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    ECO 365 Final Exam (Latest) 30 - 30

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    ECO 365 Final Exam (Latest) 30/30 ECO 365 Final Exam (Latest) 30/30 1). The DeBeers company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds. If the company earns positive economic profits this year, the price of diamonds will: Exceed the marginal cost of diamonds but equal to the average total cost of diamonds. Exceed both the marginal cost and the average total cost of diamonds. Be equal to the marginal cost of diamonds. Be equal to the average total cost of diamonds. 2). Using 100 workers and 10 machines, a firm can produce 10,000 units of output; using 250 workers and 25 machines, the firm produces 21,000 units of output. These facts are best explained by: Economies of scope Diseconomies of scale Diminishing marginal productivity Economies of scale 3). Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: despite the increase in price, quantity demanded rose due to some other factors changing. the demand for a college education is positively sloped. the law of demand is invalid. this situation has nothing to do with the law of demand. 4). A monopoly firm is different from a perfectly competitive firm in that: A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic. A competitive firm has a u-shaped average cost curve whereas a monopolist does not. A monopolist can influence market price whereas a perfectly competitive firm cannot. There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product. 5). The best example of positive externality is: Alcoholic beverages Pollution Education Roller coaster rides 6). The theory that quantity supplied and price are positively related, other things constant, is referred to as the law of: supply profit maximization opportunity cost demand 7). A reduction in the supply of labor will cause wages to: Decrease and employment to decrease. Increase and employment to increase. Decrease and employment to increase. Increase and employment to decrease. 8). Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly of $17.85 while the market equilibrium hour rate is $16.50, the: Quantity of workers demanded will exceed the quantity of workers supplied. Quantity of workers supplied will exceed the quantity of workers demanded. Supply of labor will decrease until the equilibrium wage rate is $17.85. Demand for labor will increase until the equilibrium wage rate is $17.85. 9). Alex is playing his music at full volume in his dorm room. The other people living on his floor found this to be a nuisance, but Alex doesn’t care. Alex’s music playing is an example of: Pareto externality Positive externality Negative externality Normative externality 10). Oligopoly is probably the best market for technological change because: The typical oligopoly has the funds to carry out research and development and believe that its competitors are innovating, which motivates it to conduct research and development. The typical oligopoly lacks the funds to carry out research and development and therefore will use basic research from universities. Research and development occurs only if government subsidizes such activity, and government tends to subsidize oligopolies. The typical oligopoly keeps price very close to average total cost because it fears the entry of new rivals if its profits are excessively high. 11). A perfectly competitive firm facing a price of $50 decides to produce 500 widgets. Its marginal cost of producing the last widget is $50. If the firm’s goal is to maximize profit, it should: Produce mo

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    ECO 365 Final Exam (Latest) 30/30 ECO 365 Final Exam (Latest) 30/30 1). The DeBeers company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds. If the company earns positive economic profits this year, the price of diamonds will: Exceed the marginal cost of diamonds but equal to the average total cost of diamonds. Exceed both the marginal cost and the average total cost of diamonds. Be equal to the marginal cost of diamonds. Be equal to the average total cost of diamonds. 2). Using 100 workers and 10 machines, a firm can produce 10,000 units of output; using 250 workers and 25 machines, the firm produces 21,000 units of output. These facts are best explained by: Economies of scope Diseconomies of scale Diminishing marginal productivity Economies of scale 3). Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: despite the increase in price, quantity demanded rose due to some other factors changing. the demand for a college education is positively sloped. the law of demand is invalid. this situation has nothing to do with the law of demand. 4). A monopoly firm is different from a perfectly competitive firm in that: A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic. A competitive firm has a u-shaped average cost curve whereas a monopolist does not. A monopolist can influence market price whereas a perfectly competitive firm cannot. There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product. 5). The best example of positive externality is: Alcoholic beverages Pollution Education Roller coaster rides 6). The theory that quantity supplied and price are positively related, other things constant, is referred to as the law of: supply profit maximization opportunity cost demand 7). A reduction in the supply of labor will cause wages to: Decrease and employment to decrease. Increase and employment to increase. Decrease and employment to increase. Increase and employment to decrease. 8). Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly of $17.85 while the market equilibrium hour rate is $16.50, the: Quantity of workers demanded will exceed the quantity of workers supplied. Quantity of workers supplied will exceed the quantity of workers demanded. Supply of labor will decrease until the equilibrium wage rate is $17.85. Demand for labor will increase until the equilibrium wage rate is $17.85. 9). Alex is playing his music at full volume in his dorm room. The other people living on his floor found this to be a nuisance, but Alex doesn’t care. Alex’s music playing is an example of: Pareto externality Positive externality Negative externality Normative externality 10). Oligopoly is probably the best market for technological change because: The typical oligopoly has the funds to carry out research and development and believe that its competitors are innovating, which motivates it to conduct research and development. The typical oligopoly lacks the funds to carry out research and development and therefore will use basic research from universities. Research and development occurs only if government subsidizes such activity, and government tends to subsidize oligopolies. The typical oligopoly keeps price very close to average total cost because it fears the entry of new rivals if its profits are excessively high. 11). A perfectly competitive firm facing a price of $50 decides to produce 500 widgets. Its marginal cost of producing the last widget is $50. If the firm’s goal is to maximize profit, it should: Produce mo

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    ECO 365 Final Exam (Latest) 30/30 ECO 365 Final Exam (Latest) 30/30 1). The DeBeers company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds. If the company earns positive economic profits this year, the price of diamonds will: Exceed the marginal cost of diamonds but equal to the average total cost of diamonds. Exceed both the marginal cost and the average total cost of diamonds. Be equal to the marginal cost of diamonds. Be equal to the average total cost of diamonds. 2). Using 100 workers and 10 machines, a firm can produce 10,000 units of output; using 250 workers and 25 machines, the firm produces 21,000 units of output. These facts are best explained by: Economies of scope Diseconomies of scale Diminishing marginal productivity Economies of scale 3). Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: despite the increase in price, quantity demanded rose due to some other factors changing. the demand for a college education is positively sloped. the law of demand is invalid. this situation has nothing to do with the law of demand. 4). A monopoly firm is different from a perfectly competitive firm in that: A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic. A competitive firm has a u-shaped average cost curve whereas a monopolist does not. A monopolist can influence market price whereas a perfectly competitive firm cannot. There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product. 5). The best example of positive externality is: Alcoholic beverages Pollution Education Roller coaster rides 6). The theory that quantity supplied and price are positively related, other things constant, is referred to as the law of: supply profit maximization opportunity cost demand 7). A reduction in the supply of labor will cause wages to: Decrease and employment to decrease. Increase and employment to increase. Decrease and employment to increase. Increase and employment to decrease. 8). Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly of $17.85 while the market equilibrium hour rate is $16.50, the: Quantity of workers demanded will exceed the quantity of workers supplied. Quantity of workers supplied will exceed the quantity of workers demanded. Supply of labor will decrease until the equilibrium wage rate is $17.85. Demand for labor will increase until the equilibrium wage rate is $17.85. 9). Alex is playing his music at full volume in his dorm room. The other people living on his floor found this to be a nuisance, but Alex doesn’t care. Alex’s music playing is an example of: Pareto externality Positive externality Negative externality Normative externality 10). Oligopoly is probably the best market for technological change because: The typical oligopoly has the funds to carry out research and development and believe that its competitors are innovating, which motivates it to conduct research and development. The typical oligopoly lacks the funds to carry out research and development and therefore will use basic research from universities. Research and development occurs only if government subsidizes such activity, and government tends to subsidize oligopolies. The typical oligopoly keeps price very close to average total cost because it fears the entry of new rivals if its profits are excessively high. 11). A perfectly competitive firm facing a price of $50 decides to produce 500 widgets. Its marginal cost of producing the last widget is $50. If the firm’s goal is to maximize profit, it should: Produce mo

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    Download as PDF, TXT or read online from Scribd
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    333 views5 pages

    ECO 365 Final Exam (Latest) 30 - 30

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    teacher.theacestud
    ECO 365 Final Exam (Latest) 30/30 ECO 365 Final Exam (Latest) 30/30 1). The DeBeers company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds. If the company earns positive economic profits this year, the price of diamonds will: Exceed the marginal cost of diamonds but equal to the average total cost of diamonds. Exceed both the marginal cost and the average total cost of diamonds. Be equal to the marginal cost of diamonds. Be equal to the average total cost of diamonds. 2). Using 100 workers and 10 machines, a firm can produce 10,000 units of output; using 250 workers and 25 machines, the firm produces 21,000 units of output. These facts are best explained by: Economies of scope Diseconomies of scale Diminishing marginal productivity Economies of scale 3). Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: despite the increase in price, quantity demanded rose due to some other factors changing. the demand for a college education is positively sloped. the law of demand is invalid. this situation has nothing to do with the law of demand. 4). A monopoly firm is different from a perfectly competitive firm in that: A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic. A competitive firm has a u-shaped average cost curve whereas a monopolist does not. A monopolist can influence market price whereas a perfectly competitive firm cannot. There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product. 5). The best example of positive externality is: Alcoholic beverages Pollution Education Roller coaster rides 6). The theory that quantity supplied and price are positively related, other things constant, is referred to as the law of: supply profit maximization opportunity cost demand 7). A reduction in the supply of labor will cause wages to: Decrease and employment to decrease. Increase and employment to increase. Decrease and employment to increase. Increase and employment to decrease. 8). Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly of $17.85 while the market equilibrium hour rate is $16.50, the: Quantity of workers demanded will exceed the quantity of workers supplied. Quantity of workers supplied will exceed the quantity of workers demanded. Supply of labor will decrease until the equilibrium wage rate is $17.85. Demand for labor will increase until the equilibrium wage rate is $17.85. 9). Alex is playing his music at full volume in his dorm room. The other people living on his floor found this to be a nuisance, but Alex doesn’t care. Alex’s music playing is an example of: Pareto externality Positive externality Negative externality Normative externality 10). Oligopoly is probably the best market for technological change because: The typical oligopoly has the funds to carry out research and development and believe that its competitors are innovating, which motivates it to conduct research and development. The typical oligopoly lacks the funds to carry out research and development and therefore will use basic research from universities. Research and development occurs only if government subsidizes such activity, and government tends to subsidize oligopolies. The typical oligopoly keeps price very close to average total cost because it fears the entry of new rivals if its profits are excessively high. 11). A perfectly competitive firm facing a price of $50 decides to produce 500 widgets. Its marginal cost of producing the last widget is $50. If the firm’s goal is to maximize profit, it should: Produce mo

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    10/1/2015

    TheAceStudent:ECO365FinalExam(Latest)30/30

    ECO365FinalExam(Latest)30/30
    ECO365FinalExam(Latest)30/30

    1). The DeBeers company is a profitmaximizing monopolist that exercises monopoly


    powerinthedistributionofdiamonds.Ifthecompanyearnspositiveeconomicprofitsthis
    year,thepriceofdiamondswill:
    Exceedthemarginalcostofdiamondsbutequaltotheaveragetotalcostofdiamonds.
    Exceedboththemarginalcostandtheaveragetotalcostofdiamonds.
    Beequaltothemarginalcostofdiamonds.
    Beequaltotheaveragetotalcostofdiamonds.
    2).Using100workersand10machines,afirmcanproduce10,000unitsofoutputusing
    250workersand25machines,thefirmproduces21,000unitsofoutput.Thesefactsare
    bestexplainedby:
    Economiesofscope
    Diseconomiesofscale
    Diminishingmarginalproductivity
    Economiesofscale
    3). Suppose that college tuition is higher this year than last and that more students are
    enrolled in college this year than last year. Based on this information, we can best
    concludethat:
    despitetheincreaseinprice,quantitydemandedroseduetosomeotherfactorschanging.
    thedemandforacollegeeducationispositivelysloped.
    thelawofdemandisinvalid.
    thissituationhasnothingtodowiththelawofdemand.
    4).Amonopolyfirmisdifferentfromaperfectlycompetitivefirminthat:
    Amonopolistsdemandcurveisperfectlyinelasticwhereasaperfectlycompetitivefirms
    demandcurveisperfectlyelastic.
    Acompetitivefirmhasaushapedaveragecostcurvewhereasamonopolistdoesnot.
    Amonopolistcaninfluencemarketpricewhereasaperfectlycompetitivefirmcannot.
    Therearemanysubstitutesforamonopolistsproductwhereastherearenosubstitutesfor
    acompetitivefirmsproduct.
    5).Thebestexampleofpositiveexternalityis:
    Alcoholicbeverages
    Pollution
    Education
    Rollercoasterrides
    6). The theory that quantity supplied and price are positively related, other things
    constant,isreferredtoasthelawof:
    supply
    profitmaximization
    opportunitycost
    demand
    7).Areductioninthesupplyoflaborwillcausewagesto:
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    Decreaseandemploymenttodecrease.
    Increaseandemploymenttoincrease.
    Decreaseandemploymenttoincrease.
    Increaseandemploymenttodecrease.
    8). Other things held constant in a competitive labor market, if workers negotiate a
    contract in which the employer agrees to pay an hourly of $17.85 while the market
    equilibriumhourrateis$16.50,the:
    Quantityofworkersdemandedwillexceedthequantityofworkerssupplied.
    Quantityofworkerssuppliedwillexceedthequantityofworkersdemanded.
    Supplyoflaborwilldecreaseuntiltheequilibriumwagerateis$17.85.
    Demandforlaborwillincreaseuntiltheequilibriumwagerateis$17.85.
    9).Alexisplayinghismusicatfullvolumeinhisdormroom.Theotherpeoplelivingon
    his floor found this to be a nuisance, but Alex doesnt care. Alexs music playing is an
    exampleof:
    Paretoexternality
    Positiveexternality
    Negativeexternality
    Normativeexternality
    10).Oligopolyisprobablythebestmarketfortechnologicalchangebecause:
    The typical oligopoly has the funds to carry out research and development and believe
    that its competitors are innovating, which motivates it to conduct research and
    development.
    Thetypicaloligopolylacksthefundstocarryoutresearchanddevelopmentandtherefore
    willusebasicresearchfromuniversities.
    Research and development occurs only if government subsidizes such activity, and
    governmenttendstosubsidizeoligopolies.
    Thetypicaloligopolykeepspriceveryclosetoaveragetotalcostbecauseitfearstheentry
    ofnewrivalsifitsprofitsareexcessivelyhigh.
    11).Aperfectlycompetitivefirmfacingapriceof$50decidestoproduce500widgets.Its
    marginalcostofproducingthelastwidgetis$50.Ifthefirmsgoalistomaximizeprofit,
    itshould:
    Producemorewidgets
    Producefewerwidgets
    Continueproducing500widgets
    Shutdown
    12).Graphically,achangeinpricecauses:
    thedemandcurvetoshift.
    bothsupplyanddemandtoshift.
    amovementalongagivensupplycurve,notashift.
    thesupplycurvetoshift.
    13).In1997,thefederalgovernmentreinstateda10percentexcisetaxonairlinetickets.
    Theindustrytriedtopassonthefull10percenttickettaxtoconsumersbutwasableto
    boostfaresbyonly4percent.Fromthisyoucanconcludethatthe:
    Supplyofairlineticketsisperfectlyinelastic.
    Supplyelasticityofairlineticketsislessthaninfinity.
    data:text/htmlcharset=utf8,%3Ch3%20class%3D%22posttitle%20entrytitle%22%20itemprop%3D%22name%22%20style%3D%22margin%3A%200px%3B

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    Demandelasticityforairlineticketsisgreaterthanzeroinabsolutevalue.
    Demandforairlineticketsisperfectlyinelastic.
    14). In 2011, the Department of Justice sued AT&T to block its merger with the cell
    phoneserviceproviderTMobile.Todefenditselfagainstthecharge,AT&Targuedthat
    the:
    Combined company could raise prices, allowing it to survive in a rapidly changing
    market.
    Governmenthadnoauthoritytoblockmergersinthetelephoneindustry.
    Governmenthadguaranteeditexclusivecontrolofcellphoneservice.
    Mergerwouldimproveandexpandcellularservicetoconsumers.
    15).Thelawofdiminishingmarginalproductivityimpliesthatthemarginalproductofa
    variableinput:
    Neverdeclines
    Alwaysdeclines
    Isconstant
    Eventuallydeclines
    16). Suppose OPEC announces it will increase production. Using supply and demand
    analysis to predict the effect of increased production on equilibrium price and quantity,
    thefirststepistoshowthe:
    supplycurveshiftingtotheright.
    demandcurveshiftingtotheleft.
    demandcurveshiftingtotheright.
    supplycurveshiftingtotheleft.
    17).ManycallcentersthatprovidetelephonecustomerservicesforU.S.companieshave
    beenestablishedinIndia,butfewornonehavebeenestablishedinChina.Why?
    ChinaisatamoreadvancedstageofeconomicdevelopmentthanIndia.
    Chinalacksthepoliticalinfrastructuretosupportcallcenters.
    IndianlaborcostsareequaltoChineselaborcosts.
    Chineselaborlacksthespecificlanguageskillsneededtomakecallcentersprofitablein
    China.
    18).Supposepeoplefreelychoosetospend40percentoftheirincomeonhealthcare,but
    thenthegovernmentdecidestotax40percentofthatpersonsincometoprovidethesame
    levelofcoverageasbefore.Whatcanbesaidaboutdeadweightlossineachcase?
    There is no difference because the total spending remains the same and the health care
    purchasedremainsthesame.
    Taxing income results in less deadweight loss because government knows better what
    healthcarecoverageisgoodforsociety.
    Taxing income results in deadweight loss, and purchasing health care on ones own
    doesntresultindeadweightloss.
    Thereisnodifferencebetweengoodsthatarepurchasedinthemarketineithercase.
    19).Atonetime,sealionsweredepletingthestockofsteelheadtrout.Oneideatoscare
    sea lions away from the Washington coast was to launch fake killer whales, which are
    predatorsofsealions.Thecostofmakingthefirstwhaleis$16,000($5,000formaterials
    and $11,000 for the mold). The mold can be reused to make additional whales, and so
    additionalwhalescost$5,000each.Basedonthesenumbers,theproductionoffakekiller
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    whalesexhibits:
    Diminishingmarginalproduct
    Decreasingreturnstoscale
    Constantreturnstoscale
    Increasingreturnstoscale
    20).TherearemanyrestaurantsinthecityofRaleigh,eachoneofferingfoodandservices
    thatdifferfromthoseofitscompetitors.Thereisalsofreeentryofsellersintothemarket,
    andeachsellerservesaverysmallfractionofthetotalnumberofmealsservedeachday.
    TherestaurantindustryinRaleighisbestcharacterizedas:
    Perfectlycompetitive.
    Monopolisticallycompetitive.
    Apuremonopoly.
    Anoligopoly.
    21).Supposeforeignshrimppricesdropby32percentandimportersgaina90percent
    marketshare.Fromthisinformation,whatwouldeconomistsstronglysuspectaboutthis
    industry?
    Foreignershaveacomparativeadvantageinshrimping.
    The large sales of foreigners indicate they are better strategic business bargainers than
    Americansare.
    Americanshaveacomparativeadvantageinshrimping.
    Foreignsellersprobablyarecolludingonpricetomaximizeprofits.
    22).Foramonopolist,thepriceofaproduct:
    Islessthanthemarginalrevenue.
    Exceedsthemarginalrevenue.
    Equalsthemarginalcost.
    Equalsthemarginalrevenue.
    23).WhenRossPerotranforpresidentasathirdpartycandidatein1992,hearguedthat
    free trade with Mexico would result in massive job losses in the United States because
    Mexicanwagesweresolow.Whichofthefollowingisthebestexplanationofwhyfew
    economistsagreedwithPerot?
    Although economics predicted that unemployment would rise, the increased profits of
    corporationswouldraisestockpricesenoughtocompensateforthelostjobs.
    EconomistsdidnotbelieveanyjobswouldbelostintheUnitedStates.
    AlthougheconomistsbelievedthatinsomeareastheUnitedStateswouldlosejobs,they
    expectedtheUnitedStateswouldgainjobsinotherareas.
    EconomicsbelievedthattheU.S.unemploymentwouldrise.
    24). Mr. Woodwards cabinet shop is experiencing rapid growth in sales. As sales have
    increased,Mr.Woodwardhasfounditnecessarytohiremoreworkers.However,hehas
    observedthatdoublingthenumberofworkershaslessthandoubledhisoutput.Whatis
    thelikelyexplanation?
    Thelawofdemand
    Thelawofdiminishingmarginalproductivity
    Thelawofsupply
    Thelawofdiminishingmarginalutility
    25).Priceelasticityofdemandisthe:
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    Change in the quantity of a good demanded divided by the change in the price of that
    good.
    Percentagechangeinpriceofthatgooddividedbythepercentagechangeinthequantity
    ofthatgooddemanded.
    Percentagechangeinquantityofagooddemandeddividedbythepercentagechangein
    thepriceofthatgood.
    Change in the price of a good divided by the change in the quantity of that good
    demanded.
    26).Whichofthefollowingstatementsistrueaboutadownwardslopingdemandcurve
    thatisastraightline?
    Thesloperemainsthesame,butelasticityfallsasyoumovedownthedemandcurve.
    Thesloperemainsthesame,butelasticityrisesasyoumovedownthedemandcurve.
    Theslopeandtheelasticityfallasyoumovedownthedemandcurve.
    Theslopeandelasticityarethesameatallpoints.
    27).Strategicdecisionmakingismostimportantin:
    Monopolisticallycompetitivemarkets.
    Monopolisticmarkets.
    Oligopolisticmarkets.
    Competitivemarkets.
    28).Cartelsareorganizationsthat:
    Encouragepricewars.
    Keepmarketscontestable.
    Usepredatorypricingtomonopolizeindustries.
    Coordinatetheoutputandpricingdecisionsofagroupoffirms.
    29).Microeconomicsandmacroeconomicsare:
    Interrelated because what happens in the economy as a whole is based on individual
    decisions.
    Interrelatedbecausebothareoftentaughtbythesameinstructors.
    Notrelatedbecausetheyaretaughtseparately.
    Virtuallyidentical,thoughoneismuchmoredifficultthantheother.
    30).Microeconomicsisthestudyof:
    afirmspricingpolicies
    inflation
    unemployment
    businesscycles
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