05 Jun Question Economics Final Exam
Question
Economics Final Exam
1. In the absence of worker incentives:
A. everyone always gives maximum effort.
B. there is a natural tendency for workers to not give their maximum effort.
C. managers have little or no control.
D. None of the statements is correct.
2.Bottom of Form
2. The optimal bid in a first-price, sealed-bid auction with independent private values is to bid:
A. the true value of the item.
B. more than the true value of the item.
C. less than the true value of the item.
D. the true value of the item and more than the true value of the item, depending upon whether value estimates are affiliated.
3. Which of the following statements is true?
A. A mineral rights auction is not the same as a common-value auction.
B. An auctioneer is always indifferent between different kinds of auctions.
C. The Dutch and first-price, sealed-bid auctions are strategically equivalent.
D. An English auction always yields lower expected revenues than a second-price, sealed-bid auction
4. The figure below presents information for a one-shot game.
Picture
What are the Nash equilibrium strategies for firm A and B respectively?
A. (low price, high price)
B. (high price, low price)
C. (high price, high price)
D. (low price, low price)
5. Fixed costs exist only in:
A. the long run.
B. capital-intensive markets.
C. the short run.
D. labor-intensive markets.
6. Suppose the long-run average cost curve is U-shaped. When LRAC is in the increasing stage, there exist:
A. economies of scope
B. diseconomies of scope.
C. economies of scale.
D. diseconomies of scale.
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