Question;Eco365 Final Exam;1) 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;2) A basic difference between microeconomics and;macroeconomics is that microeconomics;3) An economist who is studying the relationship;between the money supply, interest rates, and the rate of inflation is engaged;in;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) The distinction between supply and the quantity;supplied is best made by saying that;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) The fact that U.S. managers' salaries are;substantially greater than those of comparable managers in Japan may be related;to;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) 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?
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