For
more course tutorials visit
Tutorial Purchased: 6
Times, Rating: A+
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
3) The distinction between supply and
the quantity supplied is best made by saying that
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 time, was unable to
restrain output among members in its
effort to lift oil prices. What best describes these events?
5) Price elasticity of demand is
the:
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:
7) When labor is the variable input, the
average product equals the
8) The increase in output obtained by
hiring an additional worker is known as
9) Which of the following is the best example of a long-run
decision?
10) Other things being equal, when
average productivity falls,
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
12) A firm's demand for labor is derived
from the
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
14) Expected economic profit per unit is
equal to
15) If a firm in a perfectly competitive
market experiences a technological breakthrough,
16) A significant difference between
monopoly and perfect competition is that
17) A monopoly firm is different from a
competitive firm in that
18) The difference between a perfectly
competitive firm and a monopolistically competitive firm is that a
monopolistically competitive firm faces a
19) As long as marginal cost is below
marginal revenue, a perfectly competitive firm should
20) Because a monopolistic competitor
has some monopoly power, advertising to increase that monopoly power makes
sense as long as the marginal
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
22) When negative externalities are
present, market failure often occurs because
23) A merger between a textile mill and
a clothing manufacturing company would be considered a
24) A merger between a baby food company
and a life insurance company would be considered a
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?
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?
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
28) Countries can expect to gain from international trade as long as
they
29) Which of the following is an example
of the law of one price?
30) The fact that U.S. managers'
salaries are substantially greater than those of comparable managers in Japan
may be related to
No comments:
Post a Comment