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ECO 561 Final Exam – FREE Download
- In a market economy the distribution of output will be determined primarily by eco 561 final exam:
- In a competitive market economy firms will select the least-cost production technique because:
- The advent of DVDs has virtually demolished the market for videocassettes. This is an example of:
- Which of the following statements is true about productive and allocative efficiency?
- If price is above the equilibrium level, competition among sellers to reduce the resulting:
- Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement:
- If a profit-seeking competitive firm is producing its profit-maximizing output and its total fixed costs fall by 25 percent, the firm should:
- If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
- 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:
- If a firm decides to produce no output in the short run, its costs will be:
- What do wages paid to blue-collar workers, interest paid on a bank loan, eco 561 final exam forgone interest, and the purchase of component parts have in common?
- 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:
- Paying an above-equilibrium wage rate might reduce unit labor costs by:
- If the wage rate increases:
- Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason they do this is to:
- A competitive firm will maximize profits at that output at which:
- In the long-run, a profit-maximizing monopolistically competitive firm sets it price:
- Price exceeds marginal revenue for the pure monopolist because the:
- Which of the following is not a possible source of natural monopoly?
- One would expect that collusion among oligopolistic producers would be easiest to achieve in which of the following cases?
- Advertising can impede economic efficiency when it:
- A monopolistically competitive industry combines elements of both competition and monopoly. eco 561 final exam The monopoly element results from:
- Assume the several manufacturers of ceramic tile in a city reach a verbal agreement to establish the price of their product at 55 cents per tile. This best describes:
- In an oligopolistic market:
- 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:
- When economists view technological change as internal to the economy, they mean that it:
- In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to:
- Inflation is undesirable because it:
- Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggregate:
- An economy’s aggregate demand curve shifts leftward or rightward by more than changes in initial spending because of the:
- Expansionary fiscal policy is so named because it:
- Given the annual rate of inflation, the “rule of 70” allows one to:
- Suppose the price level is fixed, the MPC is .5, and the GDP gap is a negative $100 billion. To achieve full-employment output (exactly), government should:
- Other things equal, a 10 percent decrease in corporate income taxes will:
- Stabilizing a nation’s price level and the purchasing power of its money can be achieved:
- If the Fed were to purchase government securities in the open market, we would anticipate:
- An increase in interest rates in the United States will lead to:
- The quantity theory of the demand for money states that a country’s money supply is proportional to:
- Exchange rates are determined in the long-run by:
