26 Apr Week 4 HomeworkQuestion 1Consider the market for r
Week 4 HomeworkQuestion 1Consider the market for running shoes shown above. As a result of the tariff imposed, ________ collect(s) tariff revenue of ________.the government; $40 millionfirms; $80 millionthe government; $120 millionthe government; $80 millionfirms; $40 millionQuestion 2The figure above shows the U.S. demand and U.S. supply curves for cherries. In the absence of international trade, how many pounds of cherries would U.S. farmers produce?200,000 pounds800,000 pounds400,000 pounds600,000 pounds0 poundsQuestion 3The above figure shows a restaurant engaged in monopolistic competition with other restaurants. The equilibrium price at this restaurant is ________ per meal.$20less than $20more than $50$30$50Question 4A tariff isa tax imposed on exports.a tax imposed on imports.a subsidy granted to imports.any non-tax action used to restrict trade.any non-subsidy used to increase trade.Question 5Consider the market for running shoes shown above. Before a tariff is imposed, if the United States trades with the world, then the United States produces ________ running shoes at a price of ________.3 million; $401 million; $403 million; $805 million; $805 million; $40Question 6The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops.500,0000 flip-flops because the United States exports300,000400,000700,000Question 7To maximize its profit, a perfectly competitive firm produces so that ________ and a single-price monopoly produces so that ________.MR > MC; MR > MCP = ATC; P = ATCMR > MC; MR = MCMR = MC; MR > MCMR = MC; MR = MCQuestion 8According to the above table, the country will import the good if the world price is less than ________ and will export the good if the world price is more than ________.$8; $4$6; $6$4; $8$4; $4$10; $10Question 9Price(dollars per haircut) Quantity demanded(haircuts per day)5 5010 4015 3020 2025 1030 0Christy’s Haircuts, the sole supplier of haircuts in a small town, faces the demand schedule shown in the table above. What is Christy’s marginal revenue from the 25th haircut?$50.00$17.50$5.00zeroQuestion 10The above figure shows the U.S. market for flip-flops. With no international trade, the price in the United States for flip-flops is ________. With international trade, the price in the United States for flip-flops is ________.$12; $14$14; $12$500; $300$700; $300$500; $700Question 11A firm in monopolistic competition isinefficient because price exceeds marginal cost.efficient because in the long run it earns zero economic profit.efficient because of the ease of entry.efficient because it produces at the minimum average total cost.efficient because it produces where MR = MC.Question 12The fundamental force that generates international trade isthe need for more goods and services.comparative advantage.the existence of tariffs.the sea rule.absolute advantage.Question 13Which of the following is NOT a characteristic of monopolistic competition?small market shareno barriers to entry or exiteasy entry and exitdifferentiated productfew firms competeQuestion 14The table above has the domestic demand and domestic supply schedules for a good. According to the table, the no-trade price of the good is$8.$6.$2.$4.$10.Question 15The above figure represents the market for cable television in Oakland, Florida. Time Warner Communications (TWC) is the sole provider of cable television to the residents of this Central Florida community. If TWC operated under a marginal cost pricing rule, how many households in Oakland are served?40,00020,00010,00050,00030,000Question 16Which of the following firms produce at the efficient scale??Starbucks’ makes 1000 chai lattes each day at which is total revenue is maximized.Dell produces 100 computers a week at which its average total cost is minimized.Toyota produces 20 cars a day at its Texas plant at which its profit is maximized.A Gap outlet in Chicago sells 500 jackets a day and lowers its average variable cost.Question 17During the 1980s, Harley-Davidson, the American motorcycle maker, asked Congress for tariff protection from large motorcycles imported from Japan. Harley-Davidson argued that their company needed protection so the company could reorganize and, after some time had passed, could become more competitive. Harley-Davidson’s argument is similar to the ________ argument for protection.infant-industrybring diversity and stabilitysave domestic jobsnational securityanti-dumpingQuestion 18The above figure represents the market for cable television in Oakland, Florida. Time Warner Communications (TWC) is the sole provider of cable television to the residents of this Central Florida community. If TWC operated under an average cost pricing rule, how many households in Oakland are served?None of the above answers is correct.30,00050,00020,00040,000Question 19Excess capacity is the amount by which the? _____ exceeds the quantity that the firm produces.mark upefficient scaleprofit maximizing quantitycost minimizing quantityQuestion 20If a few oil-producing countries in the Middle East decide to jointly limit the production of oil,they will agree to lower the price of oil in order to increase their profits.they are forming a cartel.they will try to operate as a large, monopolistically competitive firm.they would like the price of oil to be the same as if the market were perfectly competitive.game theory does not apply to their actions because they are nations, not firms.Question 21The above figure represents the market for cable television in Oakland, Florida. Time Warner Communications (TWC) is the sole provider of cable television to the residents of this Central Florida community. If TWC is left unregulated, how many households in Oakland are served?40,00020,00030,00010,00050,000Question 22Suppose the grocery store market in Kansas City is perfectly competitive. Then one store buys all the others and becomes a single-price monopoly. The figure above shows the relevant demand and cost curves. When the market is perfectly competitive, the price of a pound of steak is ________ and when it is a monopoly, the price of a pound of steak is ________.$8; $4$4; $12$4; $8$8; $12$4; $20Question 23What is the Herfindahl-Hirschman Index if the four firms in an industry account have market shares of 62 percent, 15 percent, 15 percent, and 8 percent?2,822111,6001004,3586,200Question 24One of the major reasons why the United States exports jet airplanes is because Boeing faces ________ opportunity cost compared with firms in other nations in the production of such aircraft.an unrelatedan identicala highera nonexistenta lowerQuestion 25In the 1980s, the U.S. government forced Japanese automakers to limit their exports to the United States. The union representing the autoworkers (UAW), argued that otherwise the U.S. auto industry would have contracted. The UAW’s argument is the ________ argument for protection.save domestic jobsanti-dumpingbringing diversity and stabilityinfant-industrynational securityQuestion 26The imposition of tariffs on Korean steel has led to ________ in imports of Korean steel to the United States and ________ the price of steel in the United States.an increase; raisedan increase; lowereda decrease; no change ina decrease; raisedno change; raisedQuestion 27The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound once international trade occurs, the total exports of cherries from the United States to other nations equals200,000 pounds.0 pounds.600,000 pounds.800,000 pounds.400,000 pounds.Question 28Game theory is the tool that economists use to analyze strategic behavior, which is behavior that takes into account the ________ behavior of others and the mutual recognition of ________.expected; interdependencerandom; profitexpected; independenceunexpected; independenceunexpected; interdependenceQuestion 29If the U.S. government imposes a tariff on imported steel, who else besides U.S. steel producers gains from the tariff?the U.S. governmentforeign exporters of steelU.S. importers of steelU.S. steel consumersthe foreign governmentQuestion 30The table above shows the payoff matrix offered to two suspected criminals, Bonnie and Clyde. The payoffs are the years they will spend in prison. The suspected criminals are not allowed to communicate. Given the information in the payoff matrix, the Nash equilibrium is that Bonnie ________ and Clyde ________.confesses; confessesconfesses; deniesdenies; deniesdenies; either confess or denies, either outcome is consistent with the Nash equilibriumdenies; confesses
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