This document provides a sample economics final exam with 30 multiple choice questions covering topics in microeconomics and macroeconomics. The questions assess understanding of concepts like elasticity, costs of production, market structures, international trade, and more. Taking this exam would help evaluate a student's mastery of core economic principles and applications.
ECO 365 Final Exam Guide 1) An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in 2) A basic difference between microeconomics and macroeconomics is that microeconomics &..
1. The main advantage to a corporation isโฆA) ease of entryB)salmonpybus
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1. The main advantage to a corporation isโฆ
A) ease of entry
B) limited liability for the owners
C) dividends all go to one person
D) owners share managerial duty
E) all of the above
2. The main advantage to a sole proprietorship isโฆ
A) ease of entry
B) financial capital is easy to obtain
C) owners need little expertise in the day to day business
D) limited liability for the owner
E) all of the above
3. The main disadvantage to a sole proprietorship isโฆ
A) profits must be shared
B) difficult and expensive to open
C) unlimited liability
D) single taxation
E) all of the above
4. The owners of a corporation are called
A) Corporate officers
B) The board of directors
C) Stockholders
D) Corporate executives
5. Profit is defined as
A) net revenue minus depreciation.
B) average revenue minus average total cost.
C) marginal revenue minus marginal cost.
D) total revenue minus total cost.
6. Which of the following is most likely to be a fixed cost?
A) materials
B) wages
C) rent
D) utilities
E) all of the above
7. A variable costโฆ
A) increases as production increases.
B) is a constant cost of production.
C) is always changing no matter the circumstance.
D) is a cost like managerโs salaries, rent, etc.
E) none of the above
8. Opportunity costs are comprised of
A) explicit costs.
B) implicit costs.
C) forgone income.
D) all of the above.
9. An example of an explicit cost of production would be
A) the cost of forgone labor earnings for an entrepreneur.
B) the cost of flour for a baker.
C) the lost opportunity to invest in other capital markets when the money is invested in oneโs business.
D) none of the above.
10. If marginal cost is rising
A) marginal product must be rising.
B) marginal product must be falling.
C) average variable cost must be falling.
D) average fixed cost must be rising.
11. Economies of scale occur when
A) long-run average total costs rise as output increases.
B) average fixed costs are falling.
C) long-run average total costs fall as output increases.
D) average fixed costs are constant.
12. For a firm in a perfectly competitive market the price of the good is always equal to
A) marginal revenue.
B) average revenue.
C) equilibrium market price.
D) all of the above.
13. Which of the following is not a characteristic of a perfectly competitive market?
A) Firms are price takers.
B) There are many sellers in the market.
C) Goods offered for sale are largely the same.
D) Firms have difficulty entering the market.
14. When firms are said to be price takers, it implies that if a firm raises its price,
A) buyers will go elsewhere.
B) buyers will pay the higher price in the short run.
C) competitors will also raise their prices.
D) firms in the industry will exercise market power.
15. Characteristics of a Monopoly include:
(i) sole seller of its product.
(ii) product does not have close substitutes.
(iii) generates large economic profits.
(iv) they must sell at a cert ...
Which of the following is a long run adjustment A. A farmer applies.docxjolleybendicty
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Which of the following is a long run adjustment? A. A farmer applies extra fertilizer on his corn crop. B. An American watch manufacturer leaves the watch industry. C. A supermarket hires four additional workers. D. A local bakery lets two of its current employees go. (i.e., reduces its workforce) 2. It is easiest for new firms to enter which of the following market structures? A. pure competition B. monopolistic competition C. oligopoly D. pure monopoly 3. In the short run a firmโs output A. cannot be increased or decreased. B. may be altered by changing the size of its plant and equipment. C. can vary as a result of new firms entering or leaving the industry. D. can vary as a result of using a fixed amount of plant and equipment more or less intensely. E. both B and C are correct. 4. The long-run average total cost curve for some industries, like the U.S. apparel industry, have an extended range of constant returns to scale. This implies that A. neither economies of scale nor diseconomies of scale exist in this industry. B. the U.S. apparel industry is comprised of a very large number of small firms. C. the U.S. apparel industry is comprised of a very small number of very large firms. D. both relatively small and relatively large firms coexist in the U.S. apparel industry. 5. Suppose the total revenue for a firm is $15,000. Explicit costs are $12,000 and normal profit is $4,000. Which of the following is correct? A. Accounting and economic profit both equal $3,000. B. Accounting profit equals $3,000 while economic profit equals $4,000. C. Accounting profit equals -$1,000 while economic profit equals -$5,000. D. Accounting profit equals $3,000 while economic profit equals -$1,000. E. Accounting and economic profit both equal $3,000. 6. Normal profits A. are greater than the opportunity cost to the firm. B. are zero under pure competition in the long run. C. are necessary to keep a firm in the industry in the long run. D. are not included in the firmโs economic costs of production. 7. A business firm has moved its offices to a new location. It must continue to pay $3,000 a month rent for the old office space for six months as long as it remains un-rented; after that its lease will expire and it will not be required to pay any rent. If the firm succeeds in renting the old office before the six months is up, it will not have to pay rent, but it will have to pay $1,000 a month for local utility services. If the firm wants to lose as little as possible (or make as much money as possible), it should rent the old office space for as much as the market will bear provided the monthly rent is above A. $1,000. B. $3,000. C. $4,000. D. $5,000. 8. Marginal product A. is always less than average product. B. diminishes continuously as a firm increases production. C. may initially increase, then diminish, but never becomes zero as a firm increases production. D. may increase, then diminish, and ultimately become negative as a firm increases production. 9. W.
PAGE 4Multiple-Choice Questions1. The difference betwee.docxalfred4lewis58146
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PAGE
4
Multiple-Choice Questions
1. The difference between the short-run and the long-run production function is:
a. three months or one business quarter.
b. the time it takes for firms to change all production inputs.
c. the time it takes for firms to change only their variable inputs.
d. more information is required to answer this question.
2. Which of the following statements about the short-run production function is true?
a. MP always equals AP at the maximum point of MP.
b. MP always equals zero when TP is at its maximum.
c. TP starts to decline at the point of diminishing returns.
d. When MP diminishes, AP is at its minimum point.
e. None of the above is true.
3. Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is 5 units of output and that the price of the output is $4. According to economic theory, in the short run
a. the firm should hire additional workers
b. the firm should reduce the number of workers employed
c. the firm should continue to employ 10 workers.
d. more information is required to answer this question.
4. A firm using two inputs, X and Y, is using them in the most efficient manner when
a. MPX = MPY
b. PX = PY and MPX = MPY
c. MPX/PY = MPY/PX
d. MPX/MPY = PX/PY
5. Average fixed cost is
a. AC minus AVC
b. TC divided by Q
c. AVC minus MC
d. TC minus TVC
6. Diseconomies of scale can be caused by
a. the law of diminishing returns.
b. bureaucratic inefficiencies.
c. increasing advertising and promotional costs.
d. all of the above.
7. Which of the following cost relationship is not true?
a. AFC = AC - MC
b. TVC = TC - TFC
c. the change in TVC divided by the change in Q = MC
d. the change in TC divided by the change in Q = MC
8. When a firm produces at the point where MR = MC, and the price of its product is higher that the cost per unit, the profit that it is earning is considered to be
a. maximum
b. normal
c. above normal
d. below normal
9. Which of the following is not characteristic of perfect competition?
a. A differentiated product
b. No barriers to entry
c. Large number of buyers
d. Complete knowledge of market price
10. Suppose a firm is currently maximizing its profits (i.e., following the MR = MC rule). Assuming that it wants to continue maximizing its profits, if its fixed costs increase, it should
a. maintain the same price
b. raise its price
c. lower its price
d. not enough information to answer this question
11. Which of the following is true about a monopoly?
a. Its demand curve is generally less elastic than in more competitive markets.
b. It will always earn economic profit.
c. It will charge the highest possible price.
d. It will always be subject to government regulations.
12. If an oligopolistic firm decides to raise its price,
a. other firms will automatically follow.
b. none of the other firms will follow.
c. other firms may follow if it is the price leader.
d. None of the above.
13.
South UniversityVirginia Beach CampusECO2071Name ________.docxwilliame8
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South University
Virginia Beach Campus
ECO2071
Name: ____________________________________________
Score: ______________
Select the CORRECT answer to each question. Each question is worth 2 points.
1. Economics is the study of how society manages its
a.ย
limited wants and unlimited resources.
b.ย
unlimited wants and unlimited resources.
c.ย
limited wants and limited resources.
d.ย
unlimited wants and limited resources.
2. The terms equality and efficiency are similar in that they both refer to benefits to society. However they are different in that
a.ย
equality refers to uniform distribution of those benefits and efficiency refers to maximizing benefits from scarce resources.
b.ย
equality refers to maximizing benefits from scarce resources and efficiency refers to uniform distribution of those benefits.
c.ย
equality refers to everyone facing identical tradeoffs and efficiency refers to the opportunity cost of the benefits.
d.ย
equality refers to the opportunity cost of the benefits and efficiency refers to everyone facing identical tradeoffs.
3. Senator Bright, who understands economic principles, is trying to convince workers in her district that trade with other countries is beneficial. Senator Bright should argue that trade can be beneficial
a.ย
only if it allows us to obtain things that we couldn't make for ourselves.
b.ย
because it allows specialization, which increases total output.
c.ย
to us if we can gain and the others involved in the trade lose.
d.ย
in only a limited number of circumstances because others are typically self-interested.
4. A direct or positive relationship exists between a country's
a.ย
productivity and its standard of living.
b.ย
amount of government spending and its productivity.
c.ย
total population and its average citizenโs income.
d.ย
rate of population growth and the extent of its trade with other countries.
5. Economists, like mathematicians, physicists, and biologists,
a.ย
make use of the scientific method.
b.ย
try to address their subject with a scientistโs objectivity.
c.ย
devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.
d.ย
All of the above are correct.
6. Which of the following is an example of a positive, as opposed to normative, statement?
a.ย
Inflation is more harmful to the economy than unemployment is.
b.ย
If welfare payments increase, the world will be a better place.
c.ย
Prices rise when the government prints too much money.
d.ย
When public policies are evaluated, the benefits to the economy of improved equality should be considered more important than the costs of reduced efficiency.
7. Which of the following is an example of a normative, as opposed to positive, statement?
a.ย
Universal health care would be good for U.S. citizens.
b.ย
An increase in the cigarette tax would cause a decrease in the number of smokers.
c.ย
A decrease in the minimum wage would decrease unemployment.
d.ย
A law requiri.
3Final ExaminationBAM 223 Principles of EconomicsM.docxtamicawaysmith
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3
Final Examination
BAM 223 Principles of Economics
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
An economic ________ is a simplified version of some aspect of economic life used to analyze 1.
an economic issue.
variablea.
marketb.
modelc.
trade-off d.
Scenario 1-2
Suppose a hat manufacturer currently sells 2,000 hats per week and makes a profit of
$5,000 per week. The plant owner observes, โAlthough the last 300 hats we produced and
sold increased our revenue by $1,000 and our costs by $1,100, we are still making an
overall profit of $5,000 per week so I think weโre on the right track. We are producing the
optimal number of hats.โ
Refer to Scenario 1-2. Had the firm not produced and sold the last 300 hats, would its profit 2.
be higher or lower, and if so by how much?
Its profit will be $1,100 higher. a.
Its profit will be $1,000 lower. b.
Its profit will be $100 lower.c.
Its profit will be $100 higher. d.
The term market in economics refers to: 3.
a place where money changes hands.a.
a legal institution where exchange can take place.b.
a group of buyers and sellers of a product and the arrangement by which they come c.
together to trade.
an organization which sells goods and services. d.
Scenario 1-3
Suppose a t-shirt manufacturer currently sells 5,000 t-shirts per week and makes a profit of
$10,000 per week. A manager at the plant observes, โAlthough the last 400 t-shirts we
produced and sold increased our revenue by $4,000 and our costs by $4,800, we are still
making an overall profit of $10,000 per week so I think weโre on the right track. We are
producing the optimal number of t-shirts.โ
Refer to Scenario 1-3. Using marginal analysis terminology, what is another economic term 4.
for the incremental cost of producing the last 400 t-shirts?
marginal costa.
explicit costb.
operating costc.
Any of the above terms are correct.d.
4
Final Examination
BAM 223 Principles of Economics
Suppose the U.S. government encouraged new teachers to take jobs in underperforming 5.
schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying
the economic idea that:
people respond to economic incentivesa.
people are rationalb.
optimal decisions are made at the marginc.
equity is more important than efficiency d.
Dr. Goldfinger decides to invest in companies which he believes can โimprove the 6.
productivity and efficiencyโ of health care services. How can Dr. Goldfinger strive to achieve
this productive efficiency?
by investing in companies that produce goods and services at the lowest possible costa.
by investing in companies that produce up to the point where the marginal benefit of the b.
last unit produced is equal to the marginal cost of producing it.
by investing in companies that fairly distribute their products and servicesc.
by investing in companies that produce goods and services based on consumer d.
preferences ...
ECON 1102 Test 4 (120414) ECON 1102 Test 4 Do all 40.docxjack60216
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ECON 1102 Test 4 (120414)
ECON 1102: Test 4
Do all 40 questions
Use the table below, which gives the demand for a monopolistโs output, to answer questions 1, 2 and 3.
Quantity
(units)
Price
(dollars per unit)
1 8
2 7
3 6
4 5
5 4
6 3
1) Between which two quantities is marginal revenue equal to 2?
A) 4 and 5
B) 3 and 4
C) 2 and 3
D) 1 and 2
2) Between which two quantities is demand inelastic?
A) 6 and 5
B) 5 and 4
C) 4 and 3
D) 3 and 2
3) What is the marginal revenue when output is increased from 5 to 6 units?
A) $18
B) $4
C) $3
D) -$2
4) A single-price monopoly
A) charges all consumers the lowest price that they want to pay for each unit purchased.
B) produces less output than it would if it could price discriminate.
C) eliminates all the consumer surplus.
D) creates a smaller deadweight loss than it would if it could price discriminate.
5) A single-price monopolist determines
A) its output but not its price.
B) its price but not its output.
C) both its output and its price.
D) neither its output nor its price.
6) In monopolistic competition, the presence of a large number of firms making a differentiated product
means that
A) each firm has some ability to effect the price of its particular good or service.
B) each firm must charge the same price.
C) the price is established by agreements among the different firms.
D) each firm must produce the same quantity.
7) Firms in monopolistic competition have rivals that
A) match their price increases.
B) match their price decreases.
C) agree on a common price.
D) set their prices according to the demand curves they face.
ECON 1102 Test 4 (120414)
8) When firms in monopolistic competition are making an economic profit, firms will
A) enter the industry, and demand will increase for the original firms.
B) exit the industry, and demand will increase for the firms that remain.
C) exit the industry, and demand will decrease for the firms that remain.
D) enter the industry, and demand will decrease for the original firms.
9) Firms in monopolistic competition charge prices that are ________ those of the other firms in the market.
A) close to
B) very different from
C) the same as
D) completely unrelated to
10) A monopolistically competitive firm has ________ power to set the price of its product because
________.
A) no; there are no barriers to entry
B) some; there are barriers to entry
C) no; of product differentiation
D) some; of product differentiation
11) Monopolistically competitive firms and perfectly competitive firms are alike because both types of firms
I. face downward sloping demand curves.
II. have marginal revenue curves that lie beneath their demand curves.
III. can make only zero economic profit in the long run.
A) I and II
B) I and III
C) III only
D) I only
12) Dole Co. operates in a monopolistically competitive market. Whi ...
1. Should the federal government continue to provide Amtrak .docxpaynetawnya
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1. Should the federal government continue to provide Amtrak with subsides? Provide economic arguments for and against and explain which you believe is soundest based on your understanding.
2. Based on the economic concepts of opportunity costs and the profit motive (defined broadly as the desire to become better through our choices), hoe should your limited resources of time and energy be allocated between market work, nonmarket work and leisure? Provided examples
3. Explain how economies of scale can be a barrier to entry.
4. Identify the other two barriers to entry and explain how they block new firms from this market.
5. Suppose that a certain manufacturer has a monopoly on the sorority and fraternity ring business because it has persuaded the โGreeksโ to give it exclusive rights to their insignia.
a. Using demand and coast curves, draw a diagram depicting the firmโs profit- maximizing price and output level.
b. Why is marginal revenue less than price for this firm?
c. On your diagram, show the deadweight loss that occurs because the output level is determined by a monopoly rather than by a competitive market.
d. What would happen to price and output if the Greeks decided to charge the manufacturer a royalty fee of $3 per ring?
6. List three conditions that must be met for a monopolist to price discriminate successfully.
7. Why is the perfectly discriminating monopolistโs marginal revenue curve identical to the demand curve it faces?
8. A monopolistically competitive firm faces the following demand and cost structure in the short run:
Output Price FC VC TC TR Profit/Loss
0 100 100 0
1 90 50
2 80 90
3 70 150
4 60 230
5 50 330
6 40 450
7 30 590
a. Complete the table
b. What is the highest profit or lowest loss available to this firm?
c. Should the firm operate or shut down in the short run? Why?
d. What is the relationship between marginal revenue and marginal cost as the firm increase output?
9. Illustrated below are the marginal cost and average total cost curves for a small firm that is in long-run equilibrium.
a. Locate the long run- equilibrium price and quantity if the firm is perfectly competitive.
b. Label the price and quantity p1 and q1.
c. Draw in a demand and marginal revenue curve to illustrate long-run equilibrium if the firm is monopolistically competitive. Label the price and quantity p2 and q2.
d. How do the monopolistically competitive firmโs price and output compare to those of the perfectly competitive firm?
e. How do long-run profits compare for the two types of firms?
10. Why is a firm in monopolistic competition said to be competitive? In What sense is tha ...
Bus 475 guide 1 54) When customers access a Web site and make purchases, t...jackkumaran
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54) When customers access a Web site and make purchases, they generate __________.
A. Web data
B. Tracking cookies
C. Information
D. Clickstream data
E. Hyperlink data
Read more: http://en.wikipedia.org/wiki/HTTP_cookie
http://chris.pirillo.com/what-is-a-tracking-cookie/
Bus 475 guide 1 58) The management cockpit best exemplifies which type of s...jackkumaran
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58) The management cockpit best exemplifies which type of system?
A. Decision support system
B. Functional area information system
C. Expert system
D. Digital dashboard
E. Group decision support system
Read more: http://www.ap.atosorigin.com/en-us/services/solutions/consulting/management_consulting/management_cockpit/default.htm
Bus 475 guide 1 56) Which of the following is not a source for external dat...jackkumaran
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56) Which of the following is not a source for external data?
A. commercial databases
B. satellites
C. corporate databases
D. sensors
E. government reports
Read more: http://spireproject.com/database.htm
Memorandum Of Association Constitution of Company.pptseri bangash
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www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
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Attending a job Interview for B1 and B2 Englsih learnersErika906060
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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Eco 365 final exams
1. ECO 365 FINAL EXAMS
TO DOWNLOAD THE ANSWERS
Visit: www.finalexamguideline.com
1) An economist who is studying the relationship between the money supply, interest rates, and
the rate of inflation is engaged in
A. microeconomic research
B. macroeconomic research
C. theoretical research, because there is no data on these variables
D. empirical research, because there is no economic theory related to these variables
2) A basic difference between microeconomics and macroeconomics is that microeconomics
A. focuses on the choices of individual consumers, while macroeconomics considers the
behaviour of large businesses
B. focuses on financial reporting by individuals, while macroeconomics focuses on financial
reporting by large firms
C. examines the choices made by individual participants in an economy, while
macroeconomics considers the economy's overall performance
D. focuses on national markets, while macroeconomics concentrates on international markets
3) The distinction between supply and the quantity supplied is best made by saying that
A. the quantity supplied is represented graphically by a curve and supply as a point on that
curve associated with a particular price
B. supply is represented graphically by a curve and the quantity supplied as a point on that
curve associated with a particular price
C. the quantity supplied is in direct relation with prices, whereas supply is in inverse relation
D. the quantity supplied is in inverse relation with prices, whereas supply is in direct relation
4) After several years of slow economic growth, world demand for petroleum began to rise
rapidly in the 1990s. Much of the increase in demand was met by additional supplies from
sources outside the Organization of Petroleum Exporting Countries (OPEC). OPEC, during this
2. time, was unable to restrain output among members in its effort to lift oil prices. What best
describes these events?
A. The rise in demand shifted the demand for oil to the right. OPEC actions shifted the
demand for oil back to the left.
B. The rise in demand shifted the demand for oil to the right. As price rose, the supply of oil
also rose.
C. The rise in demand shifted the demand for oil to the right. As price rose, the quantity of oil
supplied rose.
D. The rise in demand reflects a movement down along the demand curve as supply shifted to
the right when suppliers produced more oil.
5) Price elasticity of demand is the:
A. change in the quantity of a good demanded divided by the change in the price of that good
B. change in the price of a good divided by the change in the quantity of that good demanded
C. percentage change in price of that good divided by the percentage change in the quantity of
that good demanded
D. percentage change in quantity demanded of a good divided by the percentage change in the
price of that good
6) If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent,
other things being equal, the elasticity of demand for movie tickets is about:
A. 0.0
B. 0.4
C. 0.6
D. 2.5
7) When labor is the variable input, the average product equals the
A. marginal product divided by the number of workers
B. marginal product multiplied by the number of workers
C. number of workers divided by the quantity of output
D. quantity of output divided by the number of workers
3. 8) The increase in output obtained by hiring an additional worker is known as
A. the average product
B. the marginal product
C. the total product
D. value added
9) Which of the following is the best example of a long-run decision?
A. An automobile manufacturing company is considering whether or not to invest in robotic
equipment to develop a more cost-effective production technique.
B. An automobile manufacturing company is considering whether or not to expand its
existing workforce, while keeping the same factory and equipment.
C. A business consulting firm is considering whether or not to hire interns to assist with
research and data processing.
D. A business consulting firm is considering whether or not to add new computers while
maintaining the same number of employees.
10) Other things being equal, when average productivity falls,
A. average fixed cost must rise
B. marginal cost must rise
C. average total cost must rise
D. average variable cost must rise
11) According to economist Colin Camerer of the California Institute of Technology, many New
York taxi drivers decide when to finish work by setting an income goal for themselves. If this is
true, then on busy days when the effective hourly wage is higher, taxi drivers will
A. work the same number of hours as they will on slower days
B. work fewer hours than they will on slower days
C. work more hours than they will on slower days
D. not work any hours
12) A firm's demand for labor is derived from the
4. A. opportunity costs associated with labor and leisure
B. desires and needs of the entrepreneur
C. cost of labor inputs
D. demand for its output
13) Owen runs a delivery business and currently employs three drivers. He owns three vans that
employees use to make deliveries, but he is considering hiring a fourth driver. If he hires a fourth
driver, he can schedule breaks and lunch hours so all three vans are in constant use, allowing him
to increase deliveries per day from 60 to 75. This will cost an additional $75 per day to hire the
fourth driver. The marginal cost per delivery of increasing output beyond 60 deliveries per day.
A. is $0 because Owen does not have to purchase another van
B. is $5
C. is $75
D. cannot be calculated without knowing Owen's total fixed costs
14) Expected economic profit per unit is equal to
A. expected price
B. expected average total cost
C. the difference between expected average price and expected average total cost
D. the difference between expected total revenue and expected total cost
15) If a firm in a perfectly competitive market experiences a technological breakthrough,
A. other firms would find out about it eventually
B. other firms would find out about it immediately
C. other firms would not find out about it
D. some firms would find out about it, but others would not
16) A significant difference between monopoly and perfect competition is that
A. free entry and exit is possible in a monopolized industry, but impossible in a competitive
industry
B. competitive firms control market supply, but monopolies do not
5. C. the monopolist's demand curve is the industry demand curve, while the competitive
firm's demand curve is perfectly elastic
D. profits are driven to zero in a monopolized industry, but may be positive in a competitive
industry.
17) A monopoly firm is different from a competitive firm in that
A. there are many substitutes for a monopolist's product while there are no substitutes for a
competitive firm's product
B. a monopolist's demand curve is perfectly inelastic while a competitive firm's demand
curve is perfectly elastic
C. a monopolist can influence market price while a competitive firm cannot
D. a competitive firm has a U-shaped average cost curve while a monopolist does not
18) The difference between a perfectly competitive firm and a monopolistically competitive firm
is that a monopolistically competitive firm faces a
A. horizontal demand curve and price equals marginal cost in equilibrium
B. horizontal demand curve and price exceeds marginal cost in equilibrium
C. downward-sloping demand curve and price equals marginal cost in equilibrium
D. downward-sloping demand curve and price exceeds marginal cost in equilibrium
19) As long as marginal cost is below marginal revenue, a perfectly competitive firm should
A. increase production
B. hold production constant
C. decrease production
D. reconsider past production decisions
20) Because a monopolistic competitor has some monopoly power, advertising to increase that
monopoly power makes sense as long as the marginal
A. benefit of advertising is positive
B. cost of advertising is positive
C. benefit of advertising exceeds the marginal cost of advertising
6. D. cost of advertising exceeds the marginal benefit of advertising
21) In the Flint Hills area of Kansas, proposals to build wind turbines to generate electricity have
pitted environmentalist against environmentalist. Members of the Kansas Sierra Club support the
turbines as a way to reduce fossil fuel usage, while local chapters of the Nature Conservancy say
they will befoul the landscape. The Sierra Club argues that wind turbines
A. are a source of negative externalities
B. reduce negative externalities elsewhere in the economy
C. create a free-rider problem
D. are a way of solving a free-rider problem
22) When negative externalities are present, market failure often occurs because
A. the marginal external cost resulting from the activity is not reflected in the market price
B. the marginal external cost resulting from the activity is reflected in the market price
C. the existence of imports from foreign countries takes jobs and income away from U.S.
citizens
D. consumers will consume the good at a level where their individual marginal benefits
exceed the marginal costs borne by the firm producing the good
23) A merger between a textile mill and a clothing manufacturing company would be considered
a
A. horizontal merger
B. vertical merger
C. conglomerate merger
D. diagonal merger
24) A merger between a baby food company and a life insurance company would be considered
a
A. horizontal merger
B. vertical merger
C. conglomerate merger
D. diagonal merger
7. 25) From the point of view of consumer and producer surplus, what problem may be created
when a country subsidizes the cost of energy to consumers to help alleviate the burden of higher
energy costs?
A. It hurts the poor and benefits the rich.
B. It leads to less fuel being used than the amount that maximizes consumer surplus.
C. It encourages the consumption of too much fuel at the expense of other goods.
D. It has no effect; consumers gain a surplus, but taxpayers lose the same amount because
they must finance the subsidy.
26) Suppose people freely choose to spend 40 percent of their income on health care, but the
government decides to tax 40 percent of a person's income to provide the same level of coverage
as before. What can be said about deadweight loss in each case?
A. Taxing income results in deadweight loss, while purchasing health care on one's own does
not result in deadweight loss.
B. Taxing income results in less deadweight loss, because government knows better what
health care coverage is good for society.
C. There is no difference because the goods are purchased in the market in either case.
D. There is no difference because the total spending remains the same and the health care
purchased remains the same.
27) The U.S. textile industry is relatively small because the US imports most of its clothing. A
clear result of the importation of clothing is
A. there is less variety available than there would be without imports
B. the quality of clothing is lower than it would be without imports
C. the price of clothing is higher than it would be without imports
D. the price of clothing is lower than it would be without imports
28) Countries can expect to gain from international trade as long as they
A. keep production diversified
B. specialize according to their comparative advantage
C. produce only those goods for which they have a relatively high opportunity cost
8. D. use trade restrictions to reduce competition for domestic producers
29) Which of the following is an example of the law of one price?
A. Exchange rates tend to have equivalent values. For example, one Italian lire equals one
U.S. dollar.
B. Because people have essentially the same basic needs wherever they live, they tend to buy
the same bundle of goods.
C. Because wages are so much lower in China, eventually all U.S. jobs will be outsourced to
China, leaving the US to import all goods at one price.
D. Because their countries have similar institutions, the price paid for a computer in Germany
and the United States are about the same when converted into the same currency.
30) The fact those U.S. managers' salaries are substantially greater than those of comparable
managers in Japan may be related to
