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- This pack of ECO 561 Final Exam consists of:
- 1) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
- 2) A firm that is motivated by self interest should
- 3) If price is above the equilibrium level, competition among sellers to reduce the resulting
- 4) Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and Julia's to
- 5) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement
- 6) In a market economy the distribution of output will be determined primarily by
- 7) In a competitive market economy firms will select the least-cost production technique because
- 8) Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut farmers changes from $16 to $14 billion.
- 9) If technology dictates that labor and capital must be used in fixed proportions, an increase in the price of capital will cause a firm to use
- 10) In which of the following industries are economies of scale exhausted at relatively low levels of output?
- 11) If a firm decides to produce no output in the short run, its costs will be
- 12) Which of the following represents a long-run adjustment?
- 13) Paying an above-equilibrium wage rate might reduce unit labor costs by
- 14) A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. The marginal wage cost of the seventh worker is
- 15) Price exceeds marginal revenue for the pure monopolist because the
- 16) Oligopoly is difficult to analyze primarily because
- 17) A competitive firm will maximize profits at that output at which
- 18) Nonprice competition refers to
- 19) Advertising can impede economic efficiency when it
- 20) Which of the following is not a possible source of natural monopoly?
- 21) Suppose that an industry is characterized by a few firms and price leadership. We would expect that
- 22) When economists view technological change as internal to the economy, they mean that it
- 23) Firm X develops a new product and gets a head start in its production. Other firms try to produce a similar product but discover they have higher average total costs than the existing firm. This situation illustrates
- 24) In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to
- 25) If personal taxes were decreased and resource productivity increased simultaneously, the equilibrium
- 26) Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggregate
- 27) Suppose the price level is fixed, the MPC is .5, and the GDP gap is a negative $100 billion. To achieve full-employment output (exactly), government should
- 28) Expansionary fiscal policy is so named because it
- 29) Stabilizing a nation's price level and the purchasing power of its money can be achieved
- 30) Suppose that US prices rise 4 percent over the next year while prices in Mexico rise 6%. According to the purchasing power parity theory of exchange rates, what should happen to the exchange rate between the dollar and the peso?
- General Q
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