[["Question: Which of the following is the best example of a public good?\nChoices:\nA. Private violin lessons\nB. The volunteer fire department in your community\nC. A $1 ticket for admission to a museum\nD. A bag of potato chips\nAnswer:", " Private violin lessons"], ["Question: Which of the following is the best example of a public good?\nChoices:\nA. Private violin lessons\nB. The volunteer fire department in your community\nC. A $1 ticket for admission to a museum\nD. A bag of potato chips\nAnswer:", " The volunteer fire department in your community"], ["Question: Which of the following is the best example of a public good?\nChoices:\nA. Private violin lessons\nB. The volunteer fire department in your community\nC. A $1 ticket for admission to a museum\nD. A bag of potato chips\nAnswer:", " A $1 ticket for admission to a museum"], ["Question: Which of the following is the best example of a public good?\nChoices:\nA. Private violin lessons\nB. The volunteer fire department in your community\nC. A $1 ticket for admission to a museum\nD. A bag of potato chips\nAnswer:", " A bag of potato chips"], ["Question: Firms with the following market structure(s) maximize profits by producing where marginal cost equals marginal revenue, if at all. I. Perfect competition II. Oligopoly III. Monopoly IV. Monopolistic competition\nChoices:\nA. I only\nB. I and II only\nC. I and III only\nD. I, II, III, and IV\nAnswer:", " I only"], ["Question: Firms with the following market structure(s) maximize profits by producing where marginal cost equals marginal revenue, if at all. I. Perfect competition II. Oligopoly III. Monopoly IV. Monopolistic competition\nChoices:\nA. I only\nB. I and II only\nC. I and III only\nD. I, II, III, and IV\nAnswer:", " I and II only"], ["Question: Firms with the following market structure(s) maximize profits by producing where marginal cost equals marginal revenue, if at all. I. Perfect competition II. Oligopoly III. Monopoly IV. Monopolistic competition\nChoices:\nA. I only\nB. I and II only\nC. I and III only\nD. I, II, III, and IV\nAnswer:", " I and III only"], ["Question: Firms with the following market structure(s) maximize profits by producing where marginal cost equals marginal revenue, if at all. I. Perfect competition II. Oligopoly III. Monopoly IV. Monopolistic competition\nChoices:\nA. I only\nB. I and II only\nC. I and III only\nD. I, II, III, and IV\nAnswer:", " I, II, III, and IV"], ["Question: The industry that makes plastic army figures uses a small fraction of the plastic demanded for all purposes. On this basis, we can conclude that the army-figures industry is most likely a(n)\nChoices:\nA. increasing-cost industry\nB. constant-cost industry\nC. decreasing-cost industry\nD. profit-making industry\nAnswer:", " increasing-cost industry"], ["Question: The industry that makes plastic army figures uses a small fraction of the plastic demanded for all purposes. On this basis, we can conclude that the army-figures industry is most likely a(n)\nChoices:\nA. increasing-cost industry\nB. constant-cost industry\nC. decreasing-cost industry\nD. profit-making industry\nAnswer:", " constant-cost industry"], ["Question: The industry that makes plastic army figures uses a small fraction of the plastic demanded for all purposes. On this basis, we can conclude that the army-figures industry is most likely a(n)\nChoices:\nA. increasing-cost industry\nB. constant-cost industry\nC. decreasing-cost industry\nD. profit-making industry\nAnswer:", " decreasing-cost industry"], ["Question: The industry that makes plastic army figures uses a small fraction of the plastic demanded for all purposes. On this basis, we can conclude that the army-figures industry is most likely a(n)\nChoices:\nA. increasing-cost industry\nB. constant-cost industry\nC. decreasing-cost industry\nD. profit-making industry\nAnswer:", " profit-making industry"], ["Question: If the government subsidizes the production of halogen headlights,\nChoices:\nA. the demand curve will shift to the left.\nB. the demand curve will shift to the right.\nC. the supply curve will shift to the left.\nD. the supply curve will shift to the right.\nAnswer:", " the demand curve will shift to the left."], ["Question: If the government subsidizes the production of halogen headlights,\nChoices:\nA. the demand curve will shift to the left.\nB. the demand curve will shift to the right.\nC. the supply curve will shift to the left.\nD. the supply curve will shift to the right.\nAnswer:", " the demand curve will shift to the right."], ["Question: If the government subsidizes the production of halogen headlights,\nChoices:\nA. the demand curve will shift to the left.\nB. the demand curve will shift to the right.\nC. the supply curve will shift to the left.\nD. the supply curve will shift to the right.\nAnswer:", " the supply curve will shift to the left."], ["Question: If the government subsidizes the production of halogen headlights,\nChoices:\nA. the demand curve will shift to the left.\nB. the demand curve will shift to the right.\nC. the supply curve will shift to the left.\nD. the supply curve will shift to the right.\nAnswer:", " the supply curve will shift to the right."], ["Question: Production possibilities frontiers are concave to the origin because\nChoices:\nA. of inefficiencies in the economy.\nB. of opportunity cost.\nC. of the law of increasing costs.\nD. of constant opportunity costs.\nAnswer:", " of inefficiencies in the economy."], ["Question: Production possibilities frontiers are concave to the origin because\nChoices:\nA. of inefficiencies in the economy.\nB. of opportunity cost.\nC. of the law of increasing costs.\nD. of constant opportunity costs.\nAnswer:", " of opportunity cost."], ["Question: Production possibilities frontiers are concave to the origin because\nChoices:\nA. of inefficiencies in the economy.\nB. of opportunity cost.\nC. of the law of increasing costs.\nD. of constant opportunity costs.\nAnswer:", " of the law of increasing costs."], ["Question: Production possibilities frontiers are concave to the origin because\nChoices:\nA. of inefficiencies in the economy.\nB. of opportunity cost.\nC. of the law of increasing costs.\nD. of constant opportunity costs.\nAnswer:", " of constant opportunity costs."], ["Question: A competitive market for coffee, a normal good, is currently in equilibrium. Which of the following would most likely result in an increase in the demand for coffee?\nChoices:\nA. Consumer income falls.\nB. The price of tea rises.\nC. The wage of coffee plantation workers falls.\nD. Technology in the harvesting of coffee beans improves.\nAnswer:", " Consumer income falls."], ["Question: A competitive market for coffee, a normal good, is currently in equilibrium. Which of the following would most likely result in an increase in the demand for coffee?\nChoices:\nA. Consumer income falls.\nB. The price of tea rises.\nC. The wage of coffee plantation workers falls.\nD. Technology in the harvesting of coffee beans improves.\nAnswer:", " The price of tea rises."], ["Question: A competitive market for coffee, a normal good, is currently in equilibrium. Which of the following would most likely result in an increase in the demand for coffee?\nChoices:\nA. Consumer income falls.\nB. The price of tea rises.\nC. The wage of coffee plantation workers falls.\nD. Technology in the harvesting of coffee beans improves.\nAnswer:", " The wage of coffee plantation workers falls."], ["Question: A competitive market for coffee, a normal good, is currently in equilibrium. Which of the following would most likely result in an increase in the demand for coffee?\nChoices:\nA. Consumer income falls.\nB. The price of tea rises.\nC. The wage of coffee plantation workers falls.\nD. Technology in the harvesting of coffee beans improves.\nAnswer:", " Technology in the harvesting of coffee beans improves."], ["Question: Macroeconomics focuses on\nChoices:\nA. government and its laws that affect commerce.\nB. individuals and their resource use.\nC. corporations and their production levels.\nD. the resource use of the entire nation.\nAnswer:", " government and its laws that affect commerce."], ["Question: Macroeconomics focuses on\nChoices:\nA. government and its laws that affect commerce.\nB. individuals and their resource use.\nC. corporations and their production levels.\nD. the resource use of the entire nation.\nAnswer:", " individuals and their resource use."], ["Question: Macroeconomics focuses on\nChoices:\nA. government and its laws that affect commerce.\nB. individuals and their resource use.\nC. corporations and their production levels.\nD. the resource use of the entire nation.\nAnswer:", " corporations and their production levels."], ["Question: Macroeconomics focuses on\nChoices:\nA. government and its laws that affect commerce.\nB. individuals and their resource use.\nC. corporations and their production levels.\nD. the resource use of the entire nation.\nAnswer:", " the resource use of the entire nation."], ["Question: If the government wishes to regulate a natural monopoly so that it produces an allocatively efficient level of output, it would be at an output\nChoices:\nA. where price is equal to average total cost.\nB. where marginal revenue equals marginal cost.\nC. where normal profits are made.\nD. where price is equal to marginal cost.\nAnswer:", " where price is equal to average total cost."], ["Question: If the government wishes to regulate a natural monopoly so that it produces an allocatively efficient level of output, it would be at an output\nChoices:\nA. where price is equal to average total cost.\nB. where marginal revenue equals marginal cost.\nC. where normal profits are made.\nD. where price is equal to marginal cost.\nAnswer:", " where marginal revenue equals marginal cost."], ["Question: If the government wishes to regulate a natural monopoly so that it produces an allocatively efficient level of output, it would be at an output\nChoices:\nA. where price is equal to average total cost.\nB. where marginal revenue equals marginal cost.\nC. where normal profits are made.\nD. where price is equal to marginal cost.\nAnswer:", " where normal profits are made."], ["Question: If the government wishes to regulate a natural monopoly so that it produces an allocatively efficient level of output, it would be at an output\nChoices:\nA. where price is equal to average total cost.\nB. where marginal revenue equals marginal cost.\nC. where normal profits are made.\nD. where price is equal to marginal cost.\nAnswer:", " where price is equal to marginal cost."], ["Question: Which of the following is likely to have a demand curve that is the least elastic?\nChoices:\nA. Demand for the perfectly competitive firm's output\nB. Demand for the oligopoly firm's output with a homogenous product\nC. Demand for the oligopoly firm's output with a differentiated product\nD. Demand for the monopoly firm's output\nAnswer:", " Demand for the perfectly competitive firm's output"], ["Question: Which of the following is likely to have a demand curve that is the least elastic?\nChoices:\nA. Demand for the perfectly competitive firm's output\nB. Demand for the oligopoly firm's output with a homogenous product\nC. Demand for the oligopoly firm's output with a differentiated product\nD. Demand for the monopoly firm's output\nAnswer:", " Demand for the oligopoly firm's output with a homogenous product"], ["Question: Which of the following is likely to have a demand curve that is the least elastic?\nChoices:\nA. Demand for the perfectly competitive firm's output\nB. Demand for the oligopoly firm's output with a homogenous product\nC. Demand for the oligopoly firm's output with a differentiated product\nD. Demand for the monopoly firm's output\nAnswer:", " Demand for the oligopoly firm's output with a differentiated product"], ["Question: Which of the following is likely to have a demand curve that is the least elastic?\nChoices:\nA. Demand for the perfectly competitive firm's output\nB. Demand for the oligopoly firm's output with a homogenous product\nC. Demand for the oligopoly firm's output with a differentiated product\nD. Demand for the monopoly firm's output\nAnswer:", " Demand for the monopoly firm's output"], ["Question: Firms maximize their profits by producing a level of output at which\nChoices:\nA. MC = AFC.\nB. MC = MR.\nC. P = ATC.\nD. MR= AVC.\nAnswer:", " MC = AFC."], ["Question: Firms maximize their profits by producing a level of output at which\nChoices:\nA. MC = AFC.\nB. MC = MR.\nC. P = ATC.\nD. MR= AVC.\nAnswer:", " MC = MR."], ["Question: Firms maximize their profits by producing a level of output at which\nChoices:\nA. MC = AFC.\nB. MC = MR.\nC. P = ATC.\nD. MR= AVC.\nAnswer:", " P = ATC."], ["Question: Firms maximize their profits by producing a level of output at which\nChoices:\nA. MC = AFC.\nB. MC = MR.\nC. P = ATC.\nD. MR= AVC.\nAnswer:", " MR= AVC."]]