04 Jun Question ECO 561 Final Exam 1) In a market economy the distribution of ou
Question
ECO 561 Final Exam
1) In a market economy the distribution of output will be determined primarily by:
2) In a competitive market economy firms will select the least-cost production technique because:
3) A leftward shift in the supply curve of product X will increase equilibrium price to a greater extent the:
4) Which of the following statements is true about productive and allocative efficiency?
5) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement:
6) 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:
7) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
8) 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:
9) If a firm is selling in an imperfectly competitive product market, then:
10) 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:
11) What do wages paid to blue-collar workers, interest paid on a bank loan, forgone interest, and the purchase of component parts have in common?
12) Which of the following represents a long-run adjustment?
13) If the wage rate increases:
14) Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason they do this is to:
15) 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:
16) Oligopoly is difficult to analyze primarily because:
17) A competitive firm will maximize profits at that output at which:
18) An industry comprised of a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions is called:
19) Advertising can impede economic efficiency when it:
20) Nonprice competition refers to:
21) Which of the following is not a possible source of natural monopoly?
22) A monopolistically competitive industry combines elements of both competition and monopoly. The monopoly element results from:
23) The term oligopoly indicates:
24) Suppose that an industry is characterized by a few firms and price leadership. We would expect that:
25) When economists view technological change as internal to the economy, they mean that it:
26) 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:
27) In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to:
28) If the U.S. unemployment rate is 9 percent, we can infer that:
29) The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are:
30) Inflation is undesirable because it:
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