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Practice questions microeconomics.

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1.Using the graph shown, answer the following questions (From a-f, provide single digit numbers). a. What was the equilibrium price in this market before the tax? b. What is the amount of the tax? c. How much of the tax will the buyers pay? d. How much of the tax will the sellers pay? e. How much will the buyer pay for the product after the tax is imposed? f. How much will the seller receive after the tax is imposed? g. As a result of the tax, what has happened to the level of market activity? S D D after tax 60 70 80 quantity 1 2 3 4 5 6 7 8 9 10 price 2. What is consumer surplus, and how is it measured? 3. If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If the average total cost curve is rising, what is necessarily true of the marginal cost curve? 4. What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve? 5. How would a production function that exhibits decreasing marginal product affect the shape of the total cost curve? Explain or draw a graph. This study source was downloaded by from CourseH on :25:28 GMT -05:00 6. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? What if the firm sets price above the market price? 7. Graphically depict the deadweight loss caused by a monopoly. 8. Describe how government is involved in creating a monopoly. Why might the government create one? 9. Compare and contrast the characteristics of perfect competition and monopoly markets. Practice Q: Work out 1. Number of Workers Number of Machines Output (chairs produced per hour) Marginal Product of Labor Cost of Workers Cost of Machines Total Cost 1 2 5 2 2 10 3 2 20 4 2 35 5 2 55 6 2 70 7 2 80 a. Each worker at the Wooden Chair Factory costs $12 per hour. The cost of each machine is $20 per day regardless of the number of chairs produced. If the factory produces at a rate of 70 chairs per hour and operates 8 hours per day, what is the factory’s total labor cost per day? b. Each worker at the Wooden Chair Factory costs $12 per hour. The cost of each machine is $20 per day regardless of the number of chairs produced. What is the total daily cost of producing at a rate of 55 chairs per hour if the factory operates 8 hours per day? c. Assume the Wooden Chair Factory currently employs 5 workers. What is the marginal product of labor when the factory adds a 6th worker?

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1. A nurse is reviewing the laboratory results of an adolescent
who has anorexia nervosa. Which of the following finding
should the nurse expect?
A. Blood glucose 100 mg/dl
B. T4 11 mcg/dl
C. Potassium 3.7 meq/l
D. Hgb 10 g/dl
2. A nurse is reviewing laboratory values for a client who has
bipolar disorder and a prescription for lithium. The nurse
should identify that which of the following laboratory
results places the client at risk for lithium toxicity?
A. Potassium 50
B. Sodium 130
C. chloride 98
D. calcium 9.0
3. A nurse is performing a mental status examination for a
client who has schizophrenia. The nurse should recognize
that which of the following actions requires the client to
think abstractly?
A. Explain that to do if he messes the bus
B. Name the last three presidents of the United States of
America
C. Count by adding sevens consecutively
D. Determine the meaning of a proverb
4. A nurse is counseling an adult client whose parent just died.
The client states, my son is 4, and I don’t know how he’ll
react when he finds out that his grandpa died. The nurse
should inform the client that the preschool age child
commonly has which of the following concepts of death?
A. Death is not permanent and the loved one may come
back to life
B. Death is a part of life that eventually happens to
everyone
C. Death creates an interest in the physical aspects of dying
D. Death is contagious and can cause other people he loves
to die.
5. A nurse is teaching about benztropine to a client who has
schizophrenia. Which of the following statements should
the nurse include in the teaching?
A. This medication is given to help with your depression

, B. This medication is given to help with extrapyreamidal
side effects
C. Benztropine helps alleviate your hallucinations
D. Benzriopine is used to counteract your tachycardia
6. A nurse is creating a plan of care for a client who has major
depressive disorder. Which of the following interventions
should the nurse include in the plan?
A. Keep a bright light on in the client’s room at night
B. Identify and schedule alternative group activities for the
client
C. Encourage physical activity for the client during the day
D. Discourage the client form expressing feelings of anger
7. A nurse is assessing a client who requests bupropion for
smoking cessation. Which of the following finding in the
client’s history should the nurse recognize as a
contraindication for taking this medication?
A. Anemia
B. Seizures
C. Migraines
D. Asthma
8. A nurse is assessing a child in the emergency department.
Which of the following findings places the
child at greatest risk for physical abuse?
A. The child has no siblings
B. The child has cystic fibrosis
C. The child is 10 year old
D. The child is homeschooled
9. A nurse in an inpatient mental health facility is assessing a
client who has schizophrenia and is taking haloperidol.
Which of the following clinical findings is the nurse’s
priority?
A. Headache
B. Insomnia
C. Urinary hesitancy
D. High fever
10. A nurse is providing crisis intervention for a client who
was involved in a violent mass casualty situation in the
community. Which of the following actions should the
nurse take during the initial session with the client?
A. Identify the client’s usual coping style
B. Tell the client that his life will soon return to normal
C. Help the client focus on a wide variety of topics
regarding the crisis

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