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Help with Economics History Please! 100 questions due tomorrow night...need help with 15 questions?

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Help with Economics History Please! 100 questions due tomorrow night...need help with 15 questions?

Postby avikar76 » Fri May 11, 2012 6:01 pm


The economics of information asserts that in relation to a search __________ rises over time.
a. marginal cost
b. marginal benefit
c. the informational content of advertising
d. advertising

The marginal benefit of additional search is likely to be higher for
a. perishable goods.
b. durable goods.
c. goods that are a small portion of one’s budget.
d. all of the above.

Which of the following is likely to provide a greater marginal benefit from additional search?
a. A steak for dinner.
b. A new Porsche.
c. A new Ford Escort.
d. A refrigerator.

When consumers know the quality of a good or service prior to purchase, the good is called a(n)
a. experience good.
b. search good.
c. credence good.
d. meta-credence good.

In order to increase consumers’ confidence in the quality of goods, sellers often
a. offer warranties.
b. advocate their experience in business.
c. franchise their products.
d. all of the above

Fraudulent behavior is most likely to occur in the sale of
a. search goods.
b. experience goods.
c. credence goods.
d. all of the above.

Advertising serves to __________ from additional search.
a. decrease MB
b. increase MB
c. increase MC
d. decrease MC

The economics of information incorporates __________ in the full cost of consuming goods.
a. durability
b. convenience
c. time
d. quality

__________ models have traditionally assumed advertising is wasteful.
a. Monopoly
b. Oligopoly
c. Perfectly competitive
d. Austrian

Advertising serves to
a. lower the full price.
b. lower the monetary price of goods and services.
c. increase the full price.
d. increase the MC of search.

A new development in demand theory maintains that consumers demand goods for the
a. good itself.
b. utility producing characteristics of the good.
c. utility produced by the good.
d. utility derived from the good.

The theory that consumers demand jointly produced characteristics of products was developed by
a. Becker.
b. Stigler.
c. Coase.
d. Lancaster.

According to Lancaster, the demand for market goods is a(n)
a. inverse demand.
b. perceived demand.
c. elastic demand.
d. derived demand.

__________ argued that firms exist as a least-cost means of organization.
a. Becker
b. Stigler
c. Coase
d. Lancaster

One way to monitor a manager to ensure she monitors effectively is to
a. make her a member of the team.
b. hire another manager.
c. make her a residual claimant.
d. none of the above.

When the quality of a product is uncertain before you purchase it, there is probably
a. something wrong with the product.
b. asymmetric information.
c. team production.
d. a need for advertising.

Becker maintains that as more women have gone to work and skill levels have become similar between men and women
a. the gains to specialization are smaller in marriage.
b. there has been a higher divorce rate.
c. there are fewer marriages.
d. all of the above.
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