# ECO-401 Economics Online Quiz 5

Size: px
Start display at page:

Transcription

1 ECO-401 Economics Online Quiz 5 Question # 1 of 15 ( Start time: 04:23:56 PM ) Total Marks: 1 In the kinked demand curve model, if one firm reduces its price: Other firms will also reduce their price Other firms will compete on a non-price basis Other firms will raise their price Both (a) and (b) are correct Question # 2 of 15 ( Start time: 04:24:40 PM ) Total Marks: 1 If a sales tax on beer leads to reduced tax revenue, this means: Elasticity of demand is < 1. Elasticity of demand is > 1. Demand is upward-sloping. Demand is perfectly inelastic. Question # 3 of 15 ( Start time: 04:25:50 PM ) Total Marks: 1 The law of diminishing marginal utility states: The supply curve slopes upward. Your utility grows at a slower and slower rate as you consume more and more units of a good. The elasticity of demand is infinite. None of the given options.

2 Question # 4 of 15 ( Start time: 04:27:23 PM ) Total Marks: 1 Suppose price rises from \$15 to \$17 and quantity demanded decreases by 20%. We can conclude: Demand is inelastic The elasticity of demand is 2 Total revenue will decrease Demand is unit elastic Question # 5 of 15 ( Start time: 04:28:09 PM ) Total Marks: 1 A reason why some economists basically ignore the short run is because they believe that the economy: Has self-correcting mechanisms Can only be graphed with a vertical curve Can only be graphed with a horizontal curve Never needs correction Question # 6 of 15 ( Start time: 04:28:56 PM ) Total Marks: 1 Which of the following statements describes increasing returns to scale: Doubling the inputs used leads to double the output. Increasing the inputs by 50% leads to a 25% increase in output. Increasing inputs by 1/4 leads to an increase in output of 1/3. None of the given options. Question # 7 of 15 ( Start time: 04:29:12 PM ) Total Marks: 1 The demand curve faced by an individual firm in a competitive market is:

3 Upward sloping. Downward sloping. Horizontal. Vertical. Question # 8 of 15 ( Start time: 04:30:13 PM ) Total Marks: 1 Unlike the classical economists, Keynes believed that the economy could get stuck in the short run for a significant period of time because: There was insufficient aggregate supply There was insufficient aggregate demand The self correcting mechanisms worked too quickly The government purchased too many goods and services Question # 9 of 15 ( Start time: 04:31:08 PM ) Total Marks: 1 The kinked demand curve model is based on the assumption that each firm: Considers its rival's output to be fixed Considers its rival's price to be fixed Believes rivals will match all price changes None of the given options Question # 10 of 15 ( Start time: 04:31:46 PM ) Total Marks: 1 Marginal Cost is defined as: The derivative of variable cost with respect to quantity produced.

4 The derivative of Average Cost with respect to quantity produced. The derivative of Total Cost with respect to quantity produced. None of the given option. Question # 11 of 15 ( Start time: 04:32:31 PM ) Total Marks: 1 The firm's demand for labor is: The marginal revenue product curve The marginal input cost curve The marginal cost curve Undetermined Question # 12 of 15 ( Start time: 04:33:08 PM ) Total Marks: 1 The oligopoly model that predicts that oligopoly prices will tend to be very rigid is the model. Cournot Stackelberg Dminant firm kinked demand Question # 13 of 15 ( Start time: 04:33:34 PM ) Total Marks: 1 Other things equal, expected income can be used as a direct measure of well-being: No matter what a person's preference to risk. If and only if individuals are not risk-loving. If and only if individuals are risk averse.

5 If and only if individuals are risk neutral. Question # 14 of 15 ( Start time: 04:34:46 PM ) Total Marks: 1 Any shift in AD curve will cause only change in the price level but output will not change. True False Question # 15 of 15 ( Start time: 04:35:23 PM ) Total Marks: 1 There are methods of measuring GDP: Four Three Five None Question # 1 of 15 ( Start time: 04:39:03 PM ) Total Marks: 1 An individual whose attitude toward risk is illustrated: Risk averse. Risk loving. Risk neutral. None of the given is necessarily correct. Question # 2 of 15 ( Start time: 04:39:17 PM ) Total Marks: 1 For a firm buying labor competitively, the marginal input cost is equal to the: Wage

6 Interest rate Price of output cost of raw materials Question # 3 of 15 ( Start time: 04:39:49 PM ) Total Marks: 1 A partial explanation for the inverse relationship between price and quantity demanded is that a: Lower price shifts the supply curve to the left Higher price shifts the demand curve to the left Lower price shifts the demand curve to the right Higher price reduces the real incomes of buyers Question # 4 of 15 ( Start time: 04:40:50 PM ) Total Marks: 1 The law of diminishing returns assumes: There are no fixed factors of production. There are no variable factors of production. Utility is maximised when marginal product falls. Some factors of production are fixed. Question # 6 of 15 ( Start time: 04:42:06 PM ) Total Marks: 1 unlike the classical economists, Keynes believed that the economy could get stuck in the short run for a significant period of time because: There was insufficient aggregate supply There was insufficient aggregate demand The self correcting mechanisms worked too quickly

7 The government purchased too many goods and services Question # 7 of 15 ( Start time: 04:43:13 PM ) Total Marks: 1 Price floor results in: Equilibrium Excess demand Excess supply All of the given options Question # 8 of 15 ( Start time: 04:45:34 PM ) Total Marks: 1 Which of the following markets is most likely to be oligopolistic? The market for corn. The market for aluminum. The market for colas. The market for ground coffees. Question # 9 of 15 ( Start time: 04:46:37 PM ) Total Marks: 1 The point at which AC intersects MC is where: AC is decreasing. MC is at its minimum. AC is at its minimum. AC is at its maximum. Question # 10 of 15 ( Start time: 04:47:58 PM ) Total Marks: 1 The good produced by a monopoly:

8 Has perfect substitutes Has no substitutes at all Has no close substitutes Can be easily duplicated Question # 11 of 15 ( Start time: 04:48:22 PM ) Total Marks: 1 The effect of a change in the price of a good or service on the quantities consumed when the consumer remains indifferent between the original and new combination of goods consumed is the: Substitution effect Real income effect Income effect Price effect Question # 12 of 15 ( Start time: 04:49:03 PM ) Total Marks: 1 According to the model of aggregate supply and aggregate demand, in the long run, an increase in the money supply should cause Prices to rise and output to rise. Prices to fall and output to remain unchanged Prices to fall and output to fall. Prices to rise and output to remain unchanged Question # 13 of 15 ( Start time: 04:50:09 PM ) Total Marks: 1 Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:

9 The number of firms in the market. The extent to which any firm can influence the price of the product. The size of the firms in the market. The annual sales made by the largest firms in the market. Question # 14 of 15 ( Start time: 04:54:25 PM ) Total Marks: 1 Any shift in AD curve will cause only change in the price level but output will not change. True False Question # 3 of 15 ( Start time: 04:54:49 PM ) Total Marks: 1 AD curve slopes upward for both Keynes and classical True False Question # 4 of 15 ( Start time: 04:55:13 PM ) Total Marks: 1 Under New Classical macroeconomics monetary policy: Affects the level of equilibrium output Affects the composition of equilibrium output Affects both the level and composition of equilibrium output None of the given options Question # 5 of 15 ( Start time: 04:55:40 PM ) Total Marks: 1 The price elasticity of supply shows us:

10 How steep the supply curve is How fast supply responds to price How much supply shifts when income changes How much quantity supplied responds to price changes Question # 6 of 15 ( Start time: 04:56:12 PM ) Total Marks: 1 Our economy is characterized by: Unlimited wants and needs Unlimited material resources No energy resources Abundant productive labor Question # 7 of 15 ( Start time: 04:56:36 PM ) Total Marks: 1 A Demand Curve is price inelastic when: Changes in demand are proportionately smaller than those in price Changes in demand are proportionately greater than those in price Changes in demand are equal than those in price None of the given options. Question # 8 of 15 ( Start time: 04:57:16 PM ) Total Marks: 1 If the total product of labor per day is as shown in the chart below and the price of the product is \$10/unit, how many employees will be hired if the wage rate is \$99/day? Labor Total output

11 Question # 9 of 15 ( Start time: 04:58:31 PM ) Total Marks: 1 The AD Curve is downward sloping because of all of the following reasons except that: The Fed raises real interest rates as inflation increases The Fed raises nominal interest rates as inflation rises The Fed intentionally tries to reduce the level of aggregate demand when inflation rises. The Fed intentionally tries to increase the level of output as unemployment increases Question # 10 of 15 ( Start time: 04:59:42 PM ) Total Marks: 1 A person with a diminishing marginal utility of income: Will be risk averse. Will be risk neutral. Will be risk loving. Cannot decide without more information. Question # 11 of 15 ( Start time: 04:59:57 PM ) Total Marks: 1 Final goods are meant for: Direct use by the consumers further processing The term do not exist

12 None Question # 12 of 15 ( Start time: 05:00:38 PM ) Total Marks: 1 Which of the following concepts apply to oligopoly more than to any other market structure? Advertising and product differentiation Easy entry and more than one firm in the market Homogeneous product and perfect information Concentration and interdependence Question # 13 of 15 ( Start time: 05:01:15 PM ) Total Marks: 1 If there is a price ceiling, there will be: Shortages Surpluses Equilibrium None of the given options. Question # 14 of 15 ( Start time: 05:02:37 PM ) Total Marks: 1 Which of the following is not a stock variable? Government debt The labor force The amount of money held by the public Inventory investment Question # 15 of 15 ( Start time: 05:03:15 PM ) Total Marks: 1 An important difference between the approaches of the classical and Keynesian economists use to achieve a macroeconomic equilibrium is that:

13 Keynesian economists actively promote the use of fiscal policy; the classical economists do not Keynesian economists actively promote the use of monetary policy to improve aggregate economic performance; classical economists do not classical economists believe that monetary policy will certainly affect the level of output; Keynesians believe that money growth affects only prices classical economists believe that fiscal policy is an effective tool for achieving economic stability; Keynesians do not to capacity constraints, the price elasticity of supply for most products is: The same in the long run and the short run. Greater in the long run than in the short run. Greater in the short run than in the long run. Too uncertain to be estimated. Question # 15 of 15 ( Start time: 04:51:21 PM ) Total Marks: 1 Gina's Hair Styling rents storage space in the basement from Gina's mom for \$300 per month. Gina's mom is thinking of increasing the rent to \$400 per month. As a result, Gina's marginal cost of styling hair will: Decrease by \$100. Not change. Increase by \$100 divided the number of customers. Increase by \$100.

### FINALTERM EXAMINATION FALL 2006

FINALTERM EXAMINATION FALL 2006 QUESTION NO: 1 (MARKS: 1) - PLEASE CHOOSE ONE Compared to the equilibrium price and quantity sold in a competitive market, a monopolist Will charge a price and sell a quantity.

### Fundamentals of Economics. 3 June Examination Paper. Time: 2.5 hours

Fundamentals of Economics 3 June 2015 Examination Paper Section A Section B Answer ALL questions from this section. Answer any TWO (2) questions from this section. Clearly cross out surplus answers. Failure

### Economic Analysis for Business Decisions Multiple Choice Questions Unit-2: Demand Analysis

Economic Analysis for Business Decisions Multiple Choice Questions Unit-2: Demand Analysis 1. The law of demand states that an increase in the price of a good: a. Increases the supply of that good. b.

### 23 Perfect Competition

23 Perfect Competition Learning Objectives After you have studied this chapter, you should be able to 1. define price taker, total revenues, marginal revenue, short-run shutdown price, short-run breakeven

### Ecn Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman. Final Exam

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman Final Exam You have until 12:30pm to complete this exam. Be certain to put your name,

### Agenda. The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis, Part 3. Disequilibrium in the AD-AS model

Agenda The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis, art 3 rice Adjustment and the Attainment of General Equilibrium 23-1 23-2 General equilibrium in the AD-AS model Disequilibrium

### Section I (20 questions; 1 mark each)

Foundation Course in Managerial Economics- Solution Set- 1 Final Examination Marks- 100 Section I (20 questions; 1 mark each) 1. Which of the following statements is not true? a. Societies face an important

### 1 of 14 5/1/2014 4:56 PM

1 of 14 5/1/2014 4:56 PM Any point on the budget constraint Gives the consumer the highest level of utility. Represent a combination of two goods that are affordable. Represents combinations of two goods

### ECO401 All Past Solved Mid Term Papers of ECO401 By

ECO401 All Past Solved Mid Term Papers of ECO401 By http://vustudents.ning.com MIDTERM EXAMINATION Spring 2009 ECO401- Economics (Session - 2) Question No: 1 ( Marks: 1 ) - Please choose one An individual

### 1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price

1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price 2. The two things needed for demand to exist are: willingness

### ECO 162: MICROECONOMICS INTRODUCTION TO ECONOMICS Quiz 1. ECO 162: MICROECONOMICS DEMAND Quiz 2

INTRODUCTION TO ECONOMICS Quiz 1 Answer the entire question You are required to give brief explanation for each of the questions. 1. Explain the basic economic concepts with the help of Production Possibility

### 6) The mailing must be postmarked by June 15. 7) If you have any questions please me at

Examination Instructions: 1) Answer the examination only after you have read the honesty pledge below. 2) The multiple choice section will be taken in WebCT and a tutorial for using WebCT is to be found

Come & Join Us at VUSTUDENTS.net For Assignment Solution, GDB, Online Quizzes, Helping Study material, Past Solved Papers, Solved MCQs, Current Papers, E-Books & more. Go to http://www.vustudents.net and

### Eco 202 Exam 2 Spring 2014

Eco 202 Exam 2 Spring 2014 PLEASE ANSWER 50 OF THE FOLLOWING QUESTIONS. 1. Jon Brooks quit his job in a bicycle shop, where he earned \$15,000 per year, to become a graduate student in economics. At the

### The above Figure 1 shows the demand and cost curves facing a monopolist.

Practice 13&14 1) The key characteristics of a monopolistically competitive market structure include A) few sellers. B) sellers selling similar but differentiated products. C) high barriers to entry. D)

### GACE Economics Assessment Test at a Glance

GACE Economics Assessment Test at a Glance Updated June 2017 See the GACE Economics Assessment Study Companion for practice questions and preparation resources. Assessment Name Economics Grade Level 6

### 1.3. Levels and Rates of Change Levels: example, wages and income versus Rates: example, inflation and growth Example: Box 1.3

1 Chapter 1 1.1. Scarcity, Choice, Opportunity Cost Definition of Economics: Resources versus Wants Wants: more and better unlimited Versus Needs: essential limited Versus Demand: ability to pay + want

### 1 of 38 4/29/14 10:16 PM

1. award: Refer to Figure 1.8. If the university decides to lower grading standards, then This curve will shift rightward. This curve will pivot up and to the left. The curve will begin to bend downward

### MICROECONOMICS SECTION I. Time - 70 minutes 60 Questions

MICROECONOMICS SECTION I Time - 70 minutes 60 Questions Directions: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best

### Demand & Supply of Resources

Resource Markets 1 Demand & Supply of Resources Resource demand Firms demand resources As long as marginal revenue exceeds marginal cost To maximize profit Resource supply People supply resources To the

Commerce 295 Midterm Answers October 27, 2010 PART I MULTIPLE CHOICE QUESTIONS Each question has one correct response. Please circle the letter in front of the correct response for each question. There

### Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics

Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics Annual Examination 1997 Time allowed: 3 hours Marks: 100 Maximum 1) Attempt any five questions. 2) All questions

### ECONOMICS ASSIGNMENT CLASS XII MICRO ECONOMICS UNIT I INTRODUCTION. 4. Is free medicine given to patients in Govt. Hospital a scarce commodity?

ECONOMICS ASSIGNMENT CLASS XII MICRO ECONOMICS UNIT I INTRODUCTION 1. What is the Slope of PPC? What does it show? 2. When can PPC be a straight line? 3. Do all attainable combination of two goods that

### Extra Credit. Student:

Extra Credit Student: 1. A glass company making windows for houses also makes windows for other things (cars, boats, planes, etc.). We would expect its supply curve for house windows to be: A. Dependent

### Micro Economics Review

Micro Economics Review 1. Intro to Economics a. What is Economics? i. Scarcity and the factors of production 1. Explain why scarcity and choice are basic problems of economics 2. Identify the factors of

### Contents. Concepts of Revenue I-13. About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11

Contents About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11 1 Concepts of Revenue 1.1 Introduction 1 1.2 Concepts of Revenue 2 1.3 Revenue curves under perfect competition 3 1.4 Revenue

### Specific Learning Goals/Benchmarks and Student Assessment. AP Macroeconomics

Unit Bartram Trail HS Specific Learning Goals/Benchmarks and Student Assessment AP Macroeconomics # Benchmark Assessment 1 1 1 2 1 3 1 4 2 5 2 6 3 7 3 8 3 9 3 10 3 11 4 12 4 13 4 14 4 15 4 16 4 17 Define

### Sample. Final Exam Sample Instructor: Jin Luo

Final Exam Instructor: Jin Luo Multiple Choice (2 *30 = 60) Identify the letter of the choice that best completes the statement or answers the question. 1. Price takers refer to buyers and sellers in a.

### Lecture 10: THE AD-AS MODEL Reference: Chapter 8

Lecture 10: THE AD-AS MODEL Reference: Chapter 8 LEARNING OBJECTIVES 1.What determines the shape of the aggregate demand (AD) curve and what factors shift the entire curve. 2.What determines the shape

### PRINCIPLES OF ECONOMICS IN CONTEXT CONTENTS

PRINCIPLES OF ECONOMICS IN CONTEXT By Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, and Mariano Torras CONTENTS PART ONE The Context for Economic Analysis Chapter 0: Economics and Well-Being

### BACHELOR OF BUSINESS. Sample FINAL EXAMINATION

BACHELOR OF BUSINESS Sample FINAL EXAMINATION Subject Code : ECO201 Subject Name : LABOUR ECONOMICS This examination carries 50% of the total assessment for this subject. Examiner(s) Moderator(s) Joyce

### CLEP Microeconomics Practice Test

Practice Test Time 90 Minutes 80 Questions For each of the questions below, choose the best answer from the choices given. 1. In economics, the opportunity cost of an item or entity is (A) the out-of-pocket

### Graded exercise questions. Level (I, ii, iii)

Graded exercise questions Level (I, ii, iii) 248 MICRO ECONOMICS LEVEL 1 GRADED EXERCISE QUESTIONS (LEVEL I, II, III) INTRODUCTION 1. Why does an economic problem arise? 2. What is economics about? 3.

### ECON December 4, 2008 Exam 3

Name Portion of ID# Multiple Choice: Identify the letter of the choice that best completes the statement or answers the question. 1. A fundamental source of monopoly market power arises from a. perfectly

### Short run aggregate supply

Short run aggregate supply Syllabus snapshot Today we are going to. 1. Understand what is meant by the term short run aggregate supply. 2. Understand why the SRAS curve is upward sloping. 3. Understand

### Managerial Economics & Business Strategy Chapter 9. Basic Oligopoly Models

Managerial Economics & Business Strategy Chapter 9 Basic Oligopoly Models Overview I. Conditions for Oligopoly? II. Role of Strategic Interdependence III. Profit Maximization in Four Oligopoly Settings

Chapter 14 TRADITIONAL MODELS OF IMPERFECT COMPETITION Copyright 2005 by South-Western, a division of Thomson Learning. All rights reserved. 1 Pricing Under Homogeneous Oligopoly We will assume that the

### Introduction Question Bank

Introduction Question Bank 1. Science of wealth is the definition given by 2. Economics is the study of mankind of the ordinary business of life given by 3. Science which tells about what it is & what

### Practice Exam 3: S201 Walker Fall 2004

Practice Exam 3: S201 Walker Fall 2004 I. Multiple Choice (3 points each) 1. Which of the following statements about the short-run is false? A. The marginal product of labor may increase or decrease. B.

### AP Microeconomics Review With Answers

AP Microeconomics Review With Answers 1. Firm in Perfect Competition (Long-Run Equilibrium) 2. Monopoly Industry with comparison of price & output of a Perfectly Competitive Industry (which means show

### UNIT 4 PRACTICE EXAM

UNIT 4 PRACTICE EXAM 1. The prices paid for resources affect A. the money incomes of households in the economy B. the allocation of resources among different firms and industries in the economy C. the

### MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. FIGURE 1-2

Questions of this SAMPLE exam were randomly chosen and may NOT be representative of the difficulty or focus of the actual examination. The professor did NOT review these questions. MULTIPLE CHOICE. Choose

### Labour Demand Lecturer: Dr. Priscilla T. Baffour

Lecture 3 Labour Demand Lecturer: Dr. Priscilla T. Baffour Determinants of Short Run Demand for Labour The wage rate: The wage rate is a very important determinant of labour demand. Thus the higher the

### Market Structure. Oligopoly

Market Structure Oligopoly Characteristics of Oligopoly The government does not intervene into the operations of the oligopolistically competitive firm in the market unless the oligopolist violates the

### Chapter 28 The Labor Market: Demand, Supply, and Outsourcing

Chapter 28 The Labor Market: Demand, Supply, and Outsourcing Learning Objectives After you have studied this chapter, you should be able to 1. define marginal factor cost, marginal physical product of

### a. Sells a product differentiated from that of its competitors d. produces at the minimum of average total cost in the long run

I. From Seminar Slides: 3, 4, 5, 6. 3. For each of the following characteristics, say whether it describes a perfectly competitive firm (PC), a monopolistically competitive firm (MC), both, or neither.

### Economics 101 Midterm Exam #2. April 9, Instructions

Economics 101 Spring 2009 Professor Wallace Economics 101 Midterm Exam #2 April 9, 2009 Instructions Do not open the exam until you are instructed to begin. You will need a #2 lead pencil. If you do not

### Intermediate Microeconomics Spring 2005 Midterm Exam

Intermediate Microeconomics Spring 2005 Midterm Exam K. Yamamoto Answer all the questions in the sections A and B. For the section C, answer any two (2) questions. A. 1.Use the following two statements

### AP Economics Final Exam Krugman2014v1

AP Economics Final Exam Krugman2014v1 Multiple Choice Identify the choice that best completes the statement or answers the question. Module 1 1. Scarcity in economics means: 2 2. Suppose people in households

### EOCT Test Semester 2 final

EOCT Test Semester 2 final 1. The best definition of Economics is a. The study of how individuals spend their money b. The study of resources and government c. The study of the allocation of scarce resources

### The Analysis of Competitive Markets

C H A P T E R 12 The Analysis of Competitive Markets Prepared by: Fernando & Yvonn Quijano CHAPTER 12 OUTLINE 12.1 Monopolistic Competition 12.2 Oligopoly 12.3 Price Competition 12.4 Competition versus

### CHAPTER 3. Economic Challenges Facing Contemporary Business

CHAPTER 3 Economic Challenges Facing Contemporary Business Chapter Summary: Key Concepts Opening Overview Economics Microeconomics Macroeconomics A social science that analyzes the choices people and governments

### ADVANCED PLACEMENT MICROECONOMICS COURSE SYLLABUS

ADVANCED PLACEMENT MICROECONOMICS COURSE SYLLABUS Economics is a way of looking at the choices people make regarding their time, money, and talent. Studying economics shows how goods and services are produced,

### Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings, and Elasticity

CHAPTER 4 Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings, and Elasticity CHAPTER OVERVIEW Price elasticity is one of the most useful concepts in economics. It measures the responsiveness

### Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE

Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Course Title: Advanced Placement Economics Course Number: 3552 Department: Social Studies Grade(s): 11-12 Level(s): Advanced Placement Credit: 1

### 7. True/False: Perfectly competitive firms can earn economic profits in the long run. a. True b. False

Economics 4020 Dr. Rupp Test #1 Sept 27 th, 2012 20 Multiple Choice questions (2.5 points each) Pledge (sign) I did not copy another student s answers 1. STC = 40 + 10Q + 0.1Q 2. SMC = 10 + 0.2Q. The market

### Chapter 10 Pure Monopoly

Chapter 10 Pure Monopoly Multiple Choice Questions 1. Pure monopoly means: A. any market in which the demand curve to the firm is downsloping. B. a standardized product being produced by many firms. C.

### Part II: Economic Growth. Part I: LRAS

LRAS & LONG-RUN EQUILIBRIUM - 1 - Part I: LRAS 1) The quantity of real GDP supplied at full employment is called A) hypothetical GDP. B) short-run equilibrium GDP. C) potential GDP. D) all of the above.

### Chapter 33: Aggregate Demand and Aggregate Supply Principles of Economics, 8 th Edition N. Gregory Mankiw Page 1

Page 1 1. Introduction a. We now turn to a short term view of fluctuations in the economy. b. This is the chapter that made this book controversial as Mankiw tends to ignore the Keynesian framework contained

### JANUARY EXAMINATIONS 2008

No. of Pages: (A) 9 No. of Questions: 38 EC1000A micro 2008 JANUARY EXAMINATIONS 2008 Subject Title of Paper ECONOMICS EC1000 MICROECONOMICS Time Allowed Two Hours (2 Hours) Instructions to candidates

### Practice Exam 3: S201 Walker Fall with answers to MC

Practice Exam 3: S201 Walker Fall 2007 - with answers to MC Print Your Name: I. Multiple Choice (3 points each) 1. If marginal utility is falling then A. total utility must be falling. B. marginal utility

### EOCT Study Guide for Economics

EOCT Study Guide for Economics 15 % of your total Grade. Review this study Guide and Notebook. This is a general guideline. You have to study the more specific concepts in your notes Domain I-Fundamental

### New syllabus of B.Com Part-1 effective from 2006

New syllabus of B.Com Part-1 effective from 2006 ECONOMIC ANALYSIS AND POLICY MICRO ECONOMICS 2 questions, 40 Marks CHAPTER 1 1NTRODUCTION 1 Basic concepts 2 Definition 3 Micro and macro approach to economic

### foundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS

foundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS Detailed contents Preface How to use this book About the Online Resource Centre Guided tour of Dashboard Acknowledgements

### Lesson Objectives. By the end of the lesson you will:

Oligopoly Lesson Objectives By the end of the lesson you will: Be able to define oligopoly and describe its features Understand game theory and its relevance to oligopoly Have considered the impact of

### ECO 162: MICROECONOMICS

ECO 162: MICROECONOMICS PREPARED BY Dr. V.G.R. CHANDRAN Email: vgrchan@gmail.com Website: www.vgrchandran.com/default.html UNIVERSITI TEKNOLOGI MARA 0 P a g e TUTORIAL QUESTIONS ALL RIGHTS RESERVED 2010

### Elasticity and Its Applications

Elasticity and Its Applications 1. In general, elasticity is a. a measure of the competitive nature of a market. b. the friction that develops between buyer and seller in a market. c. a measure of how

### Eco 300 Intermediate Micro

Eco 300 Intermediate Micro Instructor: Amalia Jerison Office Hours: T 12:00-1:00, Th 12:00-1:00, and by appointment BA 127A, aj4575@albany.edu A. Jerison (BA 127A) Eco 300 Spring 2010 1 / 61 Monopoly Market

### Question Paper Business Economics I (MB1B3): January 2009

Question Paper Business Economics I (MB1B3): January 2009 Answer all 78 questions. Marks are indicated against each question. 1. Which of the following is not responsible for an increase in demand for

### not to be republished NCERT Chapter 6 Non-competitive Markets 6.1 SIMPLE MONOPOLY IN THE COMMODITY MARKET

Chapter 6 We recall that perfect competition was theorised as a market structure where both consumers and firms were price takers. The behaviour of the firm in such circumstances was described in the Chapter

### PPJNI" I IFIITIIBIH UI'IIVERSITY EXAMINER(S) FACULTY OF MANAGEMENT SCIENCES QUALIFICATION: BACHELOR OF ECONOMICS

I IFIITIIBIH UI'IIVERSITY OF SCIENCE HI ID TECHNOLOGY FACULTY OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE QUALIFICATION: BACHELOR OF ECONOMICS QUALIFICATION CODE: 07BECO LEVEL:

### Chapter 13. Oligopoly and Monopolistic Competition

Chapter 13 Oligopoly and Monopolistic Competition Chapter Outline Some Specific Oligopoly Models : Cournot, Bertrand and Stackelberg Competition When There are Increasing Returns to Scale Monopolistic

### CONTENTS. Introduction to the Series. 1 Introduction to Economics 5 2 Competitive Markets, Demand and Supply Elasticities 37

CONTENTS Introduction to the Series iv 1 Introduction to Economics 5 2 Competitive Markets, Demand and Supply 17 3 Elasticities 37 4 Government Intervention in Markets 44 5 Market Failure 53 6 Costs of

### Using Elasticity to Predict Cost Incidence. A Definition & A Question. Who pays when payroll tax added to wage rate?

Using Elasticity to Predict Cost Incidence A Definition & A Question Definition of Incidence: the fact of falling upon; in this case, where costs fall A Question for you what does a statement like this

### Contents in Brief. Preface

Contents in Brief Preface Page v PART 1 INTRODUCTION 1 Chapter 1 Nature and Scope of Managerial Economics and Finance 3 Chapter 2 Equations, Graphs and Optimisation Techniques 21 Chapter 3 Demand, Supply

### JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS. 3 Credit Hours. Prepared by: James Watson. Revised Date: February 2007 by James Watson

JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS 3 Credit Hours Prepared by: James Watson Revised Date: February 2007 by James Watson Arts & Science Education Dr. Mindy Selsor, Dean ECO102 Microeconomics

What is Economics? Economics is the study of how we the people engage ourselves in production, distribution and consumption of goods and services in a society. Normative economics: Normative economics

### Market structure 1: Perfect Competition The perfectly competitive firm is a price taker: it cannot influence the price that is paid for its product.

Market structure 1: Perfect Competition The perfectly competitive firm is a price taker: it cannot influence the price that is paid for its product. This arises due to consumers indifference between the

### Introduction. Learning Objectives. Chapter 11. Classical and Keynesian Macro Analyses

Copyright 2012 Pearson Addison-Wesley. All rights reserved. Chapter 11 Classical and Keynesian Macro Analyses Introduction During the latter half of the 2000s, annual rates of U.S. real GDP growth varied

### ADVANCED PLACEMENT MICROECONOMICS Maple Grove Senior High School Jeff Rush Social Studies Department

ADVANCED PLACEMENT MICROECONOMICS Maple Grove Senior High School Jeff Rush rushj@district279.org Social Studies Department Required textbook Economics, McConnell and Brue, 17 th edition, 2008. Course description

### Managerial Economics Prof. Trupti Mishra S.J.M School of Management Indian Institute of Technology, Bombay. Lecture -29 Monopoly (Contd )

Managerial Economics Prof. Trupti Mishra S.J.M School of Management Indian Institute of Technology, Bombay Lecture -29 Monopoly (Contd ) In today s session, we will continue our discussion on monopoly.

### ECONOMIC ANALYSIS PART-A

ECONOMIC ANALYSIS TWO MARK QUESTIONS: PART-A 1. State Alfred Marshall s definition of economics? Alfred Marshall defines economics as, A study of mankind in the ordinary business of life. An altered form

### ECONOMICS. Paper 3 : Fundamentals of Microeconomic Theory Module 28 : Non collusive and Collusive model

Subject Paper No and Title Module No and Title Module Tag 3 : Fundamentals of Microeconomic Theory 28 : Non collusive and Collusive model ECO_P3_M28 TABLE OF CONTENTS 1. Learning Outcomes 2. Introduction

### 2000 AP Microeconomics Exam Answers

2000 AP Microeconomics Exam Answers 1. B Scarcity is the main economic problem!!! 2. D If the wages of farm workers and movie theater employee increase, the supply of popcorn and movies will decrease (shift

### Exam 1. Pizzas. (per day) Figure 1

ECONOMICS 10-008 Dr. John Stewart Sept. 30, 2003 Exam 1 Instructions: Mark the letter for your chosen answer for each question on the computer readable answer sheet using a No.2 pencil. Note a)=1, b)=2

### Economics. In an economy, the production units are called (a) Firm (b) Household (c) Government (d) External Sector

Economics The author of the book "The General Theory of Employment Interest and Money" is (a) Adam Smith (b) John Maynard Keynes (c) Alfred Marshall (d) Amartya Sen In an economy, the production units

PROGRAMME: Interdepartmental Programme of Postgraduate Studies in Business Administration (M.B.A.) Compulsory Course: Principles of Economic Theory and Policy Semester: 1st Instructors: Velentzas Konstantinos,

### Use the following to answer question 4:

Homework Chapter 11: Name: Due Date: Wednesday, December 4 at the beginning of class. Please mark your answers on a Scantron. It is late if your Scantron is not complete when I ask for it at 9:35. Get

### Bremen School District 228 Social Studies Common Assessment 2: Midterm

Bremen School District 228 Social Studies Common Assessment 2: Midterm AP Microeconomics 55 Minutes 60 Questions Directions: Each of the questions or incomplete statements in this exam is followed by five

### Market Structure & Imperfect Competition

In the Name of God Sharif University of Technology Graduate School of Management and Economics Microeconomics (for MBA students) 44111 (1393-94 1 st term) - Group 2 Dr. S. Farshad Fatemi Market Structure

### CREDIT ½ GRADE 12 PREREQUISITE NONE

ECONOMICS CREDIT ½ GRADE 12 PREREQUISITE NONE Students will examine the allocation of scarce resources and the economic reasoning used by government agencies and by people as consumers, producers, savers,

### 14.01 Principles of Microeconomics, Fall 2007 Chia-Hui Chen November 7, Lecture 22

Monopoly. Principles of Microeconomics, Fall Chia-Hui Chen November, Lecture Monopoly Outline. Chap : Monopoly. Chap : Shift in Demand and Effect of Tax Monopoly The monopolist is the single supply-side

### Perfect competition: occurs when none of the individual market participants (ie buyers or sellers) can influence the price of the product.

Perfect Competition In this section of work and the next one we derive the equilibrium positions of firms in order to determine whether or not it is profitable for a firm to produce and, if so, what quantities

### 2.2 Aggregate Demand and Aggregate Supply

2.2 Aggregate Demand and Aggregate Supply Aggregate Demand (AD): the total spending on all goods and services in an economy at a given price level over a period of time. The macroeconomic concept of aggregate

### 14.1 Comparison of Market Structures

14.1 Comparison of Structures Chapter 14 Oligopoly 14-2 14.2 Cartels Cartel in Korea Oligopolistic firms have an incentive to collude, coordinate setting their prices or quantities, so as to increase their

### Economics. Synopsis. 1. Economic Concepts, Issues and Tools. 2. An Overview of Economics. Sections. Learning Summary. Sections

Synopsis Economics 1. Economic Concepts, Issues and Tools 1.1 Introduction 1.2 Scarcity and Choice 1.3 Preferences, Resources and Economic Efficiency 1.4 Marginal Analysis and Opportunity Cost 1.5 Different

### Institute of Actuaries of India

Institute of Actuaries of India Subject CT7 Business Economics For 2018 Examinations Aim The aim of the Business Economics subject is to introduce students to the core economic principles and how these