I need this done by Thursay evening at the latest. It is very important that these answers are accurate. Attached is the doc to complete the assignment. Your help is appreciated.

1: Because economic generalizations are simplifications from reality, they are impractical and useless.

A. True
B. False

2: Normative statements are expressions of facts.

A. True
B. False

3: Marginal analysis means that decision-makers compare the extra benefits with the extra costs of a specific choice.

A. True
B. False

4: The production possibilities curve shows various combinations of two products that an economy can produce when achieving full employment.

A. True
B. False

5: The present choice of position on the production possibilities curve will not influence the future location of the curve.

A. True
B. False

6: The lower the consumer's income, the higher his or her budget line.

A. True
B. False

7: The guiding function of prices tends to keep resources flowing toward their most highly valued uses.

A. True
B. False

8: Because of their large-scale level of production, pure monopolists overallocate resources to their industry by producing beyond the P = MC output.

A. True
B. False

9: Natural monopoly may result where products produce substantial network effects and can be simultaneously consumed by a large number of consumers.

A. True
B. False

10: Price discrimination is illegal in the United States under antitrust regulations.

A. True
B. False

11:

Refer to the above diagram for a nondiscriminating monopolist. The profit-maximizing output for this firm is M.

A. True
B. False

12:

Refer to the above diagram for a nondiscriminating monopolist. If the government regulates the monopolist so that it charges the socially optimal price, the monopolist will produce output Q.

A. True
B. False

13:

Refer to the above diagram for a nondiscriminating monopolist. At output M total cost will be 0CHM.

A. True
B. False

14:

Refer to the above diagram for a nondiscriminating monopolist. At the profit-maximizing output the firm's economic profit will be BAFG.

A. True
B. False

15: In a competitive market, every consumer willing to pay the market price can buy a product and every producer willing to sell the product at that price can sell it.

A. True
B. False

16: The demand curve of a monopolistically competitive firm is more elastic than that of a pure monopolist.

A. True
B. False

17: If three or four homogeneous oligopolists collude, the resulting price and production outcomes will be similar to those of pure monopoly.

A. True
B. False

18: All other things equal, the larger the number of firms in an oligopolistic industry, the more difficult it is for those firms to collude.

A. True
B. False

19: Collusion among firms always involves formal agreements.

A. True
B. False

20: As it relates to oligopoly, game theory focuses on the strategic behavior of rival firms.

A. True
B. False

21: Homogenous oligopolists tend to advertise more than do differentiated oligopolists.

A. True
B. False

22: It will be profitable for a firm to hire additional units of any resource up to the point at which its MRP is equal to its MRC.

A. True
B. False

23: The time-value of money refers to the idea that a given amount of money is more valuable to a person the sooner it is received.

A. True
B. False

24: Human capital investment refers to spending on education and worker training.

A. True
B. False

25: A pure monopolist will maximize profits by producing at that output where price and marginal cost are equal.

A. True
B. False

26: Other things equal, the shorter the loan period and the larger the loan size, the higher is the interest rate charged by the lender.

A. True
B. False

27: The basic function of profits and losses is to allocate society's scarce resources to their highest valued uses.

A. True
B. False

28: Thomas Malthus argued that increases in living standards tend to reduce birthrates.

A. True
B. False

29: About one-half of U.S. electricity is generated using petroleum.

A. True
B. False

30: Electricity generating plants with low fixed costs tend to have high operating costs.

A. True
B. False

31: In electricity generation, it is most economically efficient to use a single energy source.

A. True
B. False

32: Energy demand is relatively stable over the course of a day.

A. True
B. False

33: Commodity prices are relatively stable from year to year.

A. True
B. False

34: A highly progressive tax takes relatively more from the rich than it does from the poor.

A. True
B. False

35: A progressive tax takes relatively more from the rich than it does from the poor.

A. True
B. False

36: The basic source of state government's revenue is the property tax.

A. True
B. False

37: The major expenditure of local governments is for education.

A. True
B. False

38: Sales taxes are proportional in relation to income because the same tax rate applies regardless of the size of a purchase.

A. True
B. False

39: Sales taxes on consumer goods are regressive because poor people consume a larger proportion of their incomes than do rich people.

A. True
B. False

40: A highly progressive tax takes relatively more from the rich than it does from the poor.

A. True
B. False

41: Although state and local taxes are highly progressive, Federal taxation is predominantly regressive.

A. True
B. False

42: The moral hazard problem is the tendency of some parties to a contract to alter their behavior as a result of the contract in ways which are costly to the other party.

A. True
B. False

43: Professor Gullible agreed to cancel the final examination if students promised to study for it anyway. The concept of moral hazard would predict that it is unlikely that students will study for the exam.

A. True
B. False

44: Insurance co-pays and deductibles are methods used by insurance companies to reduce moral hazard.

A. True
B. False

45: A free rider problems is where a hitchhiker on the side of the road, jumps in a vehicle whose driver allows him to drive, without paying any money for his trip.

A. True
B. False

46: The real free rider problem is more about a homeless person who rides his bike on the highway in which he didn’t pay taxes towards the upkeep.

A. True
B. False

47: In drawing a particular budget line, money income and the prices of the two products are fixed.

A. True
B. False

48: Firms in a monopolistically competitive industry have no reason to engage in non-price competition because their products are uniquely different from other sellers in the market.

A. True
B. False

49: Professor Homer Simpson likes to chew tobacco to relax as he drives home from the university after a hard day teaching ECON 2 students, knowing that his wife detests this habit including the mess he gets all over their car. According to economists, Homer is an irrational consumer.

A. True
B. False

50: In China, duck eggs are preferred to chicken eggs by its residents, this suggests to these Chinese residents, that Duck eggs are a normal goods; likewise chicken eggs are an inferior goods.

A. True
B. False