dataset_name: high_school_microeconomics
description: The following are multiple choice questions (with answers) about high
  school microeconomics.
fewshot_config:
  sampler: first_n
  samples:
  - question: 'Which of the following is necessarily a characteristic of oligopoly?

      (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'
    target: 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).
  - question: 'If the government subsidizes producers in a perfectly competitive market,
      then

      (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'
    target: 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).
  - question: 'Which of the following is true of a price floor?

      (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.'
    target: 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).
  - question: 'The concentration ratio for a monopoly is

      (A) 0 (B) 5 (C) 10 (D) 100'
    target: 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).
  - question: 'In a competitive labor market for housepainters, which of the following
      would increase the demand for housepainters?

      (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.'
    target: '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).'
tag: mmlu_flan_cot_fewshot_social_sciences
include: _mmlu_flan_cot_fewshot_template_yaml
task: mmlu_flan_cot_fewshot_high_school_microeconomics
