5. The most important challenge facing a firm in a perfectly competitive market is deciding:
(A) whether to maximize its profits.
(B) how much to produce.
(C) what price to charge.
(D) whether to advertise.

1. The accompanying figure shows Avery’s weekly production possibilities curve for scarves. Avery’s PPC would shift outward if she: (A) knits more red scarves and fewer blue scarves each week. (B) devotes less time to knitting each week. (C) devotes more time to knitting each week. (D) knits fewer red scarves and more blue scarves each week.

2. Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true? (A) Joe and Mary can make a mutually beneficial exchange. (B) Joe and Mary cannot make a mutually beneficial exchange. (C) Joe and Mary will not trade in equilibrium. (D) Joe and Mary will only trade if the equilibrium price is less than $1.

3. Which of the following is likely to have the highest price elasticity of demand? (A) Shoes (B) Running shoes (C) Nike running shoes (D) The price elasticity of demand will be the same for all of the answers listed. 

4. Refer to the accompanying figure. What is total consumer surplus at the market equilibrium? (A) $6 per day (B) $80 per day (C) $160 per day (D) $240 per day

6. Which of the following is NOT an example of an explicit cost? (A) The overtime wages paid to workers. (B) The income the owner could have earned in his or her next best employment opportunity. (C) The salaries paid to the managers who help run the business. (D) The rent the owner pays each month to lease office space.

7. Which of the following firms is most likely to be a pure monopolist? (A) A clothing retailer with the best location in a mall (B) A grocery store in a large city (C) The most popular hot dog vendor on a city street corner (D) The only gas station in a small, isolated town 

8. If living standards in a country, as measured by output per person, decrease, then total output must have: (A) increased more rapidly than population increased. (B) increased at the same rate that population increased. (C) increased more slowly than population increased. (D) decreased more slowly than population decreased.

9. If a pizza maker pays $1 for tomatoes, $1 for cheese, $2 for sausage, and sells the pizza made with these ingredients for $7, then each pizza sold contributes how much to GDP? (A) $3 (B) $4 (C) $7 (D) $11

10. On January 1, 2015, Anna invested $5,000 at 5% interest for one year. The CPI on January 1, 2015 stood at 2.37. On January 1, 2016, the CPI was 2.40. The real rate of interest earned by Anna was ______ percent. (A) –5 (B) 3.7 (C) 5 (D) 9

11. Average labor productivity is determined by: (A) consumption, investment, government spending, and net exports. (B) the number employed, unemployed, and the labor force participation rate. (C) the quantity and quality of human capital, physical capital, technology, natural resources, entrepreneurship, and the legal and political environment. (D) the real interest rate, the nominal interest rate, and the rate of inflation.

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