross domestic product (GDP)
  • increased due to higher wages, expanded job accessibility, changing preferences and attitudes, and other factors.
  • Market failure always results from some government action or policy in a market.
  • the purchase of baseball uniforms by a professional baseball team
  • is the dollar value of all final output produced within the borders of the nation during a specific period of time.
Which of the following is an example of a market failure?
  • Successful public schools provide benefits to the students who attend them, as well as to the community as a whole, including those who don't go to those public schools.
  • Ben cannot afford to buy a high-end Mercedes Benz luxury car.
  • the purchase of baseball uniforms by a professional baseball team
  • negative externalitiespositive externalitiespublic goods
Alejandro Scoobertini owns a store specializing in soccer jerseys. In 2016, he purchased $150,000 worth of jerseys from manufacturers, employed one worker for $40,000, purchased $20,000 worth of supplies from an office supply store, and sold jerseys for $280,Based on this information, what was the value added at Alejandro's store in 2016?
  • demand-side market failure.
  • 70,000
  • +2.0.
  • $45
Over a period of time, a nation's GDP increases by 8 percent in constant-price terms and by 6 percent in current-price terms. Other things being equal, the price level must have changed by about
  • proponent of economic growth.
  • perfectly inelastic.
  • −2 percent.
  • demand-side market failure.
Demand-side market failures occur when
  • demand curves don't reflect consumers' full willingness to pay for a good or service.
  • a reduction in price results in a decrease in total revenue.
  • total investment less the amount of investment goods used up in producing the year's output.
  • private markets do not allocate resources in the most economically desirable way.
Labor productivity can only increase if
  • capital increases faster than labor.
  • prices of the output produced in the nation.
  • rise in the growth of living standards.
  • education, training, and skills of workers.
A straight-line downward-sloping demand curve has a price elasticity of demand which
  • the product is an inferior good.
  • decreases as price decreases
  • absolute value of the Ed coefficient.
  • rise in the growth of living standards.
The concept of net domestic investment refers to
  • a 1 percent decrease in price causes a 2 percent decrease in quantity supplied.
  • total investment less the amount of investment goods used up in producing the year's output.
  • demand curves don't reflect consumers' full willingness to pay for a good or service.
  • the purchase of baseball uniforms by a professional baseball team
If the price elasticity of demand for a product is equal to 0.5, then a 10 percent decrease in price will increase quantity demanded by
  • complementary products.
  • labor productivity to rise.
  • 5 percent.
  • $325 billion.
When producers (say, of roads) are not able to make all consumers pay for enjoying their product (i.e., the roads), they tend to see a
  • The increase in the stock of real capital exceeds the increase in inputs of labor.
  • marginal benefit of production that is too low, and there is a demand-side market failure.
  • overproduce the product because of a supply-side market failure.
  • demand-side market failure.
Economy A: gross investment equals depreciationEconomy B: depreciation exceeds gross investmentEconomy C: gross investment exceeds depreciationBased on this information, positive net investment is occurring in
  • $325 billion.
  • demand-side market failure.
  • economy C only.
  • GDP in 2015 is $500 billion.
The shift of labor out of agriculture and into industry in the United States has tended to
  • an increase in the size of the labor force
  • increase price and leave quantity sold unchanged.
  • increase labor productivity.
  • decreases as price decreases
The value added of a firm is the market value of
  • the purchase of baseball uniforms by a professional baseball team
  • prices of the output produced in the nation.
  • a firm's output less the value of the inputs bought from others.
  • a reduction in price results in a decrease in total revenue.
(Consider This) Over the past several decades, the percentage of women in the paid U.S. workforce has
  • The increase in the stock of real capital exceeds the increase in inputs of labor.
  • decreases as price decreases
  • overproduce the product because of a supply-side market failure.
  • increased due to higher wages, expanded job accessibility, changing preferences and attitudes, and other factors.
Supply-side market failures occur when
  • total investment less the amount of investment goods used up in producing the year's output.
  • the purchase of baseball uniforms by a professional baseball team
  • demand curves don't reflect consumers' full willingness to pay for a good or service.
  • supply curves don't reflect the full cost of producing a good or service.
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Multiple Choice Questions
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