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ECO 561 Final Exam 7

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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) The advent of DVDs has virtually demolished the market for videocassettes. This is an example of:

4) Which of the following statements is true about productive and allocative efficiency?

5) If price is above the equilibrium level, competition among sellers to reduce the resulting:

6) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement:

7) If a profit-seeking competitive firm is producing its profit-maximizing output and its total fixed costs fall by 25 percent, the firm should:

8) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:

9) 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:

10) If a firm decides to produce no output in the short run, its costs will be:

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) 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:

13) Paying an above-equilibrium wage rate might reduce unit labor costs by:

14) If the wage rate increases:

15) Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason they do this is to:

16) A competitive firm will maximize profits at that output at which:

17) In the long-run, a profit-maximizing monopolistically competitive firm sets it price:

18) Price exceeds marginal revenue for the pure monopolist because the:

19) Which of the following is not a possible source of natural monopoly?

20) One would expect that collusion among oligopolistic producers would be easiest to achieve in which of the following cases?

21) Advertising can impede economic efficiency when it:

22) A monopolistically competitive industry combines elements of both competition and monopoly. The monopoly element results from:

23) 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:

24) In an oligopolistic market:

25) 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:

26) When economists view technological change as internal to the economy, they mean that it:

27) In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to:

28) Inflation is undesirable because it:

29) Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggregate:

30) An economy's aggregate demand curve shifts leftward or rightward by more than changes in initial spending because of the:

31) Expansionary fiscal policy is so named because it:

32) Given the annual rate of inflation, the "rule of 70" allows one to:

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

35) Stabilizing a nation's price level and the purchasing power of its money can be achieved:

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

37) An increase in interest rates in the United States will lead to:

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

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

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) The advent of DVDs has virtually demolished
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