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Eco 365 final exam




Question;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


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