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ECO 365 Week 4 Knowledge Check

ECO 365 Week 4 Knowledge Check
ECO 365 Week 4 Knowledge Check -

1. What do economists mean when they say there is "market failure"?

  • Business has introduced a product that consumers did not want.
  • Free markets have led to excessive profits.
  • Markets have surpluses or shortages so that government rationing is necessary.
  • Free markets yield results that economists do not consider socially optimal.

 

2.If a market has no externalities, marginal private costs

  • exceed marginal social costs
  • equal marginal social costs
  • are below marginal social costs
  • intersect marginal social costs

 

3.Economists generally call the effect of an agreement on others that is not taken into account by the parties making the agreement

  • an externality
  • welfare loss
  • Pareto optimality
  • excess burden

 

4.The size performance improvements sought by those pursuing horizontal mergers is

  • economies of scale
  • increased market share
  • to coordinate activities more efficiently to spur growth
  • to decrease competition

 

5.A company buys another company in the same supply chain, but either in front of it or behind it in the supply chain. This is called

  • a horizontal acquisition
  • a vertical acquisition
  • a conglomerate
  • a joint venture

 

6.Sony and Toshiba become partners in a microprocessor manufacturing company. This is called

  • a horizontal acquisition
  • a vertical acquisition
  • a conglomerate
  • a joint venture

 

7.If two companies share ownership in a venture and agree on a formal management structure including members of both companies,this is called a

  • horizontal acquisition
  • vertical acquisition
  • joint venture
  • conglomerate

 

8.Two companies come together to take on a project that has an explicit time cycle and ending point. The most efficient form of acquisition of this project is

  • a horizontal acquisition
  • a joint venture
  • a vertical acquisition
  • a conglomerate

 

9.The more elastic the supply and the demand curves are,

  • the smaller the shortage a price ceiling will create
  • greater the shortage a price ceiling will create
  • smaller the surplus a price ceiling will create
  • greater the surplus a price ceiling will create

 

10.Assuming a binding price floor, the more elastic the supply and demand curves are,

  • the smaller the shortage a price floor will create
  • greater the shortage a price floor will create
  • smaller the surplus a price floor will create
  • greater the surplus a price floor will create

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