Question: All members of the US population who are legal citizens over the age of 16 and under the age of 65 are considered part of the US labor force.
Answer Options:
Answer: False
Question: Which senses are considered to be the “chemical senses”?
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Answer: Taste and smell
Question: Congenital insensitivity to pain, or congenital analgesia, is a rare disease that prevents someone from feeling pain.
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Answer: True
Question: What is the cornea?
Answer Options:
Answer: A transparent covering over the eye.
Question: What three colors combined can produce all colors, according to trichromatic theory of color vision?
Answer Options:
Answer: Red, Green, Blue
Question: When someone is born without hearing, it is known as:
Answer Options:
Answer: Congenital deafness
Question: What are the three parts of the ear?
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Answer: Outer, Middle, Inner
Question: What are the light detector cells in the eyes?
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Answer: Cones
Question: What sense helps maintain balance and body posture?
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Answer: Vestibular sense
Question: Cochlear implants are:
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Answer: Implants that help people with their hearing.
Question: What is the fluid-filled, snail-shaped structure that contains the sensory receptor cells (hair cells) of the auditory system?
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Answer: Cochlea
Question: Which of the following are the best examples of variable costs for a business?
Answer Options:
Answer: Wages for hourly employees Materials used to produce the product that’s being sold
Question: After the point of diminishing marginal returns (when the marginal product of labor is decreasing), marginal cost will be increasing.
Answer Options:
Answer: True
Question: What is the basic idea of “Returns to Scale”?
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Answer: How efficiency and unit costs change as a business changes the scale of operations.
Question: Suppose a business is experiencing Increasing Returns to Scale (IRTS). If this business expands operations, increasing the use of all inputs by 50%, output will…
Answer Options:
Answer: Increase by more than 50%
Question: Suppose that in 2018 Acme web designs had 4 employees (1 manager and 3 designers) working in a 1200 square-foot facility with 4 computers. In 2018 Acme produced a total of 900 units of output. In 2019, Acme remained in the same facility, and hired 2 new designers and purchased 2 new computers. In 2019 Acme produced 1,800 units of output. True or False: From 2018 to 2019, Acme experienced increasing returns to scale (IRTS).
Answer Options:
Answer: True
Question: Consider the following data for farmer John who sells tomatoes in a perfectly competitive market. Assume the current market price of tomatoes is $5.00 per bushel, and costs change with quantity as given below.
Answer Options:
Answer: 6
Question: At current levels of production for your perfectly competitive firm marginal cost = $45 and market price = $55. Which of the following is true?
Answer Options:
Answer: If the firm produces more output, profits will increase.