"dataset_name": "high_school_microeconomics"
"description": "The following are multiple choice questions (with answers) about high\
  \ school microeconomics.\n\nQ: Which of the following is necessarily a characteristic\
  \ of oligopoly?\n(A) Free entry into and exit from the market (B) A few large producers\
  \ (C) One producer of a good with no close substitutes (D) A homogenous product\n\
  A: Let's think step by step. We refer to Wikipedia articles on microeconomics for\
  \ help. An oligopoly is when a market is dominated by just one or a few number of\
  \ sellers or producers. To get oligopoly, the market should have high barriers to\
  \ new entry, and the product has differentiation. The answer is (B).\n\nQ: If the\
  \ government subsidizes producers in a perfectly competitive market, then\n(A) the\
  \ demand for the product will increase (B) the demand for the product will decrease\
  \ (C) the consumer surplus will increase (D) the consumer surplus will decrease\n\
  A: Let's think step by step. We refer to Wikipedia articles on microeconomics for\
  \ help. (A) and (B) are wrong because the demand curve does not change at all. If\
  \ the government subsidizes producers, the supply will increase, and thus the consumer\
  \ surplus also increases. The answer is (C).\n\nQ: Which of the following is true\
  \ of a price floor?\n(A) The price floor shifts the demand curve to the left. (B)\
  \ An effective floor creates a shortage of the good. (C) The price floor shifts\
  \ the supply curve of the good to the right. (D) To be an effective floor, it must\
  \ be set above the equilibrium price.\nA: Let's think step by step. We refer to\
  \ Wikipedia articles on microeconomics for help. Price floor does not shift the\
  \ demand or shift curve. An effective price floor should be set above the equilibrium\
  \ price, otherwise the market bears and the floor does not have effective effect.\
  \ The answer is (D).\n\nQ: The concentration ratio for a monopoly is\n(A) 0 (B)\
  \ 5 (C) 10 (D) 100\nA: Let's think step by step. We refer to Wikipedia articles\
  \ on microeconomics for help. The concentration ratio is calculated as the sum of\
  \ market share of a specific number of largest companies. Monopoly means one company\
  \ or entity controls the entire market, therefore, the concentration ratio is 100\
  \ percent. The answer is (D).\n\nQ: In a competitive labor market for housepainters,\
  \ which of the following would increase the demand for housepainters?\n(A) An effective\
  \ minimum wage imposed on this labor market. (B) An increase in the price of gallons\
  \ of paint. (C) An increase in the construction of new houses. (D) An increase in\
  \ the price of mechanical painters so long as the output effect exceeds the substitution\
  \ effect.\nA: Let's think step by step. We refer to Wikipedia articles on microeconomics\
  \ for help. An increase in the construction of new houses means an increase demand\
  \ of in-house painting, thus increases the demand for housepainters. The answer\
  \ is (C)."
"group": "mmlu_flan_cot_fewshot_social_sciences"
"include": "_mmlu_flan_cot_fewshot_template_yaml"
"task": "mmlu_flan_cot_fewshot_high_school_microeconomics"
