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ECO 561 Final Exam Answers

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ECO 561 Final Exam 5

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:

31) Kara voluntarily quit her job as an insurance agent to return to school full-time to earn an MBA degree. With degree in hand she is now searching for a position in management. Kara presently is:

32) Expansionary fiscal policy is so named because it:

33) 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:

34) Assume the Standard Internet Company negotiates a loan for $5,000 from the Metro National Bank and receives a checkable deposit for that amount in exchange for its promissory note (IOU). As a result of this transaction:

35) If the Fed were to purchase government securities in the open market, we would anticipate:

36) Other things equal, a 10 percent decrease in corporate income taxes will:

37) The quantity theory of the demand for money states that a country’s money supply is proportional to:

38) Suppose that US prices rise 4 percent over the next year while prices in Mexico rise 6%. According to the purchasing power parity theory of exchange rates, what should happen to the exchange rate between the dollar and the peso?

39) Exchange rates are determined in the long-run by:

ECO 561 Final Exam 5 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 pr
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