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Microeconomics, 10e (Parkin)Part 6 ReviewFactor Markets, Inequality, and Uncertainty1) If the interest rate is 5 percent, the present value of $2,000 to be received one year from today is aboutA) $2,005.B) $1,995.C) $1,905.D) $2,100.Answer: CTopic: Present ValueSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills2) If the interest rate is 5 percent, the present value of $2,000 to be received two years from today is aboutA) $2,010.B) $1,814.C) $1,905.D) $1,980.Answer: BTopic: Present ValueSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills3) Abigail's Tax Help, is a firm that sells advice to taxpayers. Abigail is considering buying a new computer that costs $1,500. She expects that the computer will generate an additional profit of $1,200 at the end of the first year and $500 at the end of the second year, after which it will be worthless. If the annual interest rate in the next two years is 5 percent, what is the present value of the profit from the computer?A) $1,596B) $1,500C) $1,361D) $1,654Answer: ATopic: Present ValueSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills4) Abigail's Tax Help, is a firm that sells advice to taxpayers. Abigail is considering buying a new computer that costs $1,600. She expects that the computer will generate additional profit of $1,200 at the end of the first year and $500 at the end of the second year, after which it will be worthless. If the annual interest rate in the next two years is 8 percent, what is the present value of the profit from the the computer?A) $1,600B) $1,286C) $1,540D) $1,750Answer: CTopic: Present ValueSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills5) In the figure above, the demand and supply of high-skilled workers has an H subscript and the demand and supply of low-skilled workers as an L subscript. In the market for low-skilled labor, the equilibrium wage rate isA) $4.B) $6.C) $10.D) $14.Answer: ATopic: Wage Rates of High-Skilled and Low-Skilled LaborSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skillsdemand and supply of low-skilled workers as an L subscript. The quantity of low-skilled labor employed isA) 6,000 hours per day.B) 2,000 hours per day.C) 4,000 hours per day.D) 5,000 hours per day.Answer: DTopic: Employment of High-Skilled and Low-Skilled LaborSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills7) In the figure above, the demand and supply of high-skilled workers has an H subscript and the demand and supply of low-skilled workers as an L subscript. The quantity of high-skilled labor employed isA) 2,000 hours per day.B) 4,000 hours per day.C) 5,000 hours per day.D) 6,000 hours per day.Answer: BTopic: Employment of High-Skilled and Low-Skilled LaborSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills8) In the figure above, the demand and supply of high-skilled workers has an H subscript and the demand and supply of low-skilled workers as an L subscript. In the market for high-skilled labor, the equilibrium wage rate isA) $6.B) $4.C) $14.D) $10.Answer: CTopic: Wage Rates of High-Skilled and Low-Skilled LaborSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skillsdemand and supply of low-skilled workers as an L subscript. The difference in wage rate between low-skilled and high-skilled labor isA) $8.B) $10.C) $4.D) $14.Answer: BTopic: Wage Rates of High-Skilled and Low-Skilled LaborSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills10) Contests can help explain whyA) the super rich earn vastly more than other people who have similar amounts of human capital.B) human capital among the poor has been increasing.C) the world distribution of income is becoming more equal.D) the average woman earns less than the average man.Answer: ATopic: ContestsSkill: ConceptualQuestion history: New 10th editionAACSB: Reflective Thinking11) The big tradeoff is a tradeoff betweenA) equity and efficiency.B) equality and inequality.C) marginal cost and marginal benefit.D) monopoly and perfect competition.Answer: ATopic: The Big TradeoffSkill: RecognitionQuestion history: Previous edition, Chapter 19AACSB: Ethical Reasoning12) Jennifer has the utility of wealth curve shown in the figure above. She owns a car worth $15,000, and that is her only wealth. There is a 10 percent chance that Jennifer will have an accident within a year. If she does have an accident, her car is worthless. What is Jennifer's expected wealth?A) $15,000B) $12,000C) $13,500D) $9,000Answer: CTopic: Expected WealthSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills13) Jennifer has the utility of wealth curve shown in the figure above. She owns a car worth $15,000, and that is her only wealth. There is a 10 percent chance that Jennifer will have an accident within a year. If she does have an accident, her car is worthless. What is Jennifer's expected utility?A) 60B) 90C) 98D) 50Answer: BTopic: Expected UtilitySkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills14) Jennifer has the utility of wealth curve shown in the figure above. She owns a car worth $15,000, and that is her only wealth. There is a 10 percent chance that Jennifer will have an accident within a year. If she does have an accident, her car is worthless. Jennifer would have the same expected utility as she currently has if her wealth was ________ with no risk.A) $13,500B) $12,000C) $4,500D) $9,000Answer: DTopic: Expected UtilitySkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills15) Jennifer has the utility of wealth curve shown in the figure above. She owns a car worth $15,000, and that is her only wealth. There is a 10 percent chance that Jennifer will have an accident within a year. If she does have an accident, her car is worthless. The maximum amount that Jennifer is willing to pay for auto insurance isA) $3,500.B) $2,000.C) $4,500.D) $9,000.Answer: CTopic: Maximum Value of InsuranceSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills16) Oligopoly differs from perfect competition because a single competitive firm's behavior does not affect the behavior of its competitors while the behavior of a single oligopolistic firm does affect the behavior of its rivals.Answer: TRUETopic: OligopolySkill: ConceptualQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills17) Jennifer owns a car worth $15,000, and that is her only wealth. There is a 10 percent chance that Jennifer will have an accident within a year. An insurance company agrees to pay a car owner like Jennifer the full value her car, if the car owner buys the company's insurance policy. The company's operating expenses are $1,000. What is the minimum insurance premium that the company is willing to accept?A) $2,500B) $2,000C) $1,500D) $1,000Answer: ATopic: Minimum Cost of InsuranceSkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills18) Jennifer has the utility of wealth curve shown in the figure above. She owns a car worth $15,000, and that is her only wealth. There is a 10 percent chance that Jennifer will have an accident within a year. If she does have an accident, her car is worthless. An insurance company agrees to pay a car owner like Jennifer the full value her car, if the car owner buys the company's insurance policy. The company's operating expenses are $1,000. Jennifer willA) not buy the company's policy because the minimum premium that the company is willing to accept is greater than the maximum premium Jennifer is willing to pay.B) buy the company's policy because the minimum premium that the company is willing to accept is lower than the maximum premium Jennifer is willing to pay.C) buy the company's policy because the minimum premium that the company is willing to accept is the same as the maximum premium Jennifer is willing to pay.D) not buy the company's policy because Jennifer is risk neutral.Answer: BTopic: Choice Under UncertaintySkill: AnalyticalQuestion history: Previous edition, Part Review 6AACSB: Analytical Skills。