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ECO 561 Week 1 DQ 4

Nov 30th, 2014
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  3. This pack of ECO 561 Final Exam consists of:
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  6. 1) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
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  8. 2) A firm that is motivated by self interest should
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  10. 3) If price is above the equilibrium level, competition among sellers to reduce the resulting
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  12. 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
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  14. 5) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement
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  16. 6) In a market economy the distribution of output will be determined primarily by
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  18. 7) In a competitive market economy firms will select the least-cost production technique because
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  20. 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.
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  22. 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
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  24. 10) In which of the following industries are economies of scale exhausted at relatively low levels of output?
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  26. 11) If a firm decides to produce no output in the short run, its costs will be
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  28. 12) Which of the following represents a long-run adjustment?
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  30. 13) Paying an above-equilibrium wage rate might reduce unit labor costs by
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  32. 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
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  34. 15) Price exceeds marginal revenue for the pure monopolist because the
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  36. 16) Oligopoly is difficult to analyze primarily because
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  38. 17) A competitive firm will maximize profits at that output at which
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  40. 18) Nonprice competition refers to
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  42. 19) Advertising can impede economic efficiency when it
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  44. 20) Which of the following is not a possible source of natural monopoly?
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  46. 21) Suppose that an industry is characterized by a few firms and price leadership. We would expect that
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  48. 22) When economists view technological change as internal to the economy, they mean that it
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  50. 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
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  52. 24) In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to
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  54. 25) If personal taxes were decreased and resource productivity increased simultaneously, the equilibrium
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  56. 26) Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggregate
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  58. 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
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  60. 28) Expansionary fiscal policy is so named because it
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  62. 29) Stabilizing a nation's price level and the purchasing power of its money can be achieved
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  64. 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?
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  66. General Q
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  68. To download this tutorial follow the link - https://bitly.com/1xpx2Zl
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  70. Consider digital options for your textbooks and reading materials. E-readers are quite affordable and easily accessible. Downloading books is far cheaper than purchasing print and easily takes up less room. Granted, there is not a resale option for the digital textbooks; however, there is a lot to be said for having reference books after the fact.
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