Sophia: Microeconomics - Unit 4 Questions and Answers Already Passed

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Sophia: Microeconomics - Unit 4 Questions and Answers Already Passed The cost of cleaning up pollution can be measured by all of the following EXCEPT _________. ✔✔market prices and quantity of ... goods/services produced. Which of the following statements best describes the minimum wage? ✔✔It is a price floor that decreases consumer surplus as compared to the free market equilibrium price and output. Which of the following is NOT an obstacle to the implementation of environmentally sustainable business practices? ✔✔Investor awareness of climate change as a risk has increased enough to be addressed by the SEC Which one of the following is NOT an example of a practice that contributes to anthropomorphic climate change? ✔✔Change in migration patterns Which of the following scenarios relates to both natural and frictional employment? ✔✔Mikhal just moved with his family from Miami to Chicago and is looking for work. Which statement below is NOT true regarding process mapping? ✔✔Almost all business practices and decisions have been documented in some way or another An economy in which price and quantity sold of goods and services is determined solely by supply and demand is a __________. ✔✔Market economy Which of the following best describes externalities? ✔✔Third party costs or benefits that skew the correct market equilibrium The price at which the consumer purchases the taxed good increases by less than the amount of the tax. Who of the following bears more of the burden of this tax, assuming that demand is more elastic than supply? ✔✔Producers Which of the following explains why the S & P 500 is considered a leading economic indicator? ✔✔Changes in stock prices reflect investors' expectations for the future of the economy and interest rates Which of the following corresponds with non-competitive market failure? ✔✔One international corporation with a monopoly on cotton seed production A(n) __________ good is one that can be consumed by one person, and still continue to be consumed by other people. ✔✔non-rivalrous Which one of the answers listed is NOT a reason why businesses have been slow to adopt sustainable practices in regard to unemployment? ✔✔Sustainable business practices mean larger profits in the long run When do producers benefit from an inelastic supply? ✔✔When a subsidy is provided A public good is considered which of the following? ✔✔Non-rivalrous and non-exclusive Determine which example represents a coincidence indicator. ✔✔Consumer Confidence Index Patricia decides whether or not she can afford to travel to Africa to meet with vendors in person. Which of the following shapes in a process map would this scenario correspond with? ✔✔Diamond The "tragedy of the commons" occurs with goods that are _________. ✔✔rival and nonexcludable CEO "say on pay" was a result of __________. ✔✔Closer investor scrutiny of CEO pay What is contingent valuation as it relates to alternative methods for estimating the value of environmental regulations? ✔✔Multiplying the amount of people who are willing to pay for trips to natural resources by the number of citizens to construct an estimate on the value of environmental goods [Show More]

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