1) which of the following is not a high energy density source of energy

A) Solar energy
B) nuclear energy
C) all of the answers listed here are high energy density sources of energy
D) chemical energy

2) In our desert island economy example, we learned that
A) people should not act in their own best interest to maximize social wealth
B) when there is no money, things cannot have a cost
C) becoming good at one thing can help generate wealth for society at large
D) being independent of all others can help improve your wealth

3) Resource Scarcity
A) will require humans to remain innovative and adaptive going forward
B) is going to bring about the end of humanity as we will use up our planet
C) means that we will inevitably exceed the planet's carrying capacity
D)will require us to place strict limits on how many people we will allow on earth

4) Laws Designed to prevent monopoly and Promote competition are known as
A) antitrust Laws
B) Statutory amendments
C) breakup bills
D) Fair Pricing legislation

5) When production of a good generates external costs, the
A) price of the good produced will be at the socially optimum level
B) price of the good produced will be above the socially optimum level
C) price of the good produced will be below the socially optimum level
D) price of the good produced will be below the market equilibrium level

6)which of these is a primary source of energy
A) electricity
B) Biomass
C) Wind
D) Natural Gas

7)The benefits from avoiding climate change are
A) a common pool
B) A positive Externality
C) A market Equilibrium
D A Public good

8)Economics is About
A) how societies choose leaders
B) how we match limited resources with unlimited wants
C) A Market Equilibrium
D) How we go about eliminating poverty and Maldistribution of goods

9)Economics Theory implies that the incentive for a manager of a publicly operated firm (for example a state university) to promote internal efficiency of the Organization is
A) Strong because inefficiency is easily detected and leads to loss of voter support
B) Strong because public officials are unconcerned about personal gains
C) Weak because government employees are less educated that employees who work in the private sector
D) Weak because its difficult for voters to detect inefficiency and for public officials to gain from actions that would improve the efficiency of the government

10) Which of the following is not a renewable energy source
A) Geothermal
B) Wind
C) Coal
D) Hydropower

11) Which of the following would increase producer surplus
A) Sellers' cots increase and the price of the good stays the same
B) Sellers' costs stay the same and the price of goods increases
C) Sellers' costs increase and the price of the good decreases
D) All of the answers are Correct

12) Why do Americans Consume so much oil
A)The benefits from consuming oil are greater than the costs
B) Consuming Oil helps the trade balance
C) We actually don't consume very much oil compared to Europe
D) There are no alternatives

13) Public choice theory assumes that
A) politicians are motivated by public interest
b) Politicians are motivated more by policy than elections
C) Politicians are elected optimally
D) Politicians are motivated by self interest

14) What impact would a severe drought that destroys the wheat crop in several areas of the United States have on the market for wheat?
A) Prices Down, Quantity Demanded down
B) Prices Down , Quantity Demanded Up
C) Prices Up, Quantity Consumed down
D) Prices Up Quantity Consumed Up

15) A seller is more likely to "rip-off" a consumer when
A) Purchases are frequent and repeated
B) The consumer cannot retaliate
C) The consumer can take his business elsewhere
D) The seller is part of a cartel

16) When a society cannot produce all the goods people want the economy is experiencing
A) shortages
B) Scarcity
C) Inefficiencies
D) Disequilibrium

17) Which is NOT a principal finding of the Stern Review
A) Climate change could have very serious impacts on growth and development
B) The costs and benefits of Abatment policies must be carefully considered before they are enacted
C) There is still time to Avoid The worst Impacts of Climate Change , If we take strong action now
D)Climate change Demands an international response, based on a shared understanding of long-term goals and agreement on frameworks for action

18) The marginal cost of a good us
A) lower for competitive firms than for monopolies
B) equal to fixed costs at high output levels
C) the cost of an additional Unit
D)Equal to Variable costs when the firm is maximizing profit

19) Which of the following is not true
A) Nonrenewable energy sources typically exists beneath the surface of the earth
B) Nonrenewable energy sources typically have well defined property rights
C) Because renewable energy sources are "free" they have lower costs
D) Most renewable energy sources exist on the surface of the earth

20)Which of the following is most likely a price taker
A) An ice-cream stand at Disney world
B) potato grower in Idaho
C) The local electric company
D) The apple Store

21) Which of the following goods are most likely to be compliments
A) coffee and beer
B) Coffee and Red bull
C) coffee and coke
D) Coffee and Cream

22) Which of the following is NOT one of Professor Mankiw's fundamental principles of economics
A) government sometimes makes markets work better
B) to be rational people should focus on the actions they have performed in the past
C) you cant have everything you want
D) opportunity Costs exists

23) Which of the following is not part of the electricity Value Chain
A) Consumption
B) Transmission
C) Distribution
D) generation

24)which mechanism was employed to reduce the quantity of sulfur dioxide emissions in the US in the 1990s
A)Marxian Allocation
B) pigouvian taxes
C) Coasian cap and trade
D) Draconian command and control

25)Greg the Pig farmer mentioned in the Bloomberg story I asked you to read is having trouble making ends meet because
A) the demand for pork is down due to the recession
B) A drop in the supply of corn has caused the price to ruse
C) Pigs are not growing as big as they used to
D)The Corn grown for feed is in demand for other things

26) If fixed cost at Quantity (Q)= 100 is $130 , then
A) fixed costs at Q=0 is $0
B) fixed cost at Q=200 is $260
C) fixed costs at Q=200 is $130
D) fixed costs at Q=0 is less than $130

27) Which of the following terms is not like the other
A) Consumers
B) Demanders
C) Manufacturers
D) Buyers

28) When considering the generation stack for the electricity market, which of the following is true
A) Energy Technologies with the highest Marginal Costs (i.e renewables) are utilized first since more people are willing to pay for their higher costs
B) Energy technologies that have the highest Marginal costs are utilized last
C) None of the answers listed here regarding generation stacks for electricity are true
D) Energy technologies that have the highest proved reserves have the lowest prices

29) When a firm in the competitive market is earning profits this indicates the firm is
A) Reducing the overall wealth in the market
B) Increasing the value of resources
C) Exploiting consumers
D) Blocking the entry of competing firms

30) The Scientific evidence of the causes and consequences of global warming
A) Is clear and no longer in dispute
B) Tells us the planet will be Inhabitable in 100 years
C) Is not important now that the Senate has passed Senate Bills
D) Contains significant degrees of uncertainty

31)Government decisions tend to be biased against actions that have
A) current costs that are easily observable and future benefits that are difficult to identify
B)Future costs that are difficult to identify and current benefits that are easily observable
C)current costs and future benefits that are both easily observable
D) future costs and future benefits that are both difficult to identify

32) In the U.S in 2009 the most common source of electricity was
A) natural gas
B) nuclear energy
C) wind power
D) Coal

33) Rent seeking is a form of
A) government failure
B) Pigouvian reallocation
C) Common Pool Problem
D) Public Good problem

34) which of the following did NOT arise out of the fuel shocks of the 1970s
A) The Manhattan Project
B) The Federal Department of Energy
C) CAFÉ regulations
D) Project Independence

35)If most businesses in an industry are earning a 13 percent rate of return on their assets, but your firm is earning 23 percent your rate of economic profit is
A) 10 Percent
B) 23 Percent
C) 13 percent
D) 0 percent

36)Which of the following is typically true of price caps
A) they typically increase wealth in a society
B) They typically result in unsatisfied demand
C) They typically incentivize production of goods that a free market would not produce
D) They typically transfer wealth from sellers to buyers

37) Despite Renewable energies growing at more than 20% per year over the past 5 years, why aren't there more of these technologies used for the generation of energy according to the website
A) Resources are not Controllable/Reliable
B)All are answers according to the website
C) Resources are located too far from people
D) High Capital Costs

38)Price floors on air travel in the 1970s resulted in
A) more pleasant flying experiences
B) cheaper tickets
C) A maximization of consumer surplus
D)More competition between airlines

39) Regulatory Capture Happens when
A) regulations cause bribe-paying executives to go to jail
B) regulations cause firms to shut down
C) regulations create effective barriers to entry
D) regulations make things better off for the general public

40)A bureaucracy is a response to
A) an effective market
B) democratic politics
C) a market Failure
D) Rent seeking

41) According to the course website, which of the following is a likely effect if more nuclear reactors are taken out of use in the coming years?
A) people will reduce their consumption of electricity to accommodate the retirement of those plants
B)Natural gas will be more utilized an as a result, the costs of natural gas will go down further since the US has an abundance of it
C)Electricity will become less reliable since nuclear technology has the highest capacity factor
D) Electricity will become cheaper due to not having to recover the highest capital costs associated with nuclear technology

42)If a large percentage increases the price of a good results in a small percentage reduction in quantity demanded of the good demand is said to be
A)Relatively Elastic
B) Income Proof
C)Horizontal
D) Very Inelastic

43) Compared to a monopoly, an oligopoly will have
A) fewer suppliers
B) greater exercises of producer market power
C) lower prices ad more total wealth generated
D) a larger Dead weight loss

44)According to Julia Simmons which of the following is the primary reason to why the "doom sayer" predictions have all been wrong
A) Because Doom sayer predictions have left out technology and human ingenuity
B) Because Doom sayer predictions haven't looked at all the statistics (i.e lack of information)
C) Because Doom sayer predictions are just made up to create fear and thus move markets in certain directions
D)Because all Doom sayer predictions are based upon historical trends

45)The free rider problem is in connection with
A) private goods
B) goods that are not scarce
C) Public Goods
D) Both public and private goods

46) The opportunity costs of slowing global warming by reducing carbon dioxide emissions is
A)insignificant compared tot eh probable impact of the warming from the emission
B)irrelevant because each aspect of the environment is important enough to justify full protection from environmental change at whatever cost is necessary
C)Zero because fuel cost saying alone will offset all opportunity costs
D)Potentially high because policies that would significantly reduce emissions will adversely affect economic growth

47)During the Short-run period of the production process a firm will be
A) able to vary only some of its factors of production
B) able to vary the size of the plant
C) able to vary all of its factors of production
D) unable to vary any of its factors of production

48)A natural monopoly exists when
A) a single firm has control over the natural resources, such as timber
B) entering the industry is barred by the government
C) a firm has a exclusive patent or license to produce a product granted by the government
D)ATC is an industry will be at a minimum if output is produced by a single firm
49)Oil has recently reached $110 per barrel which of the following was not cited by your professor as a cause of the price rise.
A)Wars restricting production in places like Nigeria
B) Some OPEC nations are content to restrict production
C) some large oil producers like Mexico, are not managing the resources well
D) we are having difficulty finding oil

50)Which of the following is not a strategy for reducing carbon dioxide outputs
A) Substitute energy production from coal and natural gas to solar and wind energy
B)Conservation
C) Produce more sport utility vehicles in place of hybrid vehicles
D) Substitute Fuels such as natural gas in place of fuels such as Coal