04 Jun ECO 561 Final Exam 4
Question
ECO 561 Final Exam 4
1) In a market economy the distribution of output will be determined primarily by:
2) 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. Thus:
3) If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
4) Suppose that in the clothing market, production costs have fallen, but the equilibrium price and quantity purchased have both increased. Based on this information we can conclude that:
5) Which of the following statements is true about productive and allocative efficiency?
6) Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at an average price of $19,500 per car. These statements:
7) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
8) If a profit-seeking competitive firm is producing its profit-maximizing output and its total fixed costs fall by 25 percent, the firm should:
9) A firm that is motivated by self interest should:
10) Which of the following represents a long-run adjustment?
11) In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2.00 and its average fixed costs are $.50. The firm’s total costs:
12) If a firm decides to produce no output in the short run, its costs will be:
13) Paying an above-equilibrium wage rate might reduce unit labor costs by:
14) The real wage will rise if the nominal wage:
15) Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason they do this is to:
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