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If the equilibrium price of petrol is €1.00 per litre and the government places a price ceiling on petrol of €1.50 per litre, the result will be a shortage of petrol. - ANSWERSFalse AnswerA price ceiling set below the equilibrium price causes a surplus. - ANSWERSFalse AnswerA price floor set above the equilibrium price is a binding constraint. - ANSWERSTrue AnswerThe shortage of housing caused by a binding rent control is likely to be more severe in the long run when compared to ...

An increase in the price of cappuccino will increase the quantity of cappuccinos demanded - ANSWERSTrue AnswerIn the figure to the right, consider the marginal revenue of the fifteenthfifteenth unit sold. When the firm cuts the price from $8.00 to $ 7.80$ to sell the fifteenthfifteenth unit, the area in the graph denoting the output effect is given by C . - ANSWERSIn dollars, this effect is $7.80. When the firm cuts the price from $8.00 to $ 7.80$7.80 to sell the fifteenth unit, the a...

Scarcity - ANSWERSMoney, time, the capacity of your stomach... Different resources can become scarce in difference scenarios. Coping with scarcity is the essence of the human condition. Microeconomics can simply be defined as the subject about coping with scarcity. More formally: microeconomics is the study of how people choose under conditions of scarcity. - For someone with an infinite lifetime and limitless material resources, hardly a single decision would ever matter. If you made a bad...

Which of the following best describes oligopoly? - ANSWERSInvolves only a few sellers of a standardized or differentiated product, so each firm is affected by the decisions of its rivals. AnswerA purely competitive firm's demand schedule equals its: - ANSWERSAverage-revenue schedule and its marginal-revenue schedule AnswerIn pure competition, to calculate economic profit, we first calculate the difference between product __________ or _______________ revenue and average total cost and...

If the quality differences of similar products are mostly imperceptible to the average consumer's eyes, which of the following will most likely play a major role in influencing the decisions of purchasers? - ANSWERSprice of competing products AnswerWhat happens in a perfectly competitive industry when economic profit is greater than zero? - ANSWERSnew firms may enter the industry and all of the above AnswerIn economics, the term shutdown point refers to the point where the - ANSWERSma...

Which of the following can best be characterized as a subject of microeconomics? (Ch.1) - ANSWERSAn examination of how much of a particular good gets produced AnswerMaurice needs to purchase something that economists would label as "land" to help him produce cloth to sell to the fashion industry. Which of the following is an example of land? (Ch.1) - ANSWERSCotton to be woven into fabric AnswerWhich of the following scenarios most accurately reflects the concept of scarcity? (Ch.1)...

What is Avogadro's constant? - ANSWERS1 mole = 6.02 x 10^23 atoms What is equation for moles? - ANSWERSMoles = mass/Mr How would you use molar mass to balance an equation? - ANSWERS1) Dive the mass by the Mr to calculate the number of moles of each. 2) Dive each number of moles by the smallest to determine the ratio. 3) The molar ratio is equal to the coefficient in the equation. How much is 1 dm^3 in cm^3? How much is 1 dm^3 in ml^3? - ANSWERS1 dm^3 = 1000cm^3 1 dm^3 = 1000ml^3 ...

Cellulose - ANSWERSWhat is a cell wall made from? Absorb light energy (for photosynthesis) - ANSWERSRole of chloroplasts Cell sap - ANSWERSWhat does a permanent vacuole contain? Simple aquatic organisms - ANSWERSWhat are algae? Cytoplasm - ANSWERSWhere is genetic material held in bacteria? Contains visual pigment so you can see in colour - ANSWERSHow is a cone cell specialised? They can carry impulses from receptors to the CNS - ANSWERSHow are neurons specialised? A group of...

What is the charge of a proton? - ANSWERS+1 What is the charge of a neutron? - ANSWERS0 What is the charge of an electron? - ANSWERS-1 What is the relative mass of a proton? - ANSWERS1 What is the relative mass of a neutron? - ANSWERS1 What is the relative mass of an electron? - ANSWERSVery small How many types of atoms do elements contain? - ANSWERSOnly one type What are compounds? - ANSWERSSubstances containing two or more different elements that are chemically bonded toge...

leistungsstark - ANSWERSpowerful (battery, processor) die Sicherheit - ANSWERSsafety die Anwendungen - ANSWERSapplications (apps) das Betriebssystem - ANSWERSoperating system die Einstellungen - ANSWERSsettings